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HK's GDP rises 5.6% in first quarter

(Xinhua)
Updated: 2007-06-23 15:06

Hong Kong'sgross domestic product(GDP) rose 5.6 percent in real terms in the first quarter this year over the same period last year, compared with the 7.3 percent growth in the previous quarter, official figures released Friday indicated.

Analyzed by sector and on ayear-on-yearcomparison, net output in all service sectors taken together rose 7.6 percent in real terms, after 9.6 percent growth a quarter earlier, said the Census and Statistics Department of the Hong Kong Special Administrative Region government.

Net output in the wholesale,retailand import and export trades, restaurants and hotels grew 7.7 percent in real terms, compared with the 10 percent rise in the previous quarter.

Growth in local consumer demand, robust external trade and the expansion of offshore trade and inbound tourism all contributed to the rise, said the department.

The financing, insurance, real estate and business services sector's net output rose 15.2 percent in real terms compared with the 17.4 percent increase in the fourth quarter.

The growth impetus came mainly from banking services, on the back of a substantial rise in commission and service income. Also relevant was a leap in net output of the stock brokerage companies, underpinned by a significant rise in stock market turnover, said the department.