Aerial photo taken on July 16, 2020 shows the Wan Chai of south China's Hong Kong. Photo:Xinhua

Hong Kong's GDP saw an increase of 7.9 percent in the first quarter this year, the Hong Kong Special Administration Region (HKSAR) government said at a press conference for the release of the revised figures on Friday, ending six straight quarters of declining growth.

The government also maintained its annual GDP forecast for 2021 in the range of 3.5-5.5 percent, unchanged from the city's budget report, citing uneven recovery and uncertainty related to the pandemic. The actual reading "can hopefully be near the upper end of the range," the SAR government said.

Earlier, first quarter GDP of 7.8 percent was reported in the HKSAR government's advance estimate.

Private sector analysts have put the city's annual GDP rate at 2.5-9.2 percent, averaging around 5.3 percent.

The HKSAR government predicted that overall price pressures will remain mild for the year as the local economy is still operating below its full capacity and global inflation remains largely contained.

International travel and inbound tourism will likely take time to recover in light of the difficult global epidemic situation. Other key uncertain factors, including China-US relations and geopolitical tensions, will also have an impact on the city's GDP.

Global Times