Arab Today, arab today hk\s gdp growth in q3 stands at 13 pct
Last Updated : GMT 10:23:36
Arab Today, arab today
Arab Today, arab today

HK\'s GDP growth in Q3 stands at 1.3 pct

Arab Today, arab today

Arab Today, arab today HK\'s GDP growth in Q3 stands at 1.3 pct

Hong Kong - XINHUA

The Hong Kong economy grew modestly in the third quarter of 2012, by 1.3 percent over a year earlier, similar to the 1.2 percent pace in the second quarter, according to the Third Quarter Economic Report 2012 released by Hong Kong Government Friday. On a seasonally adjusted quarter-to-quarter comparison, the economy resumed growth at 0.6 percent in the third quarter, after a marginal decline of 0.1 percent in the preceding quarter. External demand remained subdued in the face of the recession-ridden eurozone, slow-growing U.S. economy, and the ensuing set-back in Asian production and trade flows. Yet helped partly by a low base of comparison a year earlier, total exports of goods still had a moderate year-on-year growth at 4 percent in real terms in the third quarter, though with widespread weaknesses still evident across the EU, the U.S. and many major Asian markets. Exports of services slowed visibly to only a meager 0.1 percent year-on-year growth over the same period. Domestically, thanks to largely sanguine job and income conditions, private consumption expenditure grew steadily further by 2.8 percent in real terms in the third quarter over a year earlier. Meanwhile, investment spending picked up to a strong 8.7 percent growth, on the back of robust private machinery and equipment acquisition, intensive large-scale infrastructure works, as well as a further surge in private sector building activity. The labor market held largely stable in the third quarter, though with signs of slowdown in total employment emerging towards the end of the quarter, causing the seasonally adjusted unemployment rate to edge up to 3.3 percent. In the third quarter, the median employment earnings rose by 8.3 percent in nominal terms over a year earlier, representing an increase of 5.1 percent in real terms after discounting inflation. Over the same period, average employment earnings for the lowest decile of full-time employees rose appreciably further by 7.2 percent in nominal terms, or 5.2 percent in real terms. On the external front, while there has been some stabilization of the eurozone sovereign debt crisis following the recent policy actions by the European authorities, economic growth and sentiments in Europe have remained subdued. In the United States, recent economic data have been more positive, though with the outlook still overcast by the looming fiscal cliff. Against this background, Hong Kong\'s trading environment is still subject to a high degree of uncertainty. Nevertheless, activity in Chinese Mainland economy has shown signs of re-acceleration in the more recent months, which should lend support to intra-regional trade going forward. The latest Quarterly Business Tendency Survey indicated that the trade-related sectors remained generally cautious towards the near-term business outlook, yet sentiments in the domestic-related sectors were somewhat more upbeat. Domestically, consumption demand is expected to stay steady under the support of higher incomes over the past year. Also, large-scale infrastructure works and private building activity should continue apace, thereby rendering continued momentum to domestic demand. Hong Kong Government Economist Helen Chan said that having regard to the outturn of a subdued 1 percent year-on-year real GDP growth in the first three quarters of 2012, and in cognizance of possibly some relative improvement in the fourth quarter, the GDP growth forecast for 2012 is slightly revised to 1.2 percent, from the earlier range forecast of 1 percent to 2 percent in the August round. Chan noted that underlying consumer price inflation tapered successively from 5.9 percent in the first quarter to 4 percent in the third quarter, thanks to receding domestic and external price pressures. In Chan\'s view, the more moderate increases in import prices in recent months should help to keep inflation largely contained in the rest of the year. However, with the rebound of global food prices in July and August following the drought in the U.S., the new round of quantitative easing in the advanced economies, and the renewed pick-up in local housing rentals in the past few months, the pace of tapering in Consumer Price Index (CPI) inflation in the months ahead is expected to be slower than earlier envisaged. Chan said that judging from the actual outturn so far and the latest developments, the forecast rates of headline and underlying consumer price inflation for 2012 as a whole are slightly revised upwards to 3.9 percent and 4.5 percent respectively, from 3.7 percent and 4.3 percent in the August round.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today hk\s gdp growth in q3 stands at 13 pct Arab Today, arab today hk\s gdp growth in q3 stands at 13 pct

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday