Hong Kong, July 30 (Xinhua)-Hong Kong’s economy surged 7.5% year-on-year in the second quarter of 2021 and maintained a rapid recovery pace after recording an 8.0% increase in the first quarter. ..

The Hong Kong SAR (HKSAR) Government’s Census and Statistics Bureau said in a statement Friday that second-quarter growth was primarily due to visible increases in both domestic and external demand.

Analyzing key GDP components, consumer spending increased 6.5% compared to a year ago in the April-June period, compared to a 2.1% increase in the first quarter.

Total domestic fixed capital formation increased 23.7% year-on-year in the second quarter, well above the 4.8% growth in the first quarter.

Over the same period, total exports of goods recorded a 20.3% year-on-year increase, and service exports recorded a 2.6% year-on-year increase, compared to a 7.3% decrease in the first quarter.

According to a spokesman for the Hong Kong SAR government, the Hong Kong economy is recovering with the improvement of the world economy and the recession of regional epidemics, with real GDP increasing by 7.8% year-on-year throughout the first half of 2021.

On a seasonally adjusted basis, real GDP recorded a modest decline from the previous quarter to the second quarter. This mainly reflects the slowdown in commodity exports due to the very strong growth in the first quarter.

He added that it is imperative that communities strive for broader vaccination to pave the way for a broader economic recovery.

Since Friday’s announcement was a preliminary estimate, revised GDP figures and full-year economic forecasts will be released on August 13.