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HK's GDP Grows 10.3 Percent in Second Quarter
The Gross Domestic Product (GDP) of Hong Kong attained a double-digit growth, at 10.8 percent in real terms in the second quarter of 2000 over a year earlier, after a 14.3 percent growth in the first quarter.
The forecast growth rate in real terms of GDP for 2000 is raised from 6 percent in the earlier forecast to 8.5 percent, according to the Half-yearly Economic Report 2000 released by the Hong Kong government Friday.
Total exports of goods had double-digit growth for three consecutive quarters, rising by 17.7 percent in real terms in the second quarter of 2000 over a year earlier. This was underpinned by strong global and regional demand and improved price competitiveness of Hong Kong's exports.
Consumer spending attained a further appreciable year-on-year growth of 5.2 percent in real terms, in tandem with increased overall income and sustained improvement in the labor market.
The labor market generally improved further. The seasonally adjusted unemployment rate fell distinctly, from 5.6 percent in the first quarter of 2000 to 5.0 percent in the second quarter.
Looking ahead, the government predicted that exports of goods and services should gain further support from the intense demand across virtually all the major markets, including the United States, Europe, China's mainland, and the rest of East Asia.
Apart from re-exports, offshore trading, inbound tourism and business services are expected to be the major growth lines.
In the domestic sector, a firmer consumer sentiment amidst the improved labor market conditions should continue to uphold consumer spending. Also, a better business outlook coupled with the desire to upgrade productive efficiency and quality should continue to spur investment spending.
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