Resilient second half?

Gundy: ‘There is limited downside risk to growth performance.’

In the wake of the surprising 5.4% year-on-year expansion of the local economy in the second quarter ended June 30, there were many who asked whether the pace of growth will be sustainable for the second half of the year, especially given the global headwinds.

Economists pointed to the drop in factory output, which in turn fed into lower external demand as signs that the outlook for the last two quarters of 2012 will not see as robust a growth as the first two quarters.