In the first quarter, GDP expanded 7.2% over the same quarter last year, which was above the 6.4% growth recorded in Q4 2010, and overshot market expectations of a 5.5% expansion. The reading reflected resilient growth in the external sector, which compensated for slightly weaker domestic demand. Domestic demand deteriorated somewhat, as gross fixed investment dropped (Q1: -1.1% year-on-year) and private consumption decelerated, albeit remaining strong (Q4: +8.1% yoy; Q1: +7.6% yoy). In contrast, the external sector improved as exports expanded more markedly than imports. Exports of goods and services grew 15.1% (Q4: +8.5% yoy), while imports rose 11.8% (Q4: +7.5% yoy). As a result, the net contribution to overall growth of the external sector rose from 2.4 percentage points in the fourth quarter to 6.7 percentage points in the first. A quarter-on-quarter comparison corroborates the annual figures, as the economy expanded 2.8% over the fourth quarter in seasonally adjusted terms, up from the 1.5% expansion in the fourth quarter of 2010. Owing to the strong first quarter result, the government raised its full-year GDP forecast from 4.0%-5.0% to 5.0%-6.0%.
Hong Kong GDP
Economy expands robustly in the first quarter
May 13, 2011
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Hong Kong Economic News
October 5, 2016
The Nikkei Hong Kong Purchasing Managers’ Index (PMI) released by IHS Markit rose from August’s 49.0 to 49.3 in September.
September 30, 2016
Hopes last month that a recovery in retail sales might be underway were dampened in August on the back of declining numbers of mainland tourists.
September 22, 2016
Inflation came in at 4.3% in August, which was notably above July’s 2.3%.
September 5, 2016
The Nikkei Hong Kong Purchasing Managers’ Index (PMI) released by IHS Markit climbed from July’s 47.2 to 49.0 in August.
August 29, 2016
Although tourist visitors increased for the first time in July after 13 months of successive drops, the effect on retail sales appears to have been limited.