HK economy gains a little speed, grows 3.3%
HONG KONG (AP) - Hong Kong's economy picked up a little steam in the second quarter as local and mainland Chinese tourist spending in the trade-reliant Asian financial center helped make up for weak global demand.
Growth remained subdued because of what government economists said on Friday was continuing weakness in the advanced markets where Hong Kong sends its exports.
Economic output in the April-June period grew 3.3 per cent over a year ago. On a seasonally adjusted basis, it grew 0.8 per cent from the previous quarter.
Export growth slowed to 6.2 per cent. Hong Kong is a major transshipment hub for goods moving from mainland Chinese factories to markets overseas.