Financial News: Hong Kong GDP Growth Eases To 1.8%

Hong Kong GDP Growth Eases To 1.8%

10/31/2024 - 07:39:00 (RTTNews)

(RTTNews) - Hong Kong's economy expanded at a slower pace in the three months ending September, the advance estimates from the Census and Statistics Department showed Thursday.

Gross domestic product advanced 1.8 percent year-over-year in the third quarter, slower than the 3.2 percent growth in the second quarter.

On a seasonally adjusted quarter-to-quarter basis, real GDP decreased by 1.1 percent compared to the previous quarter.

On the expenditure side, government consumption expenditure grew 2.1 percent annually, though slightly slower than the 2.2 percent increase in the June quarter. Meanwhile, household consumption showed a decline of 1.4 percent.

Data showed that gross domestic fixed capital formation advanced 3.7 percent. The annual growth in exports of goods decelerated to 3.9 percent from 7.5 percent together with softening economic growth in some major markets.

Exports of services continued to rise by 2.4 percent, supported by increasing cross-border economic activities.

"Looking ahead, the economy should continue to grow in the remainder of the year," a government spokesman said.

"While global economic uncertainties and trade conflicts may affect Hong Kong's exports of goods, monetary easing across major central banks and an improved outlook for the Mainland economy following the recent introduction of a wide range of stimulus measures would help support sentiment and activities in the domestic market.

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