GOOOOOD NEWS!! Hong Kong recession ends as economy grows 3.3 pct

HEYY PEOPLE!! I am so happy that after the previous not-so-good post, I get to post some good news. And here it is : Hong Kong's economy hasbroken out of a yearlong recession in the second quarter as the territory benefited from strong growth in mainland China andThe pickup adds to the list of economies in Asia and beyond to emerge from recession or shrink at a less-horrible pace since the banking crisis sent global production and demand plunging last year. Both Germany and France resumed growing last quarter. better conditions in the West, the government of Honk Kong said on Friday.
the southern Chinese territory's economy, slammed four straight quarters by free-falling world demand for exports, grew by 3.3 percent on a seasonally adjusted quarter-to-quarter basis, the government said. The economy contracted 4.3 percent in the first quarter.
"While we are seeing some light at the end of the tunnel, I should warn that the outlook remain highly uncertain because the situations in the United States and Europe are still very weak," said government economist Helen Chan.(heyy!!! that is being a typical economist:) )
Exports dropped 12.4 percent in the second quarter compared to the same period last year, the government said. That was tamer than the nearly 23 percent drop-off in the first quarter.
Hong Kongers were also more willing to spend. Private consumption was up 4 percent from the previous quarter, though still down 1 percent from the same period last year.
Hot money had been flooding Hong Kong over the last year, chasing equities, real estate and other assets, ever since central banks began freeing up funds and governments spent more to help their economies.
The southern Chinese trading and financial center, Merrill Lynch said in report, has become a " dumping ground for global liquidity" -- helped by China's hunger for non-dollar assets, lower U.S. interest rates and global demand from investors for all things that are made in China.