Hong Kong's Q1 Economy Grows 7.1 Pct in Real Terms

Hong Kong's gross domestic product (GDP) rose 7.1 percent in real terms in the first quarter over a year earlier by using chain volume measures, the Census and Statistics Department said Friday.

Earlier on Monday, the department put Hong Kong's GDP growth at 9.6 percent to 409.3 billion HK dollars (52.47 billion U.S. dollars) without netting out the inflation factor.

Analyzed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together rose 6.4 percent in real terms in the quarter.

Net output in the wholesale, retail and import and export trades, and the restaurants and hotels sector grew 8.8 percent in real terms. The rise was due to strong consumer spending and vibrant external trade.

Expanded external trade flows brought a 7.1 percent-rise in net output in the transport, storage and communications sector in real terms.

Net output in real terms saw increases in the financing, insurance, real estate and business-services sector (9.2 percent), the construction sector (7.9 percent), the electricity, gas and water sector (4.7 percent), and the community, social and personal services sector (0.6 percent).

Net output in the local manufacturing sector dropped 4.4 percent in real terms in the first quarter over a year earlier.

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