Economics
Hong Kong Recovery Continues With 7.5% Second-Quarter Growth
- Growth comes in slightly below expectation of 7.8% expansion
- City will begin distributing vouchers to boost consumption
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Hong Kong’s economy grew slightly slower than expected in the second quarter, with the recovery set to get a boost from the distribution of consumption vouchers beginning this weekend.
Gross-domestic product rose 7.5% from a year earlier, following a revised 8% growth in the prior quarter, according to advance data released Friday by the Hong Kong government. That compares with the median estimate of 7.8% in a Bloomberg survey of economists. On a quarter-on-quarter basis, a better reflection of growth momentum, GDP shrank 1%, compared with a forecast contraction of 0.8%.