Hong Kong's economy expanded at a faster pace in the second quarter, but the rate of growth was slightly below economists' forecast, data released by the government showed Friday.
Gross domestic product (GDP), in real terms, grew 1.1 percent annually in the second quarter, faster than the 0.7 percent gain recorded in the first quarter, which was revised up from 0.4 percent. Economists expected the economy to grow 1.2 percent.
Sequentially, GDP edged down 0.1 percent during the three-month period, reversing the previous quarter's 0.6 percent growth, revised up from 0.4 percent.
Merchandise exports remained sluggish amid the severe external headwinds and continued to weigh on economic growth, while the domestic sector remained relatively resilient, providing a buffer to overall economic performance. The labor market remained in a state of full employment, with total employment reaching another record high, the agency said.
The outlook for Hong Kong's economic growth for the whole of 2012 has been revised down to 1-2 percent from 1-3 percent forecast earlier.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org