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Hong Kong’s first-quarter GDP growth beats expectations

Hong Kong’s first-quarter GDP growth beats expectations

Hong Kong's economy grew by a better-than-expected 2.7% in Q1 2024, indicating a stabilizing post-pandemic recovery. The growth exceeded market estimates of 0.8% but was lower than Q4 2023's 4.3% increase.

The rise in GDP was attributed to increased tourism, significant growth in service exports, and improved goods exports. However, a government spokesperson highlighted that prolonged tight financial conditions could dampen economic confidence.

Household spending expanded by 1% in Q1, while service exports rose 8.1%, down from 21.2% in Q4 2023.

Morgan Stanley lowered its retail sales forecast for Hong Kong, anticipating a 5% decline due to high interest rates and a weak economy.

Hang Seng Bank maintained its full-year growth forecast at 2.8% based on a solid labor market and supportive government measures.