Economic upturn: Government Economist KC Kwok says Hong Kong's economy continued to grow in the first quarter with GDP rising 7.1%

The economy continued to grow in the first quarter with GDP rising 7.1%, despite the growing adversities in the external environment, Government Economist KC Kwok says. This marked the 18th consecutive quarter that GDP growth exceeded the average trend growth.

Mr Kwok said given the uncertainties prevailing in the external environment and dimmer global economic prospects, the GDP forecast at 4%-5% as announced in the Budget is kept unchanged.

With the strong GDP growth in the first quarter, and barring any abrupt external shocks, it is likely GDP growth in 2008 should be close to the upper end of the forecast range.