Hong Kong Q3 GDP grows 5.4% year on year

[HONG KONG] Hong Kong's economy grew 5.4 per cent in the third quarter from the same period a year earlier, government estimates showed on Monday, as domestic and global activity continued to recover from last year's pandemic-induced slump.

The flash estimate compares with revised growth of 7.6 per cent in the second quarter and forecasts of 5 per cent by DBS and 5.7 per cent by ING.

On a quarterly basis, the economy grew by a seasonally adjusted 0.1 per cent in July to September, compared with a revised contraction of 0.9 per cent in the previous quarter.

The trade-reliant city has been benefiting from mainland China's recovery from the Covid-19 slump, although the country's growth rates are slowing amid power shortages and wobbles in the property sector.

REUTERS