Hong Kong’s Economy Grew at Slower Pace in Third Quarter

 Hong Kong’s Economy Grew at Slower Pace in Third Quarter
By Ronnie Harui

Hong Kong’s economy expanded at a slower pace in the third quarter than the second quarter, owing to base effects and stronger-than-expected economic performance in the first half.

The city’s gross domestic product grew 5.4% in the third quarter in real terms from a year earlier, according to advance estimates released Monday. That compared with 7.6% growth in the second quarter.

“Hong Kong’s economic recovery became more entrenched in the third quarter alongside the continued revival of global economic activity and stable local epidemic situation,” a government spokesman said in a statement.

Exports of goods sustained notable growth in the third quarter, while consumption-related activities recovered further, the spokesman said. However, inbound tourism remained practically frozen, posing a constraint on the pace of economic recovery.

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