HK real GDP expected to increase in first quarter

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Last updated at: (Beijing Time) Tuesday, January 06, 2004

HK real GDP expected to increase in first quarter

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Hong Kong real GDP is expected to grow by 4.7 percent year-on-year in the first quarter of 2004, according to the quarterly Hong Kong Macroeconomic Forecast, released by the APEC Study Center of the University of Hong Kong (HKU) Tuesday here.

Richard Wong Yue-Chim, Director of the APEC Study Center said in the press conference that the real GDP is forecast to increase by 4.2 percent year-on-year in the fourth quarter of 2003, and by 3.1 percent for 2003.

"The economy is expected to move closer to its normal trend, with output growing faster, deflationary pressure easing off, improving employment prospects and property prices firming up," Wong said.

Further economic integration with the mainland will provide further growth impetus. 2004 is likely to be a better year than 2003, Wong said, expecting the growth momentum to continue with the real GDP growing by 4.7 percent year-on-year in the first quarter of 2004.

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