Hong Kong's economy grew by 7.1 per cent year on year in the first quarter of 2008, but the government says it is sticking overall forecast of four to five per cent for the whole year.
Exports to Europe and mainland China increased by 8.3 per cent, helping
expand the economy by higher than expected figures. However, the
government believes that the high growth rate in the first quarter
cannot be sustained because of the global economic slowdown. "Hong Kong
will see a sharp deceleration in export growth in the second half when
things in other parts of the world slow,'' Tomo Kinoshita, an Economist
at Nomura Holdings, told Bloomberg.
Officials say that Hong Kong's consumer price index will grow from two
per cent in 2007 to 3.4 per cent this year. In China, the CPI increased
to 8.5 per cent in April, while GDP expanded by more than 10 per cent
for the ninth straight quarter.
News & Interviews 
Hong Kong's economy grew by 7.1 per cent year on year in the first quarter of 2008, but the government says it is sticking overall forecast of four to five per cent for the whole year.
(0 vote)
