Hong Kong’s economy continued to expand in the second quarter of 2023, registering a 1.5% increase from a year earlier, the Census & Statistics Department announced today.

On a seasonally adjusted basis gross domestic product (GDP) decreased by 1.3% in real terms in the second quarter compared with the preceding quarter, according to advance estimates.

Private consumption expenditure rose 8.5% in the second quarter year-on-year, following a 13% increase in the first quarter. Government consumption expenditure dropped 9.6% year-on-year, following a 1.3% increase in the preceding quarter.

Gross domestic fixed capital formation decreased by 1% in the second quarter over a year earlier, as against a 7.9% increase in the first quarter.

Over the same period, total goods exports saw a decline of 15.3%, following a decrease of 18.9% in the first quarter. Goods imports fell by 16.1% year-on-year, compared with a 14.6% decline in the preceding quarter.

Exports of services rose by 22.6% in the second quarter over a year earlier, notably higher than the 16.6% increase in the preceding quarter. Imports of services increased 30.2%, following a 20.7% increase in the first quarter.

Date: 2023.07.31