Hong Kong's economy demonstrated robust growth in the second quarter, as confirmed by recent data from the Census and Statistics Department released on Friday.
Gross domestic product (GDP) increased by 3.3% year-over-year in the second quarter, surpassing the 2.8% growth recorded in the first quarter, and aligning with preliminary estimates.
On a seasonally adjusted quarter-to-quarter basis, real GDP saw a rise of 0.4%, following a 2.5% increase in the previous quarter.
Analyzing expenditure, government consumption expenditure grew by 2.0% annually, reversing a 2.2% decline from the prior quarter. Conversely, household consumption experienced a 1.5% decrease.
Data indicated a significant rise in gross domestic fixed capital formation, which surged by 6.0%. Both exports and imports of goods also saw increases, climbing by 7.5% and 3.4%, respectively.
Separate official statistics revealed that the seasonally adjusted unemployment rate remained stable at 3.0% from May to July, unchanged from the April-June period. Meanwhile, the underemployment rate held steady at 1.2%.
On an unadjusted basis, the unemployment rate inched up to 3.1% from 3.0%.
