Hong Kong GDP grew 1.5% on year in Q2, slowed

 

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Hong Kong’s GDP grew by 1.5% in the second quarter of 2023 from a year earlier, compared with the growth of 2.9% in the first quarter, according to data released by the Census and Statistics Department (C&SD) on Monday.

Led by inbound tourism and private consumption, Hong Kong’s economy continued to recover in the second quarter, though the momentum softened on the back of the strong rebound in the first quarter, the government said.

“Looking ahead, inbound tourism and private consumption will remain the major drivers of economic growth for the rest of the year.”

On a seasonally adjusted quarter-to-quarter basis, Hong Kong’s real GDP declined by 1.3% in Q2, it said.

Financial Secretary Paul Chan Mo-po had said in a blog during the weekend that Hong Kong’s GDP likely grew at a slower pace in the second quarter but the overall economy is still on an improving track.

Among the three driving forces, private consumption likely continued to support the recovery in the quarter, exports may have remained under pressure amid the prolonged deterioration in the external environment, while fixed investment likely softened, Chan had said.