Hong Kong Economy Decelerates in Q1


Hong Kong GDP advanced 2.5 percent year-on-year in the first three months of 2014, slower than a revised 2.9 percent expansion in the preceding quarter, as exports to major advanced markets slackened sharply at the start of the year.

Year-on-year, private consumption expenditure growth rate slowed to 2.0 percent in the first quarter of 2014, compared with the 3.6 percent growth in the fourth quarter of 2013. 

Gross domestic fixed capital formation increased 3 percent, compared with the 5.3 percent growth in the previous three months. Expenditure on machinery, equipment and intellectual property products increased by 1.4 percent, decelerating from the 17.5 percent surge last quarter. On the other hand, expenditure on building and construction rose 10.2 percent, recovering from a 3.8 percent fall in the previous quarter. 

Merchandise exports of goods grew slightly by 0.5 percent, decelerating from the 5.7 percent increase in the fourth quarter of 2013 and imports growth slowed to 1.2 percent.

In contrast, government consumption accelerated 2.4 percent, compared with a 2 percent growth rate in the fourth quarter of 2013.

On a seasonally adjusted quarter-to-quarter comparison, the GDP grew slightly by 0.2 percent in the first quarter, after a 0.9 percent increase in the preceding three months.

Hong Kong Economy Decelerates in Q1


Census and Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com
5/16/2014 1:05:56 PM