The Strategist

Hong Kong's GDP in Q3 shows the fastest pace since the end of 2021

11/01/2023 - 08:40

The third quarter of 2023 saw the fastest annualized growth in Hong Kong's GDP since October–December 2021, reads the preliminary data presented in the report of the Statistical Office of Hong Kong.

Mstyslav Chernov
Mstyslav Chernov
GDP growth quickened by 1.5% from the prior quarter.

According to FactSet's survey of analysts, a better growth rate of 5.2% was anticipated for the third quarter.

Hong Kong's GDP increased by 0.1% from July to September compared to analysts' expectations of a 1.4% increase. The GDP decreased 1.3% from the previous quarter to the second.

In Hong Kong, fixed asset investment increased by 18.2%, consumer expenditure increased by 6.5%, while government spending decreased by 4.5% during the third quarter.

Services saw a 24% increase in exports and a 28.5% increase in imports. Concurrently, imports decreased by 6% and exports of goods decreased by 8.6%.

"Tourist inflows and private consumption will continue to support Hong Kong's economic growth for the rest of this year," according to the statutory body.