The Hong Kong economy grew 3.1 percent year-on-year in the fourth quarter of 2016, compared to an upwardly revised 2.0 percent expansion in the September quarter. It was the strongest growth since the June quarter 2015, mainly supported by a faster rise in private consumption and exports of goods while government spending and investment expanded further.
Private consumption increased 3.2 percent, up from a 1.2 percent rise in the September quarter. Government spending rose 3.3 percent (the same as in the prior quarter). Gross fixed capital formation expanded 5.2 percent (from 6.7 percent, as expenditure on machinery, equipment and intellectual property products decreased by 4.2 percent while expenditure on building and construction rose 6.9 percent). Exports of goods increased by 5 .1 percent (from 2.4 percent) and exports of services went up 1.4 percent (from -2.4 percent). Imports of goods expanded 5.5 percent (from 3.1 percent) while import of services rose 1.8 percent (from 0.7 percent).
On a quarterly basis, the economy advanced 1.2 percent, faster than an upwardly revised 0.8 percent expansion in the previous quarter. Private consumption rose at a faster 1.5 percent (from 0.9 percent in the third quarter), followed by government spending (1.0 percent from 0.5 percent). Exports of goods increased by 3.9 percent (from 0.7 percent) while exports of services went up 1.2 percent (from 1.6 percent). Imports of goods rose 1.6 percent, rebounding from a 0.3 percent drop. Imports of services grew by 0.5 percent, faster than a 0.1 percent rise in the prior quarter.
For full 2016, the economy expanded by 1.9 percent, slower than a 2.4 percent growth in 2015.
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