- CNTV English - CCTV News

Homepage > News > Biz >

Yearender: HK's economy to see further decline but remain resilient

12-20-2011 16:02 BJT

HONG KONG, Dec. 20 (Xinhua) -- Hong Kong's economy moderates in the year 2011 amid the European crisis and weak U.S. economy. Thanks to the robust consumption and investment, it still enjoys around 5 percent growth for the whole year, higher than most of the developed economies.

Looking ahead, economists cut further their forecasts for Hong Kong's growth in 2012 as external demand may continue to wither. However, with the support from the central government, it is believed the region's economy is resilient enough to avoid recession.


Amid European debt crisis and slackened U.S. economy, Hong Kong's economy has performed reasonably well in the year 2011, mainly driven by solid consumption and a strong labor market.

The region's economy grew 7.5 percent, 5.3 percent and 4.3 percent in real terms respectively in the first, second and third quarter of the year over a year earlier. Toward the end of the year, the economy was forecast to grow 5 percent for 2011 as a whole, the lower boundary of the earlier range forecast of 5 percent to 6 percent.

The growth moderation was mainly caused by a sharp fall-off in exports in the second half of the year due to an increasingly austere global economic environment. Total exports of goods slackened in the third quarter with export to the U.S. and European markets further decreasing. The ensuing deceleration in regional production resulted in a notable fall-off in Hong Kong's raw material exports to Asia, thereby exacerbating further the weakness in overall export performance.


Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program