Hong Kong's Economic Growth in Q3

HONG KONG (Reuters) – Hong Kong's economy grew 1.8% in the third quarter year-on-year, according to official advance estimates released on Thursday, marking the seventh consecutive quarter of growth.

This growth rate fell short of the mean forecast of 3.1% year-on-year as predicted by 11 economists in a Reuters poll. The revised growth for the second quarter stood at 3.2%, while the first-quarter growth for 2024 was 2.8%.

When compared to the previous year, the growth rates were 4.3%, 4.2%, 1.6%, and 2.8% in the fourth, third, second, and first quarters of 2023, respectively.

The total exports of goods exhibited slower year-on-year growth amid reduced demand in several major markets. Moreover, private consumption expenditure continued its downward trajectory due to shifts in residents' spending patterns, as indicated by the government.

A government spokesman projected that the economy would sustain growth for the remainder of the year, attributing this to monetary easing by major central banks and an improved economic outlook for China stemming from recent stimulus measures.

On a seasonally adjusted quarterly basis, the economy contracted 1.1% in July-September, a decline from a revised 0.3% increase in April-June and a 2.5% growth in January-March.

Private consumption expenditure dropped by 1.4% in the third quarter, a slight improvement from a 1.6% decrease in the second quarter but down from a 1.2% increase in the first quarter.

Goods exports rose by 3.9%, compared to revised growth rates of 7.5% and 6.8% in the second and first quarters, respectively.

Imports of goods experienced a 2.6% increase in the third quarter, down from 3.4% in the second quarter and 3.3% in the January-March period.