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Hong Kong This autumn GDP expands 4.3%, slower than forecast

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Pedestrians stroll previous the Legislative Council in Hong Kong, China January 30, 2024.
| Photo Credit: Reuters

Hong Kong’s financial development accelerated within the fourth quarter to 4.3% from a yr earlier, official advance estimates confirmed on January 31, with inbound tourism and personal consumption remaining the important thing drivers.

That in contrast with 4.1% development in third quarter, 1.5% growth within the second quarter and the two.9% within the first. However, the studying missed a median forecast of 4.7% in a Reuters ballot of 14 economists.

“Looking ahead, the difficult external environment will continue to pose pressures on Hong Kong’s exports of goods in 2024,” a Government spokesman stated, including the tight monetary situations could stay a constraint in the meanwhile. “The situation may stabilise later in the year if advanced economies cut interest rates as expected,” the spokesman stated, including customer arrivals ought to enhance additional as dealing with capability continues to get well with extra increase from the federal government’s efforts to advertise mega occasions.

On a seasonally adjusted quarterly foundation, the economic system elevated 0.5% within the October-December interval as in contrast with a 0.3% development in July-September, the information confirmed.

For the entire of 2023, GDP grew 3.2% from the earlier yr. Private consumption expenditure elevated by 3.5% within the quarter, in comparison with 6.2% development three months earlier. For 2023, personal consumption expenditure elevated by 7.4%.

Goods exports recorded a rise of two.8%, in comparison with a 8.7% decline in third quarter. Total exports of products for 2023 decreased 10.3% from 2022. Imports of products elevated by 3.9% within the fourth quarter, in comparison with a 6.1% decline within the third quarter and a lower of 8.5% for the entire of 2023.

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