| Abstract | In line with the strong growth momentum in the global and regional economies, Hong Kong's Gross Domestic Product (GDP) in the fourth quarter of 1999 was 8.7 percent higher than a year earlier -- the strongest recorded gain since the onset of the Asian crisis in 1997. GDP growth was supported by a broad-based recovery in consumption, exports, and public investment. The downward adjustments in prices and wages moderated, while the unemployment rate declined further. Improved investor confidence supported local asset prices, ameliorating the impact of higher external interest rates. Looking ahead, sustained recoveries in domestic demand and exports are likely to support growth through 2000. |
|---|
