Hong Kong GDP Growth Confirmed At 3.1%

(RTTNews) - Hong Kong's economic growth accelerated slightly as initially estimated in the second quarter, the latest data from the Census and Statistics Department showed Friday.

Gross domestic product advanced 3.1 percent year-over-year in the June quarter, slightly faster than the 3.0 percent growth in the first quarter. That was in line with the flash data published on July 31.

On the expenditure side, private consumption expenditure recovered strongly by 1.9 percent annually in the second quarter. Government consumption expenditure rose 2.5 percent, while gross fixed capital formation rose by 2.8 percent. Exports of goods showed a growth of 11.5 percent, while imports of goods climbed by 12.6 percent.

On a seasonally adjusted quarter-to-quarter basis, real GDP increased by 0.4 percent versus a 1.8 percent expansion in the March quarter, as estimated.