,Hong Kong

HK’s GDP estimates up by 5.4% YoY in Q3

The growth, however, was more moderate than Q2’s 7.6%.

Hong Kong’s gross domestic product (GDP) grew by 5.4% year-on-year (YoY) in the third quarter (Q3), based on advanced estimates of the Census and Statistics Department (C&SD).
 
The growth, however, was more moderate compared to the 7.6% expansion in the second quarter.
 
The GDP also only increased by 0.1% on a seasonally adjusted quarter-to-quarter comparison basis.
 
The components that also saw increases for the quarter were private consumption expenditure by 7%; government consumption expenditure by 4.1%; gross domestic fixed capital formation by 11%; exports of goods by 14.3%; imports of goods by 16.5%; exports of services by 4.0%; and imports of services by 6.4%.

C&SD attributed the GDP growth to the sustained solid growth in both domestic and external demand.
 
A government spokesman said HK’s economic recovery became “more entrenched” in Q3.
 
Looking ahead, the government said it will monitor energy prices and elevated inflation pressures in the US and Europe, and developments in China-US relations and geopolitical tensions; and improve employment and income conditions locally.

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