Hong Kong GDP up 7.1% in 1st quarter
HONG KONG - The economy continued to grow in the first quarter with GDP rising 7.1%, despite the growing adversities in the external environment, Government Economist KC Kwok says. This marked the 18th consecutive quarter that GDP growth exceeded the average trend growth.
Startups Rush to Pave Way for Web VideoMr Kwok said given the uncertainties prevailing in the external environment and dimmer global economic prospects, the GDP forecast at 4%-5% as announced in the Budget is kept unchanged.
With the strong GDP growth in the first quarter, and barring any abrupt external shocks, it is likely GDP growth in 2008 should be close to the upper end of the forecast range.
Export expansion
Total goods exports grew 8.3% in real terms in the first quarter, supported by the vibrant performance of the Mainland and other emerging economies and the expansion of the EU market.
Services exports also rose 10.8% in real terms on the back of a continued surge in financial services, as well as notable growth in offshore trade and inbound tourism.
Domestic demand played a key role in driving the economy forward. Private consumption spending rose 7.9%, underpinned by the firm labour-market conditions and rising incomes. Overall investment grew 8.9% with a rebound in building and construction activity.
However, amid dimmer global economic prospects, the local stock market experienced further consolidation in the first quarter and the housing market turned less hectic.
Labour market conditions continued to be firm in the first quarter. The seasonally adjusted unemployment rate stood at 3.4%, and the underemployment rate fell to a 10-year low of 1.9%. Labour earnings and wages were on the rise.
Consumer price inflation picked up, mostly due to the surge in food prices amid the global food inflation. Headline CPI inflation averaged 4.6% in the first quarter. After netting out the one-off effects of the rates concession this year and the public housing rental waiver last year, underlying CPI inflation was 4.9%.
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