Hong Kong GDP Growth Improves To 3.1%

(RTTNews) - Hong Kong's economic growth accelerated slightly in the second quarter, the advance estimates from the Census and Statistics Department showed Thursday.

Gross domestic product advanced 3.1 percent year-over-year in the June quarter, slightly faster than the 3.0 percent growth in the firsr quarter.

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.

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 2.9 percent. Exports of goods showed a growth of 11.5 percent, while imports of goods climbed by 12.7 percent.

"Looking ahead, steady economic growth in Asia, particularly in the Mainland, combined with the government's various measures to bolster consumption sentiment, attract investment, diversify markets, and promote economic growth, will continue to provide steadfast support for various segments of the Hong Kong economy."