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Hong Kong GDP Expands In Q2

The Hong Kong economy expanded for the second straight quarter, underpinned by increases in both domestic and foreign demand, advance estimates from the Census and Statistics Department showed on Friday.

GDP increased 7.5 percent annually in the second quarter, but slower than the increase of 8.0 percent in the first quarter.

On a quarterly basis, the economy shrank 1 percent after expanding 5.5 percent in the preceding period.

For the first half of 2021 as a whole, real GDP grew 7.8 percent from the same period last year.

The expenditure-side breakdown showed that private consumption grew 6.5 percent annually and government spending gained 2.9 percent in the second quarter. Gross domestic fixed capital formation surged 23.7 percent.

Total exports of goods registered an increase of 20.3 percent and imports of goods were up 21.4 percent. At the same time, exports of services rose 2.6 percent and imports of services climbed 8.4 percent.

Detailed statistics for the second quarter and the revised GDP forecast for 2021 will be published on August 13.

A government spokesman said that the Hong Kong economy is on the path to recovery alongside the improving global economic conditions and receding local epidemic.

Looking ahead, the global economic recovery should continue to support Hong Kong's exports of goods in the near term, though there may be some moderation from the exceptionally strong performance in the first half of 2021, spokesman added.

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