HONG KONG: Hong Kong on Friday raised its 2011 economic growth forecast to 5.0-6.0 percent, after posting a strong expansion in the first quarter led by robust domestic and external demand.
The southern Chinese financial hub's economy grew 7.2 percent year-on-year in the first three months, beating a forecast of 5.3 percent growth in a poll of nine economists surveyed by Dow Jones Newswires.
Due to the stronger-than-expected economic performance, the government said it was revising upwards its full-year growth forecast to 5.0-6.0 percent, from its earlier forecast of 4.0-5.0 percent for this year.
"The domestic sector should stay rather robust. Local consumption should continue to be well supported by improving job and income conditions," the government said in a statement.
"The external environment has held up well so far this year. The global economy has continued to expand, led by the thriving Asian and emerging economies," it added.
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