FOREX TradingCharts.com

Financial News: Hong Kong GDP Growth Slows In Q3

Hong Kong GDP Growth Slows In Q3

11/01/2021 - 06:33:00 (RTTNews)

(RTTNews) - The Hong Kong economy grew at a slower pace in the third quarter due to the base effect and the stronger-than-expected economic performance in the first half of the year.

Gross domestic product grew 5.4 percent year-on-year, slower than the 7.6 percent expansion in the second quarter, the advance estimates from the Census and Statistics Department showed on Monday. This was also weaker than the economists' forecast of 5.8 percent.

Quarter-on-quarter, GDP grew only 0.1 percent in the third quarter.

Hong Kong's economy largely treaded water last quarter, with weaker exports and investment meaning the rebound from the second quarter's downturn was much more tepid than expected, Sheana Yue, an economist at Capital Economics, said. The pace of recovery is likely to remain muted until mainland tourists return.

Growth in private consumption expenditure slowed slightly to 7 percent annually from 7.2 percent in the second quarter. Meanwhile, government spending advanced at a faster pace of 4.1 percent, after the 3.0 percent increase in the second quarter.

Gross domestic fixed capital formation logged an annual growth of 11.0 percent, much slower than the 23.9 percent growth posted in the second quarter.

Exports of goods were up 14.3 percent and imports of goods climbed 16.5 percent in real terms. At the same time, shipments of services gained 4.0 percent and imports grew 6.4 percent in the third quarter.

Looking ahead, the global economic recovery should render further support to Hong Kong's merchandise exports, a government spokesman said.

Locally, improving employment and income conditions, together with the Consumption Voucher Scheme, should remain supportive to consumption-related sectors in the near term, spokesman added.

More detailed statistics for the third quarter will be released on November 12.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


France Consumer Confidence Stable In November (09 hr(s), 40 min(s), 39 sec(s) ago)
(RTTNews) - France's consumer confidence remained unchanged in November, preliminary data from ...Full Story»

Austria Manufacturing Growth Slows In November (10 hr(s), 0 min(s),39 sec(s) ago)
(RTTNews) - Austria's manufacturing sector growth weakened for the fourth time in five months ...Full Story»

Italy Consumer Confidence Weakens In November (10 hr(s), 35 min(s), 39 sec(s) ago)
(RTTNews) - Italy's consumer confidence weakened in November, survey results from the statisti ...Full Story»

Swiss GDP Grows More Than Expected (11 hr(s), 06 min(s), 39 sec(s) ago)
(RTTNews) - Switzerland's economic growth slowed slightly in the third quarter, but the expans ...Full Story»

Sweden Retail Sales Increase In October (11 hr(s), 21 min(s), 39 sec(s) ago)
(RTTNews) - Sweden's retail sales increased in October, figures from Statistics Sweden showed ...Full Story»

Sweden Economic Confidence Weakens In November (11 hr(s), 33 min(s), 39 sec(s) ago)
(RTTNews) - Sweden's economic confidence weakened in November, data from the National Institut ...Full Story»

Lithuania Retail Sales Growth Eases In October (12 hr(s), 33 min(s), 39 sec(s) ago)
(RTTNews) - Lithuania's retail sales increased at a softer pace in October, figures from the s ...Full Story»

Germany Import Price Inflation Strongest Since 1980 (12 hr(s), 52 min(s), 39 sec(s) ago)
(RTTNews) - Germany's import price inflation accelerated to the highest since early 1980 due t ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

France Consumer Confidence Stable In November

11/26/2021 - 07:02 AM (RTTNews)
(RTTNews) - France's consumer confidence remained unchanged in November, preliminary data from ...Full Story>>

Austria Manufacturing Growth Slows In November

11/26/2021 - 06:42 AM (RTTNews)
(RTTNews) - Austria's manufacturing sector growth weakened for the fourth time in five months ...Full Story>>

Italy Consumer Confidence Weakens In November

11/26/2021 - 06:07 AM (RTTNews)
(RTTNews) - Italy's consumer confidence weakened in November, survey results from the statisti ...Full Story>>

Swiss GDP Grows More Than Expected

11/26/2021 - 05:36 AM (RTTNews)
(RTTNews) - Switzerland's economic growth slowed slightly in the third quarter, but the expans ...Full Story>>

Sweden Retail Sales Increase In October

11/26/2021 - 05:21 AM (RTTNews)
(RTTNews) - Sweden's retail sales increased in October, figures from Statistics Sweden showed ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.