Tourism boosts Hong Kong's economy in second quarter
Hong Kong's GDP showed moderate growth in the second quarter of 2013, as local consumption and spending by inbound tourists helped make up for continuing weaknesses in demand from the advanced markets that the city export to, said government economists.
The Hong Kong economy grew moderately in the second quarter of 2013 as local consumption and spending by inbound tourists helped make up for continuing weaknesses in demand from the advanced markets that the city export to, said government economists.
Hong Kong’s economy posted a 3.3 per cent growth in the second quarter over a year ago, up from a 2.9 per cent growth recorded in the first quarter, the government said on Friday.
On a seasonally quarter-to-quarter basis, the real gross domestic product growth was 0.8 per cent for the second quarter. This was up from the 0.2 per cent in the first quarter.
Acting Government Economist Andrew Au said domestic demand continued to be the key growth driver as the external sector was still constrained by an unsteady global economic environment.
“Excluding the substantial increase in exports of non-monetary gold in the quarter, export performance was actually rather lacklustre,” Au said.
Total exports of goods grew by 6.2 per cent in real terms in the second quarter over a year earlier, slower than the 8.8 per cent growth in the first quarter.
The advanced markets remained the weak spots in the second quarter. Exports to the United States, Europe and Japan shrank compared to their levels a year ago and exports to the major Asian markets the mainland, Taiwan and Singapore slowed down.