Hong Kong Q3 GDP expands 1.8% y/y, slower than forecast
5:26 am Thursday, October 31st, 2024
HONG KONG (Reuters) -Hong Kong’s economy grew 1.8% in the third quarter year-on-year, official advance estimates showed on Thursday, expanding for a seventh straight quarter.
The result was slower than the mean forecast of 3.1% year-on-year growth by 11 economists in a Reuters poll, revised 3.2% growth in the second quarter and 2.8% in the first quarter 2024.
That compared to a 4.3%, 4.2%, 1.6% and 2.8% expansion in the fourth, third, second and first quarters of 2023, respectively.
The total exports of goods saw slower year-on-year growth alongside softening demand in some major markets, while private consumption expenditure continued to weaken amid changes in residents’ consumption patterns, the government said.
“Looking ahead, the economy should continue to grow in the remainder of the year,” a government spokesman said, adding monetary easing across major central banks and China’s improved economic outlook following stimulus measures would provide support.
On a seasonally adjusted quarterly basis, the economy decreased 1.1% in July-September, compared to a revised 0.3% increase in April-June and 2.5% growth in January-March, the data showed.
Private consumption expenditure decreased by 1.4% in the third quarter, compared to a 1.6% drop in the second quarter and a rise of 1.2% in the first quarter.
Goods exports increased 3.9%, compared to a revised 7.5% and 6.8% growth in the second and first quarter respectively.
Imports of goods increased 2.6% in the third quarter, compared to 3.4% in the second quarter and 3.3% in January-March period.
(Reporting by Donny Kwok; Editing by Christopher Cushing)
