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Friday, August 14, 2015, 17:41

HK economy grows 2.8% in Q2

By chinadailyasia.com

The Hong Kong economy expanded by 2.8 percent year-on-year in the second quarter of this year, slightly faster than the 2.4 percent growth in the first quarter, according to latest government figures released on Friday.

Total exports of goods was down by 3.6 percent over a year earlier due to weaker global economic performance. Exports of services, on the other hand, posted slightly faster year-on-year growth of 1.0 percent in the second quarter.

The domestic sector remained remarkably resilient in the second quarter, with private consumption expenditure up strongly by 6.0 percent over a year earlier in the second quarter.

Unemployment rate edged down from 3.3 percent in the first quarter to 3.2 percent in the second quarter.

Looking ahead, the global economic outlook in the near term remains mediocre. In the face of various external headwinds, Hong Kong's economic growth in the coming two quarters would have to rely on the domestic sector as the key propeller, the government said.

It also revised the GDP growth forecast for 2015 to 2-3 percent in the current round of review from 1-3 percent.

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