Hong Kong - Economy is Back On Track

Hong Kong’s seasonally adjusted unemployment rate stood at a provisional 5.4% in June - Aug 2009, same as that in May - July 2009.

On the contrary, Hong Kong’s economy rebounded in the second quarter, benefiting from the faster growth of the Mainland economy and the waning of recessionary forces in the advanced economies.

Following a sharp year-on-year contraction of 7.8% in the first quarter of 2009, real GDP registered a smaller decline of 3.8% in the second quarter.

On a seasonally adjusted quarter-to-quarter comparison, the economy resumed growth at 3.3% in the second quarter, ending the contraction in the previous four quarters.

sources: Hong Kong Economic and Trade Offices (September, 2009); Census and Statistic Department, HKSAR (Q2, 2009)