Official: HK's Economic Situation Improved

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Last updated at: (Beijing Time) Saturday, August 31, 2002

Official: HK's Economic Situation Improved

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Commenting on Hong Kong's economic situation in the second quarter of 2002, Acting Financial Secretary Frederick Ma said on Friday that there had been distinct improvements in performance on the external front.

"Some constituent businesses - external trade, tourism and logistics - have shown further positive development. This indicates that what the government has been doing so far in enhancing Hong Kong's role as a regional trading, logistics, financial and tourism hub are giving result," Ma was quoted as saying in a press release on Friday.

"Hong Kong is indeed facing some economic difficulties in the short term. Moreover, the evolving situation in the US economy, asit may affect our trade performance, warrants close monitoring. Nevertheless, the medium to long term prospect for the Hong Kong economy remains good, in the light of robust growth in the Chinesemainland economy and our intimate economic links with the Chinese mainland," said Ma.

The Hong Kong government released Friday the Half-yearly Economic Report 2002, together with the preliminary figure on gross domestic product (GDP) for the second quarter of 2002.

Figures showed in the report indicated that after receding in the past three quarters, the Hong Kong economy resumed positive growth in the second quarter of 2002, mainly propelled by a visible pick-up on the external front. On a year-on-year comparison, GDP rose 0.5 percent in real terms in the second quarter of 2002, up from a 0.5 percent decrease in the first quarter.

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