Hong Kong's Economic Growth Slows To 6.0%

May 28, 2005
Hong Kong's economic growth slowed to 6.0% in the first quarter with exports holding firm and supported by strong trade inflows from China, the government said May 27.  The better-than-expected gross domestic product (GDP) was weaker than the 7.1% ...

Hong Kong's economic growth slowed to 6.0% in the first quarter with exports holding firm and supported by strong trade inflows from China, the government said May 27. The better-than-expected gross domestic product (GDP) was weaker than the 7.1% year-on-year rise in the previous quarter and 8.1% expansion for the whole of 2004.

Merchandise exports were strong in the first two months of 2005, but slowed in March as exports to several East Asian economies slackened along with intra-regional trade towards the end of the quarter, a Hong Kong government statement said. Although exports to Europe were robust partly due to a surge in exports of textiles and clothing from China, exports to the U.S. lost steam in March after growing in the first two months as import demand weakened.

Total exports of goods stood at 8.9% in the first quarter, a fall from a 12.6% increase in the fourth quarter of 2004 and a 15.3 % surge for 2004. Exports of services attained a further notable growth at 8.6% as offshore trade continued to surge and inbound tourism was buoyant.

Copyright Agence France-Presse, 2005

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!