Hong Kong growth reaches 5.2 per cent as exports surge
Hong Kong’s economy expanded 5.2 per cent in the third quarter from a year earlier, according to advance estimates. Goods exports and fixed investment grew faster, while private consumption increased more modestly. The economy also expanded from the preceding quarter. Revised third-quarter figures are scheduled for release on 13 November.
Economics & Markets··Midday
Advance estimates show faster annual growth
Hong Kong recorded faster economic growth in the third quarter according to advance estimates.[1], [2]
Real gross domestic product increased 5.2 per cent from a year earlier, after revised second-quarter growth of 4.2 per cent. The seasonally adjusted quarterly increase was 1.9 per cent. Real growth over the first nine months reached 5.1 per cent. These figures measure output after removing price effects; the quarterly comparison also adjusts for recurring seasonal patterns.[1]
Goods trade and fixed investment expand
Goods exports rose 30.4 per cent in real terms, following growth of 28.9 per cent in the preceding quarter. Goods imports increased 29.9 per cent, compared with 29.3 per cent previously. Fixed capital formation grew 7.3 per cent, against 3.7 per cent in the second quarter. The government identified demand linked to artificial intelligence investment as one support for merchandise exports.[1]
Consumption grows more slowly than investment
Private consumption grew 2.8 per cent, following 2.9 per cent in the second quarter. Government consumption rose 1.7 per cent after remaining unchanged. Services exports expanded 4.3 per cent, compared with 3.2 per cent previously, and services imports grew 5.6 per cent after 3.1 per cent. Hong Kong’s Census and Statistics Department plans to release revised third-quarter estimates on 13 November as more complete information becomes available.[1]
