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| No.4 August, 2012 |
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Real GDP up 1.1% |
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 Hong Kong's real Gross Domestic Product grew 1.1% in the second quarter over a year earlier, after a mild 0.7% rise in the first quarter, which has been revised up from the earlier estimate of 0.4%.
Government Economist Helen Chan said seasonally adjusted real GDP fell 0.1% in the second quarter, following a 0.6% rise in the first quarter, which was also revised up from the earlier estimate of 0.4%.
Hong Kong's total exports of goods fell 0.4% year-on-year in real terms. Overall exports of services rose 2.1% year-on-year in real terms. Private consumption expenditure grew 3.7% in real terms over a year earlier, and investment spending grew 5.7%.
Mrs Chan said the seasonally adjusted unemployment rate came down to 3.2% in the second quarter. The median household income rose 5.1% in nominal terms over a year earlier, or 0.9% in real terms after discounting inflation.
Mrs Chan said as real economic growth in the first half only rose 0.9% year-on-year, and the downside risks on the external front have risen when compared to the last review three months ago, the economy is poised to attain only a modest growth this year. The forecast GDP growth for this year as a whole has been revised from 1% to 3% in the May round, to 1% to 2% in the current round.
Click here to view the Half-yearly Economic Report 2012. |
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