The positive contribution to GDP came from private consumption (3.7 percentage points), fixed investment (1.8 percentage points) and government spending (0.3 percentage points). In contrast, net trade subtracted 1.8 percentage points from the growth, and changes in inventories subtracted 0.3 percentage points.
Year-on-year, private consumption grew 5.3 percent (3.9 percent in Q1); gross fixed capital formation rose 8 percent (5.9 percent in Q1); and public spending increased 3.2 percent (3.1 percent in Q1). Meanwhile, exports of goods went up 5.6 percent (9.3 percent in Q1) and imports jumped 6.2 percent (10 percent in Q1). Exports of services advanced 2.3 percent (2.8 percent in Q1) and imports increased at a faster 3.5 percent (0.9 percent in Q1).
On a quarterly basis, the GDP advanced 1 percent, following a 0.7 percent expansion in the previous period. Private consumption grew 2 percent (0.5 percent in Q1) and government spending went up 1.1 percent (0.6 percent in Q1). Meanwhile, exports of goods fell 0.8 percent (1.6 percent in Q1) and imports declined 0.2 percent (0.3 percent in Q1). Exports of services shrank 1.3 percent (0.6 percent in Q1) while imports rose 1.6 percent (0.5 percent in Q1).
The robust quarterly performance prompted Hong Kong's statistics office to revise its full-year GDP forecast from a range of 2-3 per cent to 3-4 per cent in 2017.