Published:
Hong Kong’s GDP may have grown 6.3% in 2Q11
With retail sales growth staying above 27% for three consecutive months.
Standard Chartered says the job market remains healthy, with the unemployment rate stable at 3.5% throughout Q2.
Here's more from Standard Chartered:
| We expect Hong Kong’s Q2 GDP to have maintained momentum, increasing by 6.3% y/y, thanks to robust domestic consumption. Household income was buoyed by the introduction of a minimum wage on 1 May. The job market remains healthy, with the unemployment rate stable at 3.5% throughout Q2. Both factors support private spending, as evidenced by three consecutive months of above 27% y/y growth in retail sales and a notable increase in private investment. Nonetheless, supply chain disruption caused by Japan’s earthquake and a temporary decline in orders from China, Hong Kong’s biggest trading partner, meant that the trade sector’s performance moderated in Q2 compared with Q1, which likely offset some privatesector gains. Meanwhile, inventories could still be a drag on growth as the reversal of the previous boom may take some time to dissipate. |
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