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Export data confirms key rebound role

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The latest government statistics have provided further evidence that Hong Kong is undergoing an export-led rather than domestically driven economic recovery.

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The Census and Statistics Department yesterday estimated the economy grew a year-on-year 4.5 per cent in the third quarter - unchanged from last month's assessment.

However, it revised upwards estimates for growth in the first and second quarters.

First-quarter gross domestic product was revised up from a 3.2 per cent contraction to 3 per cent, while second-quarter growth was raised from 0.7 per cent to 1.1 per cent.

Bank of East Asia chief economist Shamus Mok Chung-yuk said exports of goods had rebounded strongly to 8.1 per cent growth in the third quarter from a year earlier.

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It was the first increase since the first quarter of last year.

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