Hong Kong GDP Expands 2.8% YoY in Q1 2013


In the first quarter of 2013, the GDP increased by 2.8 percent in real terms over a year earlier, virtually the same rate as that in the fourth quarter of 2012. Private consumption and exports were the main drivers of the expansion.

Analysed by major GDP component, private consumption expenditure increased by 7.0 percent in real terms in the first quarter of 2013 over a year earlier, accelerating from the 2.8 percent growth in the fourth quarter of 2012.

Government consumption expenditure increased by 2.0 percent year-on-year, compared with the growth of 3.3 percent in the last quarter of 2012.
 
Gross domestic fixed capital formation (GDFCF) decreased by 2.2 percent from a year earlier, as against the 11.4 percent growth in the fourth quarter of 2012. Within the total GDFCF, expenditure on machinery, equipment and intellectual property products decreased by 4.0 percent in real terms in the first quarter of 2013 from a year earlier, as against the 9.2 percent increase in the fourth quarter of 2012.
 
Expenditure on building and construction recorded virtually no change in real terms, as against the increase of 14.6 percent in the fourth quarter of 2012. Within this category, expenditure on building and construction in respect of the private sector decreased by 1.9 percent in real terms in the first quarter of 2013 while that of the public sector registered a growth of 3.0 percent.
 
Over the same period, total exports of goods (comprising re-exports and domestic exports) increased by 8.8 percent in real terms over a year earlier, further improving from the increase of 6.7 percent in the fourth quarter of 2012. Likewise, imports of goods increased by 9.6 percent in real terms in the first quarter of 2013, expanding from the 7.6 percent growth in the fourth quarter of 2012.
 
Exports of services increased by 4.9 percent in real terms in the first quarter of 2013 over a year earlier, compared with the 2.9 percent increase in the fourth quarter of 2012. Imports of services increased by 1.2 percent in real terms in the first quarter of 2013, as against the 0.8 percent decrease in the fourth quarter of 2012.
 
The implicit price deflator of GDP, as a broad measure of overall inflation in the economy, increased by 1.2 percent in the first quarter of 2013 over a year earlier, compared with the 4.3 percent increase in the fourth quarter of 2012. 
 
On a seasonally adjusted quarter-to-quarter comparison basis, GDP increased by 0.2 percent in real terms in the first quarter of 2013 over the fourth quarter of 2012. 
 

Hong Kong GDP Expands 2.8% YoY in Q1 2013


Census and Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com
5/10/2013 10:09:15 AM