Financial News: Hong Kong GDP Growth Improves As Estimated In

Hong Kong GDP Growth Improves As Estimated In Q2

08/16/2024 - 07:13:00 (RTTNews)

(RTTNews) - Hong Kong's economy expanded at an accelerated pace, as initially estimated in the second quarter, the latest data from the Census and Statistics Department showed Friday.

Gross domestic product advanced 3.3 percent year-over-year in the second quarter, faster than the 2.8 percent growth in the first quarter. That was in line with the flash data published earlier.

On a seasonally adjusted quarter-to-quarter basis, real GDP rose by 0.4 percent, following a 2.5 percent rise in the preceding three-month period, as estimated.

On the expenditure side, government consumption expenditure grew 2.0 percent annually, reversing a 2.2 percent increase in the previous quarter. Meanwhile, household consumption showed a decline of 1.5 percent.

Data showed that gross domestic fixed capital formation advanced sharply by 6.0 percent. Both exports and imports of goods climbed by 7.5 percent and 3.4 percent, respectively.

Separate official data showed that the seasonally adjusted unemployment rate came in at 3.0 percent in May to July, the same as in the April-June period.

The data showed that the underemployment rate remained stable at 1.2 percent.

On an unadjusted basis, the unemployment rate rose slightly to 3.1 percent from 3.0 percent.

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