UPDATE 1-Hong Kong economy grows 5.4% year on year in third quarter

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* Government revises full year forecast for 2021 to 6.4%

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*Revises underlying inflation forecast to 0.7% (adds comment)

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HONG KONG, Nov 12 (Businesshala) – Hong Kong’s economy grew 5.4% in the third quarter from a COVID-19-induced slowdown a year ago, the government said on Friday, adding that long-term prospects hang over the city’s zero-impact impact on COVID-19. Policy.

Year-over-year growth slowed from 7.6% in the second quarter.

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On a quarterly basis, the economy grew by 0.1% seasonally adjusted in July-September. Compared to a contraction of 0.9% in the previous quarter.

“Provided that the local epidemic remains under control, solid year-on-year growth in the fourth quarter should be attainable for Hong Kong’s economy,” the government said in a statement.

The government revised its full-year growth forecast to 6.4%, close to the upper limit of the previous forecast range of 5.5%-6.5%, but revised the full-year underlying CPI forecast for 2021 to less than 1%. made 0.7%.

“On the inflation outlook, while overall inflationary pressures are likely to increase in the near term with economic recovery and rising import prices, underlying inflation should remain in check for the rest of this year,” the government said.

Hong Kong’s government has tightened quarantine and patient discharge rules in recent weeks, which could eventually prompt Beijing to ease border restrictions between the semi-autonomous city and mainland China, its primary source of growth .

International business lobby groups have warned that unless it eases travel restrictions, Hong Kong could lose a competitive base for talent and investment as well as rival finance hubs such as Singapore. (Reporting by Donnie Kwok and Twinnie Siu; Editing by Timothy Heritage and Edmund Blair)

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