Search

IN FOCUS
ECONOMY | Staff Reporter, Hong Kong
Published: 19 Nov 12
507 views


Hong Kong’s 2012 GDP growth estimated at 1.2%

Gross Domestic Product grew 1.3% year-on-year in the third quarter.

Government Economist Helen Chan said there might be some GDP improvement in the fourth quarter, leading the government to revise its growth forecast for 2012 to 1.2% from the earlier forecast of 1% to 2% in August.

Chan said the economy resumed growth at 0.6% in the third quarter after a marginal decline of 0.1% in the preceding quarter.

Total exports of goods saw moderate year-on-year growth at 4% in real terms given the recession-hit Eurozone and the slow-growing U.S .economy.

In September, residential property prices leapt further by 6% over June. Prices of small-and-medium-sized flats grew 21% during the first nine months of the year, much faster than the 11% figure seen for large flats.

Underlying consumer price inflation fell successively from 5.9% in the first quarter to 4% in the third. The forecast rates of headline and underlying consumer price inflation for 2012 as a whole were revised upwards to 3.9% and 4.5%.

Chan said there has been some stabilisation of the Eurozone sovereign debt crisis. In the U.S., recent economic data has been more positive, albeit shadowed by the fiscal cliff.

Against this background, she said Hong Kong's trading environment is still subject to a high degree of uncertainty. Activity in the Mainland's economy has shown signs of re-acceleration in recent months, which should help improve intra-regional trade.

Private consumption expenditure grew steadily further by 2.8% in real terms in the third quarter over a year earlier.

Signs of a slowdown in total employment at the end of the quarter caused the seasonally adjusted unemployment rate to rise to 3.3%.
 

 

 



Sign up for our newsletter

 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.

Tags: Hong Kong, 2012 GDP growth,Government Economist Helen Chan

LATEST ECONOMY JOBS »
  • No jobs posted on this category.
    PRINT ISSUE »

    Subscribe Now
    A journey to Lantau Island

    60 views

    Hong Kong jewellery market loses high-end lustre

    34 views

    Filling the sandwich class in Hong Kong

    22 views

    MOST READ EXCLUSIVES

    I need space: This sibling-powered startup gives solutions for an extra home space

    I need space: This sibling-powered startup gives solutions for an extra home space

    No renovation required, just your smartphone.

    by KRISANA GALLEZO
    13 Jan 2015 | 1495 views
     

    The future of innovation: What’s next after Facebook and Twitter?

    The future of innovation: What’s next after Facebook and Twitter?

    A video version of Twitter might be under way.

    by KRISANA GALLEZO
    11 Dec 2014 | 1346 views

    Here’s a startup that allows real-time booking for corporate access

    Here’s a startup that allows real-time booking for corporate access

    In just two years, it has raised a total of $US3.7m in seed and series A funding.

    by KRISANA GALLEZO
    15 Dec 2014 | 1164 views
     

    Are you ready for Italian mania? Jamie’s Italian finally hits Hong Kong

    Are you ready for Italian mania? Jamie’s Italian finally hits Hong Kong

    The new outlet features a bold graffiti mural by the founder’s long-time pal.

    by KRISANA GALLEZO
    3 Nov 2014 | 1071 views

    HK Government House’s former chef unveils own contemporary Chinese restaurant

    HK Government House’s former chef unveils own contemporary Chinese restaurant

    Its interior boasts of an East meets West ambience with a modern twist.

    by KRISANA GALLEZO
    16 Jan 2015 | 628 views
     
    close Don't Show Again

    STAY INFORMED! Get our free weekly newsletter