HK economy grows steadily at 2.9%

It is bolstered by private consumption.

According to the Asian Development Bank, the economy grew by 2.9% in 2013, more quickly than in 2012.

Domestic demand and healthy tourism supported economic expansion. Consumption was the backbone of growth, contributing about 3 percentage points, with private consumption accounting for 92% of that contribution.

Here’s more from ADB:

Investment also picked up in 2013 with increased purchases of machinery and equipment, contributing 1 percentage point to growth.

Sluggish external demand reduced net exports, subtracting nearly 1 percentage point from growth.

Private consumption was buoyed by rising real incomes. Reflecting a low unemployment rate of 3.3% and an upward adjustment to the statutory minimum wage in May 2013, real wages have risen.