Economic growth jumps to 6.8pc

PUBLISHED : Friday, 22 December, 2006, 12:00am
UPDATED : Friday, 22 December, 2006, 12:00am

Updated at 5.24pm:
Hong Kong's economy grew at a rate of almost 7 per cent year on year in the third quarter, the government announced on Friday.

The Census and Statistics Department figures show gross domestic product increased 6.8 per cent in real terms in the third quarter of this year from the same period last year, compared with the 5.5 per cent growth in the second quarter.

The figures showed net output in the services sectors rose 7.8 per cent following growth of 7.3 per cent in the second quarter.

Hong Kong's economy is expanding on the back of strong exports, increasing consumer spending and a buoyant property market. It is also benefiting from China's surging economy.

However, economists warn Hong Kong's growth may ease on the back of higher oil prices, rising interest rates and a slowdown of the United States economy.