Hong Kong’s economy continued to expand in the third quarter of 2023, registering a 4.1% increase from a year earlier.

According to the advance estimates on gross domestic product (GDP) for the third quarter, on a seasonally adjusted quarter-to-quarter basis, GDP increased by 0.1% in real terms in the third quarter of this year compared with the second quarter.

Private consumption expenditure rose 6.5% in the third quarter year-on-year, following a 7.7% increase in the second quarter. Government consumption expenditure fell 4.5% year-on-year, following a 9.8% decrease in the preceding quarter.

Gross domestic fixed capital formation increased by 18.2% in the third quarter over a year earlier, as against the decrease of 0.5% in the second quarter.

Over the same period, total goods exports saw a decline of 8.6%, narrowed from the decrease of 15.1% in the second quarter. Goods imports fell by 6% year-on-year, compared with a 15.8% decline in the preceding quarter.

Exports of services rose by 24% in the third quarter over a year earlier, compared with the 22.8% increase in the second quarter. Imports of services increased by 28.5%, following a 25.4% increase in the preceding quarter.

The Government said that Hong Kong’s economy continued to revive in the third quarter, supported by inbound tourism and private consumption.

Date: 2023.10.31