Hong Kong GDP likely to increase more than 6% in 2010

10:47, October 09, 2010      

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Owing to strong domestic demand, Hong Kong's GDP increased more than 7 percent in the first half of 2010 and it is expected to see an average increase of 6 percent for the entire year.

The Hong Kong Institute of Economics and Business Strategy under the University of Hong Kong predicted that as the external demand has also become strong, the economic growth rate of Hong Kong in the third quarter of 2010 will be adjusted from 4.8 percent to 5.3 percent.

The growth rate of the fourth quarter will slow to nearly 5 percent because of digesting stocks. Overall, the GDP growth rate of Hong Kong for all of 2010 is expected to reach more than 6 percent.

Alan Siu, executive director of the Hong Kong Institute of Economics and Business Strategy under the University of Hong Kong, said that as the global interest rate is currently at a very low level, capital will continue to flow into Asian markets, including the Hong Kong market, in 2011, and China's economic growth rate is expected to achieve nearly 10 percent in the entire 2010.

In regards to the Hong Kong market, Siu believes Hong Kong's economy has not yet created a bubble at the current stage. However, short-term fluctuations in asset markets are inevitable.

It is expected that Hong Hong's employment market will continue to improve and the unemployment rate will decrease from 4.2 percent in the third quarter to 4 percent in the fourth quarter. The total number of unemployed people will be reduced by 7,000, and the total number of employed people will increase by 16,000.

The export growth rate of Hong Kong in the first two quarters of 2010 stood at more than 20 percent, and the export growth rate in August even witnessed a substantial growth of 36 percent. It is expected that the gross export value of Hong Kong will increase nearly 25 percent in the third quarter of 2010, and the gross export value of Hong Kong for all of 2010 will increase by more than 21 percent.

By People's Daily Online


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