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Hong Kong's recession ends, economy grows 3.3%

Friday, August 14, 2009

2008–09 financial crisis



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According to official records, Hong Kong's economy has left a year-long recession, recording a growth of 3.3% in the second quarter ended in June. The figures, which were seasonally adjusted, were higher than forecast by economists.

As a result, the government has increased its growth predictions for 2009. Previous estimates suggested the economy would contract by 5.5% to 6.5%. Now, the contraction is only predicted to be between 3.5% and 4.5%.

"The GDP data was much better than we expected, partly because the exports were better and partly because of a pick-up in private consumption," Bank of East Asia's chief economist, Paul Tang, noted. "Private consumption is being driven up by stock market gains and by the property sector, which started doing well."

However, government economist Helen Chan warned that "while we are seeing some light at the end of the tunnel, [...] the outlook remain highly uncertain because the situations in the United States and Europe are still very weak."


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  This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.


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