According to official advance estimates released on Thursday, Hong Kong’s economy grew by 2.7% in the first quarter of the year. The growth was largely driven by an increase in visitor arrivals and private consumption.
Compared to the previous quarter’s growth of 4.3%, the growth rate has decreased. This is also true for the revised growth rates of the third, second, and first quarters, which were 4.2%, 1.6%, and 2.8% respectively.
On a seasonally adjusted quarterly basis, the economy increased by 2.3% in January-March, compared to 0.2% growth in October-December.
In the first quarter, private consumption expenditure increased by 1.0%, compared to 3.5% growth three months earlier. Additionally, goods exports recorded an increase of 6.7%, compared to 2.8% growth in the fourth quarter.
On the other hand, imports of goods increased by 3.2% in the first quarter, compared to 3.8% in the previous quarter.
