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Hong Kong's economic results show rebound

After four consecutive quarters of contraction, Real Gross Domestic Product saw 3.3% growth in the second quarter, and the year-on-year fall in GDP in real terms narrowed to 3.8% from 7.8% in the first quarter. This was the good news delivered by Government Economist Helen Chan. Based on the figures the forecast for the economy has been revised to a contraction of 3.5% to 4.5%, up from the forecast decline of 5.5% to 6.5% in May.

Financial Secretary John Tsang said he was glad to see the growth, adding the stimulus measures Mainland authorities implemented have benefited Hong Kong. He applauded the confidence Hong Kong people exhibited during the financial turmoil, which kept local consumption stable. "I am glad the strategy of the Government to stabilise the financial system, support enterprises and preserve employment has yielded positive results in supporting the economy and helping to slow the rise in unemployment," he said. "We are seeing encouraging signs of an economic recovery and the economy will hopefully improve further in the second half of the year." Meanwhile, at the Hong Kong port, the cumulative total throughput for January to July 2009 stands at 11.84 million TEUs, 17% below the same period last year. For the month of July, 1.93 million TEUs were handled at the Hong Kong port, -14.5% less than July last year. At the Shenzhen ports, July saw a throughput of 1.5 million TEUs, -23.2% less than July last year. For the period January-July 2009, a total of 9.6 million TEU were handled at the Shenzhen ports, -21.1% less than the same period last year.