Economy Grows 0.6% In Q2

Hong Kong's economy in the second quarter of 2019 expanded 0.6% over a year earlier, same as that in the first quarter.

The Census & Statistics Department announced the findings today as it released advance estimates on Gross Domestic Product for the second quarter.

According to those estimates, private consumption expenditure increased 1.2% in real terms in the second quarter, while government consumption expenditure grew 4%.

Gross domestic fixed capital formation dropped significantly 12.1%, compared with the decrease of 7% in the first quarter.  

Over the same period, total exports of goods declined 5.4% and imports of goods also fell 7%.

Exports of services rose 0.2% and imports of services increased 1.7%.

The Government said overall economic performance was subdued in the second quarter. External demand weakened further and domestic demand stayed sluggish.

The Government will monitor the situation closely.

The revised figures on GDP for the second quarter will be released on August 16.