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Underpinned by strong local consumption and spending, Hong Kong’s economy posted a 3.3 per cent growth in the second quarter of 2013, official data showed Friday.
The Government released the Half-yearly Economic Report 2013, together with the preliminary figures on Gross Domestic Product for the second quarter of 2013.
“The Hong Kong economy grew moderately in the second quarter of 2013, by 3.3% in real terms over a year earlier, saidAndrew Au, the Acting Government Economist. The figure was slightly higher than the previous quarter's revised 2.9 percent growth.
Domestic sector remained the key economic growth driver. Private consumption expenditure rose by 4.2 percent year-on-year in the second quarter.
The labor market remained in a state of full employment. In the second quarter, total employment increased further to another new high, pushing the seasonally adjusted unemployment rate down to 3. 3 percent.
However, due to the unsteady external economic environment, exports of goods grew by 6.2 percent in real terms year on year, slower than the 8.8 percent growth in the first quarter.
The government has narrowed down the range from1.5 - 3.5 percent in the May to a rate of between 2.5 and 3.5 percent.
“Low unemployment rate, strong demand by visitors from the mainland and rebound in machinery and equipment investment support the local economic growth rate stays positive. Au said.
Au stressed that Chinese economy should continue to be a "stabilizing force" for the region, which outperformed other major economies, growing at 7.5 percent in the second quarter.
When it came to the forecast of 2013, Au said the domestic sector should stay rather resilient, with local consumption underpinned by improving job income conditions.The latest forecasts by private sector analysts mostly range from 2.5-3.5 percent, averaging at around 3 percent.
The inflation forecast for the full year was revised downward to 4 per cent from the previous estimate of 4.2 per cent.
