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Hong Kong's Q3 economic growth slows to 5.4%

2021/11/2 10:15:54   source:CGTN

Hong Kong's economy expanded by 5.4 percent in real terms in the third quarter of 2021 compared with the same period last year, according to the advance estimates data released on Monday by the Census and Statistics Department of the special administrative region.

The growth was more moderate compared with a 7.6-percent increase in the second quarter. A government spokesman attributed the base effect and the stronger-than-expected economic performance in the first half of the year to the slowdown.

Hong Kong's economy grew by 7.8 percent in the first half of 2021 compared with the same period last year, supported by strong export.

For the first three quarters of 2021, real gross domestic product (GDP) expanded by 7.0 percent over a year earlier, data showed.

During the same period, private consumption expenditure increased by 7.0 percent in real terms thanks to the stable local epidemic situation, improved labor market conditions and the consumption voucher scheme, the government spokesman said in a statement that accompanied the data release.

Exports of goods sustained double-digit growth in the third quarter, 14.3 percent higher than a year earlier, but moderated from the increase of 20.5 percent in the previous quarter. Imports jumped by 16.5 percent, slowing from 21.4 percent in the second quarter.

"Looking ahead, the global economic recovery should render further support to Hong Kong's merchandise exports," said the spokesman.

However, he cautioned that the threat of the more infectious COVID-19 variants and supply bottlenecks may cast a shadow on the global economy. He added that the surge in energy prices and rising external inflation must not be ignored.

The revised figures on GDP for the third quarter, as well as the revised economic growth forecast for the year, will be released on November 12. 

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