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Financial News: Hong Kong GDP Growth Improves As Estimated In

Hong Kong GDP Growth Improves As Estimated In Q4

02/28/2024 - 04:16:00 (RTTNews)

(RTTNews) - Hong Kong's economy expanded at a faster pace in the fourth quarter of 2023, in line with the flash data, the latest estimates from the Census and Statistics Department showed Wednesday.

Gross domestic product grew 4.3 percent annually in the fourth quarter, following an increase of 4.1 percent a quarter ago, confirming the initial report published on January 31.

On a quarter-on-quarter comparison, GDP grew 0.4 percent, faster than the third quarter's 0.2 percent expansion. The latest growth rate was revised down from 0.5 percent.

The expenditure-side breakdown of GDP showed that private consumption gained 3.3 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. Gross domestic fixed capital formation expanded sharply by 16.4 percent.

Exports of goods rose 2.6 percent as against a decrease of 8.7 percent in the third quarter. Meanwhile, imports climbed 3.6 percent, reversing a 6.1 percent drop.

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