Hong Kong GDP Growth Accelerates In Q4


In the fourth quarter of 2012, Hong Kong GDP expanded by 2.5 percent over a year earlier, compared with the 1.4 percent increase in the third quarter of 2012. The main contributors to the growth were private and government spending and exports.

Private consumption expenditure increased 4.1 percent, after the 2.8 percent growth in the third quarter. Government consumption expenditure increased by 3.5 percent, compared with the growth of 4.0 percent in the third quarter.

Expenditure on machinery, equipment and intellectual property products increased by 9.1 percent in real terms, compared with the 9.9 percent increase in the third quarter. Expenditure on building and construction increased by 12.1 percent, compared with the increase of 8.1 percent. Within this category, expenditure on building and construction in respect of the private sector increased by 5.8 percent in real terms while that of the public sector registered a strong growth of 24.0 percent.
 
Total exports of goods increased by 6.1 percent in real terms over a year earlier, further improving from the increase of 4.0 percent in the third quarter of 2012. Likewise, imports of goods increased by 7.2 percent in real terms in the fourth quarter of 2012, expanding from the 4.3 percent increase in the third quarter.
 
On a seasonally adjusted quarter-to-quarter basis, GDP increased 1.2 percent, compared with the 0.6 percent increase in the third quarter of 2012.
 
For the whole year of 2012, GDP rose only 1.4 percent, much lower than the average of 4.5 per cent over the past ten years.

Census & Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com
2/27/2013 2:37:30 PM