Daily Management Review

Hong Kong's Economic Growth Surpassed Forecasts


Hong Kong's economy in II quarter 2015 increased by 0.4% compared to the previous three months, the government said in a statement.

GDP growth in the April-June slowed down in comparison with I quarter, when it amounted to 0.7%, but was better than the average forecast of analysts surveyed by Bloomberg, at 0.2%.

Hong Kong's economy grew by 2.8% compared to II quarter of last year, after increasing by 2.4% in I quarter. Experts predicted GDP growth of 2.3%.

Support the economy of Hong Kong in the last quarter had a domestic consumption increased, with increased salaries and low unemployment, say in the government.

"The second half will be more difficult - said Daiwa Capital Markets economist Kevin Lai. - Hong Kong Chinese tourists to become less attractive as retail goods to rise to the devaluation of the yuan."

In a statement, the government notes that the domestic market in Hong Kong was "highly flexible" in the II quarter, softening the decline in foreign trade.

Private consumption increased by 6% compared to the same period of last year, capital investment companies - by 6.5%.

The Hong Kong government has improved economic growth forecast for 2015 to 2-3% from the previously expected 1.3%.

According to experts, surveyed by Bloomberg, Hong Kong's GDP in 2015 will increase by 2.5%.