Q3 GDP: Hong Kong avoids recession
The seasonally-adjusted third-quarter data was stronger than t he average forecast of four analysts who expected GDP to grow 0.13 percent from the previous quarter, when the economy contracted 0.1 percent.
Hong Kong's data followed better-than-expected October export figures from China, where export growth hit a five-month high above 11 percent, boding well for the city's trade sector, which is predominantly re-exports to and from mainland China.
Activity in the mainland economy has shown signs of re-acceleration in the more recent months, which should lend support to intra-regional trade going forward, the Hong Kong government said in a statement.
Reuters surveyed 25 analysts last month and the average estimate for economic growth this year was 1.8 percent.
Consumer and asset prices in Hong Kong have been under pressure recently as funds unleashed by quantitative easing measures in the United States, Europe and Japan continue to pour into the city of more than 7 million people.
The Hong Kong Monetary Authority has intervened in currency markets to curb the strength of the Hong Kong dollar under the peg regime.
The government raised the forecast for full-year headline consumer price inflation to 3.9 percent from 3.7 percent, while underlying inflation was revised to 4.5 percent from 4.3 percent.
The headline CPI in September accelerated to 3.8 percent, but the government had said the austere economic environment and more
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