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Hong Kong Economy Recovered in Second Quarter, Beating Forecasts

Hong Kong Economy Recovered in Second Quarter, Beating Forecasts

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Hong Kong’s economy rebounded in the second quarter, beating economist expectations, as a pick up in exports helped offset sluggish retail sales.

Gross domestic product expanded 1.6 percent in the three months through June from the previous quarter, the government said in a statement Friday. That compares with the median estimate for 0.5 percent growth from analysts surveyed by Bloomberg.

“The Hong Kong economy regained some momentum in the second quarter,” the government said in a statement.

The economy expanded 1.7 percent in the second quarter from a year earlier, stronger than the originally reported 0.8 expansion in January through March and beating the 0.9 percent rise expected by economists.

Hong Kong’s government kept its prediction of 1 percent to 2 percent economic expansion this year, slower than the 2.4 percent gain last year. Economists forecast 1.2 percent growth for 2016, according to the median estimate of analysts surveyed .

by Bloomberg.