Author Archives: hksar gov

     The Census and Statistics Department (C&SD) released today (July 31) the advance estimates on Gross Domestic Product (GDP) for the second quarter of 2019.
 
     According to the advance estimates, GDP increased by 0.6% in real terms in the second quarter of 2019 over a year earlier, same as that in the first quarter of 2019. The moderate growth of GDP was mainly attributable to the weak performance in investment expenditure and external demand. 
 
     Analysed by major GDP component, private consumption expenditure increased by 1.2% in real terms in the second quarter of 2019 over a year earlier, faster than the 0.4% growth in the first quarter.
 
     Government consumption expenditure measured in national accounts terms grew by 4.0% in real terms in the second quarter of 2019 over a year earlier, after the increase of 4.5% in the first quarter.
 
     Gross domestic fixed capital formation decreased significantly by 12.1% in real terms in the second quarter of 2019 from a year earlier, compared with the decrease of 7.0% in the first quarter.
 
     Over the same period, total exports of goods measured in national accounts terms recorded a decrease of 5.4% in real terms from a year earlier, compared with the decrease of 3.7% in the first quarter. Imports of goods measured in national accounts terms decreased by 7.0% in real terms in the second quarter of 2019, compared with the decline of 4.2% in the first quarter.
 
     Exports of services rose by 0.2% in real terms in the second quarter of 2019 over a year earlier, slower than the growth of 0.8% in the first quarter. Imports of services increased by 1.7% in real terms in the second quarter of 2019, as against the decrease of 1.5% in the first quarter.
 
     On a seasonally adjusted quarter-to-quarter comparison basis, GDP decreased by 0.3% in real terms in the second quarter of 2019 when compared with the first quarter.
 
Commentary
 
     A Government spokesman said that according to the advance estimates, overall economic performance was subdued in the second quarter of 2019, with GDP growing modestly by 0.6% in real terms over a year earlier. External demand weakened further and domestic demand stayed sluggish.
 
     Hong Kong’s total exports of goods showed an enlarged decline in the second quarter in tandem with the further setback in manufacturing and trading activities in Asia, amid softening global economic growth and US-China trade and technology tensions. Exports of services likewise recorded only marginal growth. As local economic sentiment deteriorated visibly in the face of increasing downside risks facing the global economy and other headwinds, private consumption expenditure only grew modestly and overall investment expenditure fell further.
 
     The Government will monitor the situation closely. The revised figures on GDP and more detailed statistics for the second quarter of 2019 will be released on August 16, 2019.
 
Further information
 
     The year-on-year percentage changes of GDP and selected major expenditure components in real terms from the second quarter of 2018 to the second quarter of 2019 are shown in Table 1. 
 
     When more data become available, the C&SD will compile revised figures on GDP. The revised figures on GDP and more detailed statistics for the second quarter of 2019 will be released at the C&SD website (www.censtatd.gov.hk/hkstat/sub/sp250.jsp) and the Gross Domestic Product (Quarterly) Report (www.censtatd.gov.hk/hkstat/sub/sp250.jsp?productCode=B1030001) on August 16, 2019.
 
     For enquiries about statistics on GDP by expenditure component, please contact the National Income Branch (1) of the C&SD (Tel: 2582 5077 or email: gdp-e@censtatd.gov.hk). read more

     The Government announced today (July 31) its financial results for the three months ended June 30, 2019.        Expenditure for the period April to June 2019 amounted to HK$124.4 billion and revenue H… read more

     The Secretary for Innovation and Technology, Mr Nicholas W Yang, and the Vice Mayor of Shenzhen Municipality, Mr Ai Xuefeng, co-chaired the fifth meeting of the Joint Task Force on the Development of the Hong Kong-Shenzhen Innovation and Technology Park (the Park) in the Loop at Hong Kong Science Park today (July 31).

     At the meeting, the two sides discussed the work progress of the Hong Kong-Shenzhen Innovation and Technology Park Limited (HSITPL), works progress of supporting infrastructure in the Lok Ma Chau Loop, the arrangement of the bioremediation for sediment treatment in Shenzhen River of Main Works Package 1, as well as exchanged views on the development of the innovation and technology parks of both sides.  Representatives from the Shenzhen Government also introduced the development concept of the Shenzhen Innovation and Technology Zone. Both sides agreed to continue keeping close contact to achieve co-ordinated development.

     Last year, HSITPL commenced the Master Planning Study and Business Model and Business Planning Study , which are expected to be completed soon.  HSITPL also commenced  two new consultancy studies in mid-2019, namely the technical feasibility study and the economic impact analysis study of Batch 1 development.  HSITPL will formulate the Park’s project development and operation plans with reference to the findings of the studies.

     As for supporting infrastructure works, the Advance Works of the Loop are well under way.  The contract for the consultancy on detailed design and site investigation of Main Works Package 1, which commenced last September, is in good progress.  Site investigation of the Loop also commenced this June. The target of making the first batch of land parcels available by 2021 or earlier for the Loop remains unchanged.  

     Regarding the co-operation arrangements of bioremediation for sediment treatment in Shenzhen River of Main Works Package 1, the Civil Engineering and Development Department (CEDD) and the Shenzhen River Regulation Office of the Shenzhen Municipal People’s Government will, drawing from the experience in the regulation of Shenzhen River works jointly conducted by the two cities, discuss and take forward the bioremediation for sediment treatment of the Shenzhen River.

     Other officials of the Hong Kong Special Administrative Region Government attending the meeting today included the Permanent Secretary for Innovation and Technology, Ms Annie Choi; the Commissioner for Innovation and Technology, Ms Rebecca Pun; and representatives from the Development Bureau, the Constitutional and Mainland Affairs Bureau, the Education Bureau, the Commerce and Economic Development Bureau, the Innovation and Technology Commission, and the CEDD.

  

Attention duty announcers, radio and TV stations: Please broadcast the following message as soon as possible and repeat it at suitable intervals:      The Marine Department announces that due to tropical cyclone warning signa… read more

Attention duty announcers, radio and TV stations: Please broadcast the following message as soon as possible and repeat it at suitable intervals:      The Marine Department announces that due to tropical cyclone warning signa… read more