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Business / Economy

HK economy grows 2.7% in Q3

(Xinhua) Updated: 2014-11-14 18:47

HONG KONG -- The Hong Kong economy grew 2.7 percent in the third quarter of this year from a year earlier, and the region's real GDP growth for the year is forecast at 2.2 percent, the Hong Kong Special Administrative Region (HKSAR) government announced Friday.

HKSAR government economist Helen Chan said at a media briefing that Hong Kong's economy regained some momentum in the third quarter, growing by 2.7 percent in real terms over a year earlier, up from the 1.8 percent growth in the second quarter.

"This was underpinned by a relative improvement in both services exports and private consumption," Chan said.

"With the outlook for the fourth quarter clouded by the considerable uncertainties arising from the 'Occupy Movement,' and with exports poised for only modest growth in the coming months, the real GDP growth for 2014 is now forecast at 2.2 percent," Chan said.

The Hong Kong stock market showed sharp swings in the past few months, with a rally in July and August followed by a visible correction in September under increasing concerns about the global economic outlook.

The residential property market remained rather active in the third quarter, marked by higher flat prices and turnover.

Looking ahead, the rather encouraging developments in the third quarter may not be able to extend into the fourth quarter, in light of disruptions to economic activities due to the "Occupy Movement" since late September, said the government in its third quarter economic report 2014.

Forecasting economic growth is subject to unusually large uncertainty, with the outlook hinging not only on the play-out of various downside risks in the external environment, but also on how the "Occupy Movement" will impact on economic sentiment and domestic demand, said the report.

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