Hong Kong’s economy expanded as initially estimated in the three months ending in September, driven by a continued surge in exports and sustained expansion in domestic demand, the final data from the Census and Statistics Department showed Friday.
Gross domestic product advanced 3.8 percent year-over-year in the third quarter, following a 3.1 percent growth in the second quarter. That was in line with the flash data published on October 31.
On a seasonally adjusted quarter-to-quarter basis, real GDP grew by 0.7 percent compared to the previous quarter, as estimated.
The expenditure breakdown showed that private consumption expenditure grew 2.1 percent annually, reflecting the continued recovery of the local consumption market.
Overall investment expenditure saw an accelerated increase of 4.3 percent, alongside the economic expansion and stabilization in the residential property market, the agency said.
Exports of goods logged a further sharp annual growth of 12.1 percent, fueled by strong demand for electronic-related products and buoyant regional trade flows in Asia. Exports of services also increased notably by 6.3 percent, supported by sustained increases in inbound tourism and cross-boundary traffic, as well as vibrant cross-boundary financial service activities.
Looking ahead, the Hong Kong economy is expected to expand with further solid growth of 3.2 percent in 2025 as a whole, up from 2-3 percent in the August round of review. Further, the forecasts for the underlying and headline consumer price inflation rates for 2025 are revised down to 1.2 percent and 1.5 percent, respectively.
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