GDP growth records best result since Q4 2023 in Q2

GDP reading: GDP growth ticked up to 3.1% year on year in the second quarter from 3.0% in the first quarter and marked the best reading since Q4 2023. The Q2 reading was above market expectations. A weaker Hong Kong dollar spurring domestic spending, robust tourist inflows boosting services imports, a strong domestic stock market and export front-loading to the U.S. likely all aided economic activity in Q2.

Broad-based upturn: The upturn reflected improvements in private consumption, public spending, fixed investment and exports. Household spending rebounded 1.9% year-on-year in the second quarter, which marked the best reading since Q4 2023 (Q1: -1.2% yoy). Government spending hit an over two-year high of 2.5% in the second quarter, up from the first quarter's 0.9%. Meanwhile, fixed investment growth accelerated to 2.9% in Q2, following the 1.1% expansion recorded in the prior quarter. On the external front, exports of services growth improved to 7.5% in Q2 (Q1: +6.3% yoy). In addition, imports of services growth picked up to 7.0% in Q2 (Q1: +4.7% yoy). Exports and imports of goods also grew at faster paces.

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Hong Kong imports projections for the next ten years from a panel of 9 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable imports forecast available for Hong Kong imports.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Hong Kong imports projections.

Want to get access to the full dataset of Hong Kong imports forecasts? Send an email to info@focus-economics.com.