Hong Kong GDP Expands Most In Nearly 7 Years
11 Maggio 2018 - 10:30AM
RTTF2
Hong Kong's economy grew at the fastest pace in nearly seven
years in the first quarter, but the government maintained its
growth outlook for this year, citing rising uncertainties in the
global environment.
Gross domestic product grew 4.7 percent year-on-year, faster
than the 3.4 percent expansion seen in the fourth quarter, data
from the Census and Statistics Department showed Friday.
This was the fastest growth since June 2011 and marked the sixth
consecutive quarter of growth above the trend growth rate of 2.7
percent per annum in the past 10 years.
Quarter-on-quarter, real GDP surged 2.2 percent versus 0.8
percent in the preceding quarter.
The expenditure-side breakdown of GDP showed that private
consumption advanced 8.6 percent, reflecting optimistic consumer
confidence. Government expenditure logged an annual growth of 3.9
percent.
Gross fixed capital formation rose 3.8 percent after gaining 3.1
percent in the previous quarter.
Driven by the upswing in global investment, exports of goods
increased 5.2 percent in the first quarter. At the same time,
exports of services grew 7.5 percent, bolstered by a strong
recovery in inbound tourism.
At the same time, imports of goods moved up 6.9 percent and
imports of services by 3.8 percent.
Andrew Au, a government economist, said the actual growth
outturn was stronger-than-expected. Nonetheless, taking into
account the increased uncertainties in the external environment the
real growth forecast for 2018 was maintained at 3-4 percent.
Chang Liu, an economist at Captial Economics, said GDP growth
has now peaked though and will slow over the coming months as
headwinds from tightening monetary conditions build.
The statistical office said robust economic conditions, if
continued, are likely to exert upward pressures on inflation over
the course of 2018, though the inflation rate for the year as a
whole should remain moderate.
The government retained its projection for headline inflation
for this year at 2.2 percent and underlying inflation at 2.5
percent.
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