Hong Kong’s fourth-quarter GDP expands 4.3%, slower than forecast
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For the whole of 2023, Hong Kong's GDP grew 3.2 per cent from the previous year.
PHOTO: ST FILE
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HONG KONG - Hong Kong’s economic growth accelerated in the fourth quarter to 4.3 per cent from a year earlier, official advance estimates showed on Jan 31, with inbound tourism and private consumption remaining the key drivers.
That compared with 4.1 per cent growth in third quarter, 1.5 per cent expansion in the second quarter and the 2.9 per cent in the first. However, the reading missed a median forecast of 4.7 per cent in a Reuters poll of 14 economists.
“Looking ahead, the difficult external environment will continue to pose pressures on Hong Kong’s exports of goods in 2024,” a government spokesman said, adding that the tight financial conditions may remain a constraint for the time being.
“The situation may stabilise later in the year if advanced economies cut interest rates as expected,” the spokesman said, noting that visitor arrivals should increase further as handling capacity continues to recover with an additional boost from the government’s efforts to promote mega events.
On a seasonally adjusted quarterly basis, the economy increased 0.5 per cent in the October-December period as compared with a 0.3 per cent growth in July-September, the data showed.
For the whole of 2023, GDP grew 3.2 per cent from the previous year.
Private consumption expenditure increased by 3.5 per cent in the quarter, compared to 6.2 per cent growth three months earlier. For 2023, private consumption expenditure increased by 7.4 per cent.
Goods exports recorded an increase of 2.8 per cent, compared to an 8.7 per cent decline in third quarter. Total exports of goods for 2023 decreased 10.3 per cent from 2022.
Imports of goods increased by 3.9 per cent in the fourth quarter, compared to a 6.1 per cent decline in the third quarter and a decrease of 8.5 per cent for the whole of 2023. REUTERS
