Hong Kong's GDP growth recorded a year-on-year 3.3 percent growth
in real terms in the third quarter of 2002, up from a 0.8 percent
growth in the second quarter.
On
a seasonally adjusted quarter-to-quarter comparison, the GDP rose
for the third quarter by 2.5 percent in real terms in the third
quarter of 2002.
The government of the Hong Kong Special Administrative Region (SAR)
released the Third Quarter Economic Report 2002 Friday, and
predicted that the GDP growth rate in real terms for 2002 is raised
to 2 percent, up from the forecast of a 1.5 percent growth in the
August update.
Externally, exports of goods continued to benefit from sustained
strong demand in the mainland of China, generally increased import
intake in the region, and a further gain in external price
competitiveness from the earlier weakening in the US dollar.
In
the third quarter of 2002, total exports of goods surged by 11.4
percent in real terms over a year earlier, the first double-digit
growth recorded since the fourth quarter of 2000.
Exports of services performed even better, upon an extensive surge
in inbound tourism, offshore trade and transportation services. In
the third quarter of 2002, there was a 14.1 percent leap in real
terms over a year earlier.
The domestic sector, whilst still weak, also showed some relative
improvement in overall terms.
Consumer spending had a lesser year-on-year decline of 1.5 percent
in real terms in the third quarter of 2002. There was a more
visible build-up in inventories in the third quarter, along with
the pick-up in overall economic activity.
In
tandem with the pick-up in overall economic activity, labor market
conditions improved lately.
Having risen for four consecutive quarters, the seasonally adjusted
unemployment rate fell back, from 7.7 percent in the second quarter
to 7.4 percent in the third quarter of 2002, and further to 7.2
percent in the three months ending in October.
In
view of a better economic performance shown up in the third
quarter, the government expected a strong momentum in external
trade possibly extending to the rest of the year.
(Xinhua News Agency November 29, 2002)