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Hong Kong Q2 GDP Grows 7.5% y/y

HONG KONG, July 30 (Reuters) - Hong Kong’s economy grew 7.5% in the second quarter from the same period a year earlier, government estimates showed on Friday, as domestic and global activity continued to recover from last year’s pandemic-induced slump.

The flash estimate compares with revised growth of 8% in the first quarter and forecasts of 8.4% by DBS and 8.5% by ING.

On a quarterly basis, the economy contracted by a seasonally adjusted 1% in April-June, compared with a revised growth rate of 5.5% in the previous quarter.

The trade-reliant city and global financial centre is also benefiting from mainland China’s swift recovery from the coronavirus pandemic. Hong Kong’s economy had contracted for six straight quarters due to anti-government protests in 2019 followed by the COVID-19 crisis.

Reporting by Donny Kwok and Twinnie Siu; Editing by Kim Coghill

Source: Reuters

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