Financial News: Hong Kong GDP Growth Accelerates In Q3

Hong Kong GDP Growth Accelerates In Q3

(RTTNews) - Hong Kong's economy expanded at a faster pace in the three months ending in September, underpinned by accelerating growth in exports and solid domestic demand, the advance estimates from the Census and Statistics Department showed Tuesday.

Gross domestic product advanced 5.2 percent year-over-year in the third quarter, following a 4.2 percent growth in the second quarter.

The expenditure breakdown showed that gross fixed capital formation grew notably by 7.3 percent. Private consumption expenditure rose 2.8 percent, and government consumption was 1.7 percent higher. Both exports and imports surged by 30.4 percent and 29.9 percent, respectively.

On a seasonally adjusted quarter-to-quarter basis, real GDP rebounded 1.9 percent versus a 0.7 percent contraction in the prior month.

Looking ahead, Hong Kong's economic outlook remains positive, with incoming data pointing to sustained growth momentum as robust global artificial intelligence investment should continue to underpin Hong Kong's merchandise exports, a government spokesman said.

Separate official data showed that the annual sales value of retail sales grew 6.4 percent in September, faster than the 5.6 percent increase in August. Moreover, this was the quickest growth in four months.

Sales of jewelry, watches, and clocks, and valuable gifts alone expanded 20.3 percent, and those of clothing, footwear, and allied products also logged a double-digit growth of 11.3 percent. Meanwhile, sales at department stores dropped 4.1 percent.

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