In the third quarter, gross domestic product (GDP) expanded 6.8% over the same quarter last year. The reading was above the 6.5% growth recorded in the second quarter and overshot market expectations of a 6.1% rise. The improvement over the previous quarter was driven by a stronger performance of the external sector, while the contribution to growth of the domestic sector deteriorated compared to the previous quarter. That said, a negative contribution from inventories helped to offset higher growth in consumption. Private consumption accelerated from a 4.4% expansion in the second quarter to a 5.7% increase in the third. In contrast, gross fixed investment decelerated from a strong 15.6% annual expansion in the second quarter to barely positive growth (+0.3% yoy) in the third quarter. Exports of goods and services continued to grow vigorously in the third quarter, amid strong demand in the region. Exports of goods and services grew 19.3%, following on a 19.5% expansion in the second quarter, while imports added 15.8% (Q2: +22.4% yoy). The net contribution from the external sector to overall growth improved from a 4.4 percentage-point detraction in the second quarter to a 7.9 percentage-point contribution in the second. However, a quarter-on-quarter comparison does not corroborate the robust growth suggested by the annual figures, as the economy expanded only 0.7% over the second quarter in seasonally adjusted terms, down from the 1.4% expansion in the second quarter. The government recently revised up its forecast for full-year growth to 6.5%, up from the 5.0%-6.0% previously expected.
Hong Kong GDP
Hong Kong expands robustly in Q3
November 12, 2010
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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.