GDP grows 5%

February 01, 2012

Gross Domestic Product grew by 5% in real terms in 2011 and the underlying inflation rate averaged 5.3%, a marked rise from the 1.7% rate in 2010.
 
Delivering his 2012-13 Budget today, Financial Secretary John Tsang said exports steadied in the fourth quarter to bring growth for 2011 to 3.6% in real terms.
 
He said Hong Kong lost 62,000 jobs during the economic recession in the wake of the financial tsunami but the unemployment rate rebounded slightly to 3.3% towards the end of 2011, which still represented full employment.
 
Mr Tsang said the Government's measures to stabilise the economy and the tenacity of Hong Kong people have helped the city come through crisis after crisis.