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Tourism fuels sharp upswing in Hong Kong


 

Tourism fuels sharp upswing in Hong Kong Date: 4/11/03 Financial Times 28 November 2003 Hong Kong's economy swung out of recession in the third quarter, helped by a flood of mainland Chinese tourists and a rise in exports. Gross domestic product jumped 4 per cent compared with the year before, and follows a 0.5 per cent decline in the second quarter. The economy grew 6.4 per cent on a seasonally adjusted, quarter-to-quarter basis. The growth confirms Hong Kong's rapid economic recovery from a debilitating outbreak of severe acute respiratory syndrome earlier this year. Economic indicators in the former British colony have been steadily improving in recent months but the latest GDP rebound was faster than some analysts had expected. "What we are seeing in Hong Kong is what we have been seeing around the region since September - activity indicators surprisingly on the upside [of expectations]," said Tim Condon, ING's chief economist for Asia. Mainland visitors - who have been arriving in droves since this summer's relaxation of visa restrictions - helped spur the first increase in consumer spending in two years. Spending by individuals was up 2 per cent year-on-year. Exports of goods rose 9.8 per cent in the third quarter compared with the same period in 2002 while service exports increased 6.9 per cent. The strongest export growth went to fuel China's galloping economy, while shipments to the US slipped 6.3 per cent. However, deflation and joblessness - Hong Kong's two economic headaches - persisted. Deflation has dogged the territory for five consecutive years, with the consumer price index falling 3.6 per cent in the third quarter. Analysts expect some improvement in prices over the next year. The unemployment rate, which fell to 8 per cent in the August-October period, was nevertheless 8.3 per cent in the third quarter. Andrew Look, head of Hong Kong research at UBS, said that although the outlook for 2004 was good, structural problems in the economy - including a widening income gap - would still require a "painful adjustment". The government confirmed its estimate of 3 per cent GDP growth for the full year.
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Tourism fuels sharp upswing in Hong Kong
Tourism fuels sharp upswing in Hong Kong

Financial Times 28 November 2003 Hong Kong's economy swung out of recession in the third quarter, helped by a flood of mainland Chinese tourists and a rise in exports. (16/12/2003)
China publishes Silk Road album
China publishes Silk Road album

Xinhua 1 November 2003 A picture album of China's ancient Silk Road was officially published in northwest China's Xinjiang Uygur Autonomous Region. The album was a joint project of the Tourism Bureau (16/12/2003)

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The articles which appeared in Islamic Tourism magazine

FINDING THE HEART OF CHINA

  Issue 71

IT&CM China The Incentive Travel & Conventions, Meetings China 17- 19 April 2012 Shanghai – China

  Issue 71

The Incentive Travel & Conventions Meetings (IT&CM China - Shanghai)

  Issue 62

SHANGHAI EXPO AND BEYOND

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Beijing Silk Market

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Beijing Medical

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Hong Kong
Live it, love it
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Beijing International Tourism Exhibition

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The exhibition of conference tourism in Hong Kong

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Shangri-La: Take 3
The hidden paradise
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Shanghai
A city looking for the future
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International Dunhuang Project
Uniting the Treasures of the Silk Route Online
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Advert
Beijing International Tourism Expo 2007
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Beijing's
Impossible dream-come-true
  Issue 27

Hong Kong
An 'English Town' in China?
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The Myth of the Island of Hong Kong

  Issue 26

CBITM 2006
China International Business & Incentive Travel Mart 2006
  Issue 25

BITE 2006
Beijing International Tourism Exhibition
  Issue 25

Avert
China
  Issue 23

China
Between Qingdao and Beijing
  Issue 23

Avert
BITE
  Issue 22

Beijing and The Great Wall
of China
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Xiyuan Beijing
Hotel adapte to muslim needs
  Issue 20

Beijing International
Tourism Exhibition
  Issue 19

Qingdao International tourism exhibition 2005

  Issue 19




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