HK GDP to grow for tenth quarter: FS
Paul Chan says the city's economic growth is supported by exports, investments and private consumption. File photo: RTHK
Financial Secretary Paul Chan said Hong Kong's Gross Domestic Product is expected to grow for a tenth consecutive quarter, as estimates for the second quarter this year will be announced later in the week.
Writing on his blog on Sunday, Chan said the city's economic growth is supported by export activity, investments and private consumption.
He said government efforts to promote mega-events and high value-added tourism, along with support from the private sector, had improved market sentiment.
Chan said this was reflected in retail sales figures for May, which recorded the first year-on-year growth in 14 months. He said he was also 'cautiously optimistic' about June's figures.
The minister added that the Football Festival at Kai Tak and the Animation-Comic-Game fair at the Convention and Exhibition Centre in Wan Chai both attracted local and overseas fans, boosting product sales and creating business opportunities.
Meanwhile, the finance chief said the labour market remained stable, with the median monthly salary of full-time employees this March-to-May increasing to HK$25,000, an almost seven percent rise from the same period last year.
Chan added that during economic transformation, different industries experience varying challenges, with labour-intensive industries such as retail and catering facing pressure.
He said he expected the labour market to remain stable, and the government would strengthen its retraining programmes.
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