Hong Kong GDP Growth Beats Expectations in Q3

The Hong Kong economy advanced 1.9 percent year-on-year in the third quarter of 2016, higher than a 1.7 percent expansion in the previous period and above market expectations of 1.6 percent, boosted by private spending and investment.
Census and Statistics Department l Joana Taborda | joana.taborda@tradingeconomics.com 11/11/2016 9:37:23 AM
Private consumption increased 1.2 percent (0.5 percent in Q2) while government spending grew at a slightly slower 3.3 percent (3.5 percent in Q2). Gross fixed capital formation also expanded at a faster 6 percent (5 percent in Q2) as expenditure on machinery, equipment and intellectual property products rebounded and increased 6.1 percent (-11.2 percent in Q2) and expenditure on building and construction rose 3.4 percent (3.54 percent in Q2), boosted by private investment (+5.2 percent) while public one edged down 0.2 percent. 

Exports growth slowed (1.8 percent compared to 4.6 percent in Q2) and imports expanded at a slightly faster pace (1.7 percent compared to 1.6 percent in Q2). 

On a quarterly basis, the economy advanced 0.6 percent, slowing from a downwardly revised 1.5 percent expansion in the previous period but better than market expectations of 0.3 percent. 

The government revised its 2016 growth forecasts to 1.5 percent from 1-2 percent.

Hong Kong GDP Growth Beats Expectations in Q3