The Government released today (August 17) the Half-yearly Economic Report 2007, together with the preliminary figures on Gross Domestic Product for the second quarter of 2007.
The Government Economist, Mr Kwok Kwok-chuen, described the economic situation in the second quarter of 2007 and provided the latest GDP and price forecasts for the year.
MAIN POINTS:
• The Hong Kong economy expanded briskly in the second quarter of 2007, with GDP accelerating to a 6.9% growth in real terms over a year earlier, up from a revised 5.7% in the first quarter. The economic upturn continued to be broad-based and distinctly above trend.
• Externally, merchandise exports sustained another quarter of strong performance, growing by 11.3% in real terms in the second quarter. While exports to the Mainland stayed vibrant on the back of a buoyant economy, those to the EU and Japan also showed faster growth, thereby offsetting the softness of the US market. Further weakening of the US dollar also helped.
• Financial services recorded spectacular performance while many business and professional services held up well. Meanwhile, exports of services continued to show distinct growth, rising by 10.9% in real terms in the second quarter, underpinned by the surge in offshore trade, buoyant financial market activities and sustained expansion of inbound tourism.
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