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Financial News: Hong Kong GDP Growth Improves In Q4

Hong Kong GDP Growth Improves In Q4

01/31/2024 - 07:21:00 (RTTNews)

(RTTNews) - Hong Kong's economy expanded at a faster pace at the end of the year largely reflecting the rebound in tourism and household consumption,the advance estimates from the Census and Statistics Department showed Wednesday. Gross domestic product registered a faster growth of 4.3 percent in the fourth quarter, following an increase of 4.1 percent a quarter ago. But growth fell short of the expected 4.7 percent.

On a quarter-on-quarter comparison, GDP grew 0.5 percent, in line with expectations, and better than third quarter's 0.3 percent expansion.

Despite the challenging external environment, the economy returned to growth in 2023, thanks to the revival of visitor arrivals after the resumption of normal travel with the mainland China and the rest of the world.

GDP rose 3.2 percent in 2023 after a 3.7 percent contraction a year ago.

The expenditure-side breakdown of GDP showed that private consumption gained 3.5 percent annually in the fourth quarter, which was slower than the 6.2 percent rise in the third quarter.

At the same time, the decline in government consumption deepened to 5.2 percent from 4.0 percent a quarter ago.

After surging 21.8 percent, gross domestic fixed capital formation expanded 15.7 percent.

Exports of goods rose 2.8 percent as against the decrease of 8.7 percent in the third quarter. Meanwhile, imports climbed 3.9 percent, reversing a 6.1 percent drop.

Exports of services climbed 22.1 percent annually, slower than the 23.2 percent increase in the preceding period. Imports of services grew 27.4 percent after rising 28.9 percent.

A government spokesman said the difficult external environment will continue to pose pressures on exports this year but the situation might stabilize later in the year if advanced economies cut interest rates.

However, the spokesman said visitor arrivals will rise further and higher household income should continue to support private consumption.

Fixed asset investments will grow alongside continuing economic growth but the tight financial conditions may remain a constraint for the time being, the spokesman added.

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