Hong Kong's economy is expected to slow down to about 5% growth in 2012
Banking sector will see more opportunities in the area of Rmb trade settlement, the main driver for profit in 2012, but expect a decline in growth momentum due to the weakness in the U.S. economy and the European debt crisis. April 05, 2012 | Guan Chen HaoIn the year 2011, Hong Kong’s economy has performed relatively well amidst the European debt crisis and the slow recovering U.S. economy. Real GDP grew by 7.6%, 5.3% and 4.3% YoY in the first, second and third quarter respectively. Strong domestic consumption and a growing labor market were the main contributors for the economy. However, growth was restricted by a sharp decline in demand for exports in the second half of the year. U.S. and European demand fell sharply and affected the export market. A deceleration in regional production causes a further drop in demand for Hong Kong’s raw material exports. Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
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