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HK economy grows 1.5% in first quarter
Hong Kong's economy expanded moderately in the first quarter of 2005, the government said Friday, driven by robust domestic consumption and a buoyant trade sector. The gross domestic product grew 1.5 percent on the quarter in the three-month period ending in March, the government said. The figure was up slightly from 0.6 percent in the fourth quarter last year. Compared with the same period last year, GDP grew 6.0 percent during the period, down from 7.1 percent in the previous quarter. ``The latest data shows that the economy is still expanding nicely,'' said Tai Hui, an economist at Standard Chartered Bank. ``The growth is supported by both domestic and external demand.'' Exports rose 8.9 percent on year in the first quarter, thanks to strong trade flows from China and the earlier weakness of the US dollar, said K. C. Kwok, a government economist. Exports rose 12.6 percent in the fourth quarter last year. ``Consumption demand held firm along with the more entrenched economic recovery, improving labor market conditions and a strong property market,'' Kwok said. |
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