Hong Kong GDP Growth Strongest since 2011

The Hong Kong economy advanced 4.7 percent year-on-year in the first quarter of 2018, following a 3.4 percent expansion in the previous period. It was the strongest growth rate since the second quarter of 2011.

Positive contribution to GDP growth came from exports of goods and services, 7.8 percentage points and 2.4 percentage points respectively, and private consumption (5.7 percentage points).

In the first quarter, private consumption increased by 8.6 percent, from 6.3 percent in Q4; government spending expanded by 3.9 percent, following a 3.2 percent rise and gross fixed capital formation grew by 3.8 percent, from 3.1 percent in the previous period. Within fixed investment, expenditure on building & construction increased by 1 percent, as against the fall of 2.6 percent in Q4. Exports of goods went up by 5.2 percent (from 3.4 percent) and imports rose by 6.9 percent (from 5.4 percent). Exports of services advanced 7.5 percent (from 3.9 percent) and imports of services increased at a slower 3.8 percent (from 0.8 percent).

On a quarterly basis, the GDP advanced 2.2 percent, following a 0.8 percent rise in the prior quarter. It is the highest quarterly growth rate since the first three months of 2011. Private consumption rose by 3.1 percent (from 1.5 percent in the fourth quarter of 2017). Meantime, government spending went up 1.2 percent, rebounding from a 0.2 percent decline. Exports of goods rose 3.1 percent (from 1.1 percent) and imports increased by 2.3 percent, easing from 2.4 percent. Exports of services went up 4.8 percent (from 1.2 percent) while imports grew by 3.2 percent, from 0.8 percent in the prior period.

Hong Kong GDP Growth Strongest since 2011

Census and Statistics Department | Gabriela Costa | gabriela.costa@tradingeconomics.com
5/11/2018 10:03:33 AM