ECONOMY | Staff Reporter, Hong Kong

Hong Kong economy grows 3.6% in Q3

It's the fourth consecutive quarter of above-trend economic expansion.

Hong Kong's economy continued to expand notably in the third quarter of 2017 as it grew 3.6% over the same period last year.

When he delivered the Third Quarter Economic Report 2017, Acting Government Economist Andrew Au said external demand stayed vibrant, supported by the broadly benign global economic conditions.

Domestic demand attained solid growth, led by the brisk expansion of private consumption.

Hong Kong's total goods exports grew by 5.5% over a year earlier, while private consumption expenditure grew by 6.7%.

Underlying consumer price inflation averaged 1.7% in the first three quarters of 2017.

Mr Au said economic growth for 2017 as a whole is now forecast at 3.7%, higher than the mid-point of the range forecast of 3-4% announced in August.

"The global economic outlook is improving. Major advanced economies are likely to show further moderate expansion in the near term. The Mainland economy is also set to sustain notable growth.

"Such a favourable external environment should bode well for Hong Kong's exports in the coming months. The continued recovery in inbound tourism should also benefit our exports of services. Domestic demand should remain resilient in the near term.

"Hong Kong's economy should attain further solid growth in the rest of the year despite a higher base of comparison in the fourth quarter of last year."

As the inflation pressure was largely contained, the forecast rates of underlying and headline consumer price inflation for 2017 as a whole have been revised downwards to 1.7% and 1.5% in the current round of review.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.