Hong Kong Feb bankruptcies fall 55 pct on year

HONG KONG, March 19 (Reuters) - Hong Kong bankruptcy petitions in February fell 54.9 percent from a year earlier, government data showed on Friday, indicating the economy is on course for a recovery.

Bankruptcy petitions were down 16.8 percent in February to the previous month, but monthly figures are not seasonally adjusted.

Petitions totalled 677 in February, down from 1,500 a year earlier.

Bankruptcies reached a six-year high of 1,872 in March 2009, as the economy was hit hard by the global financial crisis. It pulled out of recession in the second quarter.

The government forecast GDP growth for Hong Kong of between 4 and 5 percent for 2010.

Data on Thursday showed unemployment dropped to 4.6 percent for the three months to February 2010, from 4.9 percent in the previous three-month period.