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Hong Kong 3rd-Quarter GDP Expanded by 3.6%, Beating Forecast

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11/10/2017 | 06:58am CEST
   By Chester Yung 
 

Hong Kong's economy expanded by a faster-than-expected 3.6% in the third quarter, prompting the government to offer a more upbeat view of full-year growth.

The GDP growth came on strong private consumption and steady exports as the global outlook improved.

The expansion was slower than the 3.9% rate recorded in the second quarter, but was faster than the median 3.5% forecast by five economists polled by The Wall Street Journal.

On a seasonally adjusted basis, GDP expanded 0.5% from the previous quarter, easing from the second quarter's 1.1% growth, the government said Friday.

Private consumption, which makes up about two-thirds of Hong Kong's GDP, rose 6.7% from a year ago, up from a 5.4% expansion in the second quarter. Total exports of goods rose 5.5% in the third quarter from a year ago, holding even with the previous period.

The government Friday revised its full-year growth forecast to 3.7%, higher than the midpoint of the previous prediction of 3%-4% delivered in August.

"The expansion in global demand should bode well for Asia's and Hong Kong's goods exports in the near term. Exports of services should also benefit amid vibrant regional trade flows and recovery in inbound tourism," said Andrew Au, Hong Kong's acting government economist.

Write to Chester Yung at [email protected]

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