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Hong Kong exits recession

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by Kay Mitchell

Hong Kong has emerged from recession after the economy grew 3.3% in the second quarter.

The seasonally adjusted 3.3% compares with a revised contraction of 4.3% for the first quarter of the year.

The news follows that of Singapore, France and Germany, who have also emerged from recession.

Singapore’s economy grew an annualised 20.7% in the April to June period, while France and Germany economies grew by 0.3% in the second quarter.

Commenting on today’s figures from Hong Kong, Paul Tang, chief economist at Bank of East Asia, said: “The GDP data was much better than we expected, partly because the exports were better and partly because of a pick-up in private consumption.”

“Private consumption is being driven up by stock market gains and by the property sector, which started doing well,” added Mr Tang.

Private consumption in the period was up 4% compared with the first quarter. It is being fuelled by stock market gains and the property sector. The stock market has rebounded 80% in the last five months, while property prices are up 20% this year already.

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News posted: August 14, 2009

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