CFO expects positive growth figure for third quarter

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Finance Secretary Paul Chan said on Sunday he expected positive news when the anticipated third-quarter GDP estimates are released on Monday, albeit with overall growth rates likely to be lower than those of the first trimester.

Writing on his official blog, Chan said the economic recovery in the first half of the year was stronger than expected, while year-on-year numbers from July to September would have a higher basis for comparison.

The secretary provided a more cautious outlook for the fourth quarter, saying export growth is likely to slow as global economic growth appears to be declining.

Still, he said the full-year growth of the SAR would be near the upper end of the expected range of 5.5% to 6.5%.

Chan said some have described 2021 as “a year of recovery” as most economic indicators have shown steady improvement, but noted that grassroots workers may not be feeling it yet.

He said average wage rates in June fell 0.3% from a year ago after taking into account changes in consumer prices.

Chan also reiterated that the SAR government is further adjusting anti-epidemic measures in the hope of resuming normal travel with the mainland as soon as possible, which he said would provide a significant boost to the local economy.


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