Hong Kong witnessed a significant upturn in economic growth during the third quarter, primarily driven by inbound tourism and personal consumption, according to revised data released by the government on Friday.
The gross domestic product (GDP) experienced a real-term expansion of 4.1% compared to the same period last year, aligning with the initial estimate and marking a substantial increase from the 1.5% growth observed in Q2.
On a seasonally adjusted quarter-over-quarter basis, Hong Kong's real GDP rose by 0.1% in Q3, consistent with the advance estimate. This is in stark contrast to the 1.3% contraction observed in Q2.
Considering the data from the first three quarters of 2023 and the near-term outlook, the government has revised its real GDP growth forecast for this year to 3.2%, down from the previous range of 4.0%-5.0%.
In response to these developments, the government released a statement affirming its commitment to closely monitoring the situation.
Furthermore, the government has also adjusted its consumer price inflation forecasts for 2023. The underlying consumer price inflation is now projected to be 1.8%, down from the previous estimate of 2.0%, while the headline consumer price inflation is expected to reach 2.2%, down from 2.4% earlier.
These figures indicate a positive trend in Hong Kong's economic landscape, with robust growth fueled by increasing tourism and personal expenditure.
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