empty
 
 

2019.08.1605:28:00UTC+00Hong Kong Q2 Growth Revised Down

Hong Kong's economy grew less than previously estimated in the second quarter, revised data from the Census and Statistics Department showed Friday. Gross domestic product expanded 0.5 percent on a yearly basis, instead of 0.6 percent estimated previously. The economy had advanced 0.6 percent in the first quarter and 1.2 percent in the fourth quarter of 2018.

On a quarterly basis, GDP dropped 0.4 percent compared to the initial estimate of -0.3 percent. GDP had advanced 1.3 percent in the first quarter.

The expenditure-side breakdown of GDP showed that private consumption expenditure increased by 1.1 percent and government spending gained 4.2 percent annually. Meanwhile, gross domestic fixed capital formation decreased significantly by 11.6 percent.

Exports of goods logged a decrease of 5.6 percent and imports of goods fell 7 percent. At the same time, exports of services fell 0.2 percent, while imports of services increased 1.6 percent.

On Thursday, the government downgraded its growth outlook for this year to 0-1 percent from 2-3 percent, citing both domestic and international uncertainties.

Financial Secretary Paul Chan had unveiled a stimulus package worth HK$19.1 billion as deepening political unrest and escalation of China-US trade tension are likely to weigh on economic activity.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback