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Financial News: Hong Kong GDP Growth Fastest Since 2010

Hong Kong GDP Growth Fastest Since 2010

05/14/2021 - 08:52:00 (RTTNews)

(RTTNews) - Hong Kong's economy grew at the fastest pace in more than a decade in the first quarter of 2021, revised data from the Census and Statistics Department showed on Friday.

Ending six consecutive quarters of contraction, gross domestic product grew by revised 7.9 percent year-on-year in the first quarter, in contrast to the 2.8 percent decrease in the fourth quarter.

A similar faster growth was last reported in the first quarter of 2010. The annual growth rate was revised up marginally from 7.8 percent.

On a seasonally adjusted basis, real GDP grew notably by 5.4 percent sequentially, much faster than the 0.5 percent expansion seen in the preceding quarter. The rate was revised from the advance estimate of 5.3 percent.

The real GDP is forecast to grow in the range of 3.5 percent to 5.5 percent this year, unchanged from the previous projection.

However, the government cautioned that economic recovery was uneven and overall economic activity remained below the pre-recession level, as the pandemic continued to weigh on certain economic segments, particularly those involving consumer-facing activities.

The forecast rates of underlying and headline consumer price inflation for 2021 were maintained at 1 percent and 1.6 percent respectively in the current round of review.

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