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Economy grows 3.6%

November 10, 2017

Hong Kong's economy continued to expand notably in the third quarter of 2017.

 

It grew 3.6% over the same period last year, marking the fourth consecutive quarter of above-trend economic expansion.

 

Delivering the Third Quarter Economic Report 2017 today, Acting Government Economist Andrew Au said external demand stayed vibrant, supported by the broadly benign global economic conditions.

 

Domestic demand attained solid growth, led by the brisk expansion of private consumption.

 

Hong Kong's total goods exports grew by 5.5% over a year earlier, while private consumption expenditure grew by 6.7%.

 

Underlying consumer price inflation averaged 1.7% in the first three quarters of 2017.

 

Mr Au said economic growth for 2017 as a whole is now forecast at 3.7%, higher than the mid-point of the range forecast of 3-4% announced in August.

 

"The global economic outlook is improving. Major advanced economies are likely to show further moderate expansion in the near term. The Mainland economy is also set to sustain notable growth.

 

"Such a favourable external environment should bode well for Hong Kong's exports in the coming months. The continued recovery in inbound tourism should also benefit our exports of services. Domestic demand should remain resilient in the near term.

 

"Hong Kong's economy should attain further solid growth in the rest of the year despite a higher base of comparison in the fourth quarter of last year."

 

As the inflation pressure was largely contained, the forecast rates of underlying and headline consumer price inflation for 2017 as a whole have been revised downwards to 1.7% and 1.5% in the current round of review.

 

Click here for the report.



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