Hong Kong Economic Growth Eases To 2.7%

(RTTNews) - Hong Kong's economy expanded at a slower pace in the three months ending March, the advance estimates from the Census and Statistics Department showed Thursday.

Gross domestic product advanced 2.7 percent year-over-year in the first quarter, slower than the 4.3 percent growth in the fourth quarter.

On a seasonally adjusted quarter-to-quarter basis, real GDP rose by 2.3 percent, following a 0.2 percent rise in the preceding three-month period.

On the expenditure side, private consumption expenditure grew 1.0 percent annually, though slower than the 3.5 percent increase in the previous December quarter. Meanwhile, government consumption showed a decline of 3.0 percent.

Data showed that gross domestic fixed capital formation advanced 0.3 percent. Both exports and imports of goods climbed by 6.7 percent and 3.2 percent, respectively. Exports of services continued to grow, notably by 17.6 percent, thanks to a further increase in visitor arrivals.

"Looking ahead, exports of services should be supported by further revival of inbound tourism alongside the continued recovery of handling capacity and the government's efforts to promote a mega-event economy," a government spokesman said.