Against the economic rebound in mainland China and easing of the downside risks in the global economy, the Hong Kong SAR economy in the second quarter recorded a 3.3 percent rebound over the previous quarter, and the decline in exports moderated. Total employment stabilized and the unemployment rate was 5.4 percent.
This reflects, in part, a return of oil sands production and rebuilding activity in Alberta. Indeed, we saw non-conventional oil output jump by almost 20 per cent in July. As well, exports of goods increased in July and August, pointing to a solid third quarter.