Hong Kong GDP likely grew at slower pace in Q1, though economy remains on improving track – financial secretary
DATA MACRO VIEWS & ANALYSIS
Hong Kong GDP likely grew at slower pace in Q1, though economy remains on improving track – financial secretary
DATA MACRO VIEWS & ANALYSIS

Hong Kong GDP likely grew at slower pace in Q1, though economy remains on improving track – financial secretary

 

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Hong Kong’s GDP might have grown at a slower pace in the second quarter of this year but the overall economy is still on an improving track, Financial Secretary Paul Chan Mo-po said.

Among the three driving forces of the local economy, private consumption is expected to have continued to support the recovery in the quarter, exports would have remained under pressure amid the prolonged deterioration in the external environment, while fixed investment is likely to have been soft, Chan said in his blog. 

The city’s GDP grew by 2.7% in the first quarter from a low base last year and the government kept the growth projection for 2023 unchanged at 3.5% -5.5% in May. The advance estimate on GDP for the June quarter is scheduled to be released on Monday with economists seeing a year-on-year expansion of 3.5%.

The average daily turnover of the stock market fell nearly 20% to HK$102.8 billion in the second quarter from the first, he said. The average monthly home sales fell 13% to 4,066 cases in the June quarter from three months ago, but home prices as of the end of June were still 4.3% higher than last year and rents rose 3.2%.