Hong Kong’s economy contracted at a slower pace in the second quarter of this year than in the previous quarter, partly due to an increase in government consumer spending.
GDP shrank 1.4% in the April-June period in real terms from a year earlier, compared to a 3.9% decline in the first quarter.
Hong Kong’s economy improved in the second quarter, but the extent of the improvement was less than expected, a government spokesman said in a statement.
Looking ahead, the worsening global outlook worldwide will continue to weigh on Hong Kong’s export performance for the rest of the year.
According to the core component of GDP, private consumption expenditure was essentially unchanged in real terms in the second quarter, compared to a year earlier, compared to a 5.8% decline in the first quarter.
Government consumer spending increased by 13% in real terms in the second quarter from a year earlier, following a 6.7% increase in the first quarter.
On a seasonally adjusted quarterly basis, the city’s GDP grew 0.9% in real terms.
Source: Capital
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