Hong Kong GDP Annual Growth At Near 6-Year High Of 4.3%

The Hong Kong economy expanded 4.3 percent year-on-year in the first three months of 2017, higher than an upwardly revised 3.2 percent in the previous period and beating expectations of 3.4 percent. It is the biggest growth rate since the second quarter of 2011 as private consumption accelerated for the third period and exports rose the most in more than three years.

Private consumption went up 2.5 percent (2.3 percent in Q4); public spending increased 0.4 percent (0.3 percent in Q4) and gross fixed capital formation rose 1.3 percent (1.2 percent in Q4). In addition, exports jumped 13.7 percent (8.4 percent in Q4) while imports shrank 15.5 percent (-9.4 percent in Q4), marking the fourth period of decline. 

On a quarterly basis, the GDP advanced 0.7 percent, easing from a 1.2 percent expansion in Q4 but beating expectations of 0.6 percent. Private consumption slowed (0.4 percent from 1.5 percent in Q4) while government spending went up at a faster 1.2 percent (0.9 percent in Q4). In addition, both exports (1.5 percent from 3.9 percent) and imports (0.2 percent from 4 percent) slowed. 

Census and Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com
5/12/2017 9:17:27 AM