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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: Rande Is who wrote (11285)	8/27/1999 9:35:00 AM
From: Rande Is	Read Replies (2) \| Respond to of 57584

Hong Kong Pulls Out of Recession HONG KONG (AP) - Hong Kong's economy grew at an annual rate of 0.5 percent in the second quarter, pulling out of a severe and lengthy recession that brought record unemployment and sharply falling prices to the once-booming financial center. Today's government report of a modest rise in the territory's gross domestic product, the inflation-adjusted measure of all goods and services produced for the three months ended June 30, surpassed expectations. Most economists had predicted the recession would persist with a decrease of an additional 1 percent to 2 percent in the quarter. Hong Kong's economy had slipped into recession in early 1998, casting a shadow over the bustling territory in its first two years under Chinese sovereignty. The economy had contracted at an annual rate of 3.4 percent in the first quarter compared with a year earlier. The second-quarter expansion, in addition to being 0.5 percent above a year ago, also represented a 3 percent seasonally adjusted rise from the first quarter, the government said. Despite the first signs of growth, government economist K.Y. Tang warned of several potential problems, including a sluggish demand for investment and falling consumer prices - a spooky economic phenomenon known as deflation. ETC. . . .