Search

IN FOCUS
ECONOMY | Staff Reporter, Hong Kong
Published: 19 Nov 12
503 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
    Cash-flush tourists in HK

    218 views

    Is Central Hong Kong a ghost town in the making?

    341 views

    As goes Singapore, so goes Hong Kong?

    283 views

    MOST READ EXCLUSIVES

    Hong Kong’s 5 hot new restaurants in September

    Hong Kong’s 5 hot new restaurants in September

    More international brands made their way into Hong Kong’s F&B industry.

    by KRISANA GALLEZO
    20 Oct 2014 | 1717 views
     

    Check out BASF’s new environment-friendly headquarters

    Check out BASF’s new environment-friendly headquarters

    The company cuts 50% of its electricity consumption every month through LED lighting.

    by KRISANA GALLEZO
    29 Sep 2014 | 1430 views

    Check out HK’s first dining-in-the-dark restaurant

    Check out HK’s first dining-in-the-dark restaurant

    Experience an actual blind date at the Alchemy in the Dark.

    by KRISANA GALLEZO
    10 Oct 2014 | 1427 views
     

    Take a tour at Hong Kong’s first modern French restaurant

    Take a tour at Hong Kong’s first modern French restaurant

    And, get to know the three-Michelin-starred Chef behind its creation.

    by KRISANA GALLEZO
    23 Sep 2014 | 1082 views

    The Langham Hong Kong completes US$30 million refurbishment

    The Langham Hong Kong completes US$30 million refurbishment

    Check out the new London-style suites and its award-winning Artesian Bar.

    by KRISANA GALLEZO
    27 Oct 2014 | 960 views
     

    Do you want to build a killer app?

    Do you want to build a killer app?

    Altitude Labs will make your ideas happen – Silicon Valley-style.

    by KRISANA GALLEZO
    9 Oct 2014 | 670 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 | 668 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 | 631 views
    close Don't Show Again

    STAY INFORMED! Get our free weekly newsletter