Hong Kong marked the end of recession by reporting a growth of 3.3 percent in the quarter ended June 30.

Chief economist, Paul Tang who works at Bank of East Asia said better exports and pick-up in private consumption backed GDP.

The govt. lifted its growth-forecast for the entire year after the recording better-than-expected seasonally-adjusted figures.

Hong Kong had been suffering economic contraction for four repeated quarters, starting Q2 of 2008.

But, still the government expects a contraction between 3.5-4.5 percent in the current year.

Private consumption soared 4 percent in Q2 from past Quarter.

The stock market jumped 80 percent since early March, while property prices rose by 20 percent so far in 2009.

The forecast for the consumer price index was hacked to a 0.5 percent increase, from its earlier forecast of a 1 percent increase.

Though Hong Kong's economy grew in April-June period as compared with the first three quarters of 2009, yet it contracted 3.8 percent compared to Q2 of 2008.