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Hong Kong economy sees slight Q1 growth
Aggregated Source: Shanghai Daily: Business

HONG Kong's economy grew slightly in the first quarter as the trade-dependent Asian financial center was held back by an unsteady global demand.

While conditions have improved since last year, the outlook was still clouded by problems in debt-mired Europe and an uncertain recovery in the United States, government economists said yesterday.

Economic output in the city grew a meager 0.2 percent in the first three months of the year compared with the previous quarter. It was the slowest growth in three quarters.

On a year-on-year basis, gross domestic product grew 2.8 percent, unchanged from the previous quarter's growth rate.

Exports grew 8.8 percent thanks to "solid growth" on Chinese mainland and other Asian markets. A "peculiar" surge in experts of gold jewelry also helped boost the export figures, the government said. Mainlanders have been buying up gold jewelry recently in Hong Kong after prices for the precious yellow metal fell.

Government economist Helen Chan said the government is maintaining its full-year growth forecast of 1.5-3.5 percent.

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Copyright Shanghai Daily: Business