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Hong Kong GDP growth beats previous period in Q3

Staff Writer | November 14, 2016
he Hong Kong economy advanced 1.9% year-on-year in the third quarter of 2016, higher than a 1.7% expansion in the previous period.
Hong Kong street
China   Private consumption increased 1.2% in Hong Kong
Private consumption increased 1.2% (0.5% in Q2) while government spending grew at a slightly slower 3.3% (3.5% in Q2).

Gross fixed capital formation also expanded at a faster 6% (5% in Q2) as expenditure on machinery, equipment and intellectual property products rebounded and increased 6.1% (-11.2% in Q2) and expenditure on building and construction rose 3.4% (3.54% in Q2), boosted by private investment (+5.2%) while public one edged down 0.2%.

Exports growth slowed (1.8% compared to 4.6% in Q2) and imports expanded at a slightly faster pace (1.7% compared to 1.6% in Q2).

On a quarterly basis, the economy advanced 0.6%, slowing from a downwardly revised 1.5% expansion in the previous period but better than market expectations of 0.3%.

The government revised its 2016 growth forecasts to 1.5% from 1-2%.