Hong Kong's GDP for the third quarter of 2021 rose by 5.4% year-on-year

Hong Kong, 1 Nov (Xinhua) -- Statistics Department of the Hong Kong Special Administrative Region (HKSAR) Government released statistics on the 1st showing that according to advance estimates, gdp in the third quarter of 2021 rose by 5.4% year-on-year. The HKSAR Government believes that the continued expansion of Hong Kong's GDP is due to the steady growth of both internal and external demand.

By the analysis of the main components of GDP, private consumption expenditure rose by 7% year-on-year in the third quarter of 2021. Government consumption expenditure rose by 4.1% year-on-year. Gross local fixed capital formation (GDP) rose 11% year-on-year. Total merchandise exports also rose 14.3% year-on-year in the third quarter, and imports rose 16.5% year-on-year.

A spokesman for the HKSAR Government said Hong Kong's economic recovery was more solid in the third quarter as global economic activities continued to recover and the local epidemic stabilized. Exports of goods maintained significant growth in the third quarter, with consumption-related activities recovering further. However, the tourism industry in Hong Kong is still almost frozen, restricting the pace of economic recovery. Society as a whole must remain vigilant and work towards broader vaccination, which will help make economies more resilient and lay the foundation for a more comprehensive economic recovery.

Chen Jianghui, an economic researcher at the Hong Kong Institute of Financial Research of the Bank of China, said that from the perspective of segments, private consumption expenditure rose by 7% year-on-year in the third quarter, partly benefiting from the continuous decline in unemployment under the effective control of the epidemic, and partly benefiting from the stimulus boost of consumption vouchers; supported by a number of government bailout measures and the global economy and the improvement of the global economy and the epidemic, social business confidence continued to improve, and local investment recorded an 11% increase in the third quarter.

Yang Yuchuan, a visiting professor at the Hong Kong Institute of Finance and Management, believes that although Hong Kong's economic growth in the third quarter fell slightly compared with the second quarter, the economic recovery was quite stable. Hong Kong's economy has been affected by the control of the epidemic on the mainland, and the strong recovery of imports and exports has driven the Hong Kong economy. At the same time, after the epidemic in Hong Kong was gradually controlled, consumption and investment have recovered well, and the consumption coupons introduced by the SAR Government have further stimulated consumption, making Hong Kong's economic performance prosperous.

Looking ahead, a spokesman for the HKSAR Government said the global economic recovery should provide further support for Hong Kong's exports of goods. However, the development of the outbreak, particularly the threat of the more contagious variant virus, and supply bottlenecks in many economies, will continue to pose downside risks to the global economic outlook. In addition, soaring energy prices and high inflationary pressures in the United States and Europe have created uncertainty about the future direction of monetary policy in major central banks.