Hong Kong Q3 GDP Growth Slows to 2.9% YoY

In the third quarter of 2013, Hong Kong’s economy advanced 2.9 percent over a year earlier, from 3.2 percent in the previous quarter, weighed down by a slowdown in private consumption and investment.

Private consumption expenditure increased by an annual 2.8 percent, moderating from the 4.2 percent growth in the second quarter. Government expenditure eased to 2.7 percent (3.2 percent in the June quarter).

Gross domestic fixed capital formation rose 2.2 percent, slowing from 6.9 percent growth in the previous quarter, mainly due to lower expenditure on machinery, equipment and intellectual property products (7 percent in Q3 from 19.3 percent in Q2). In contrast, expenditure on building and construction rebounded to a growth rate of 2.0 percent, as against the decrease of 2.2 percent in the second quarter. Within this category, expenditure on building and construction in respect of the private sector shrank 6.1 percent, while that of the public sector registered a significant growth of 22.7 percent.

Over the same period, total exports of goods grew 6.2 percent, the same as that in the second quarter. Imports of goods eased to 6.8 percent, compared with the 7.6 percent increase in the second quarter.  

On a quarter-on-quarter seasonally adjusted basis, the GDP expanded 0.5 percent, down from 0.7 percent recorded in the previous three-month period.

Hong Kong Q3 GDP Growth Slows to 2.9% YoY

Census and Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com
11/15/2013 9:29:09 AM