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Report: HK economic recovery becomes sustained
(Xinhua)
Updated: 2004-06-16 01:43

Hong Kong's economic recovery became more broad-based and sustained due to generally favorable external conditions in the first half of 2004, the Hong Kong Monetary Authority said Tuesday.

Hong Kong's real GDP rose by 6.8 percent in the first quarter of 2004, the strongest year-on-year growth since the fourth quarter of 2000, the authority said in its second Half-Yearly Monetary and Financial Stability Report published Tuesday.

"The Government forecasts 6 percent growth for the entire year. The unemployment rate declined to 7.1 percent in the three months to April 2004, down from 7.3 percent in the three months ending in January," the report said.

According to the report, a sustained recovery in property prices brought the estimated number of residential mortgages in negative equity down to around 40,000 at the end of March.

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