Hong Kong Business News

Hong Kong’s economy in the first quarter grew 5.9% year-on-year, picking up from the 4% increase in the preceding quarter.

The Census & Statistics Department announced the figures today as it released its advance estimates on gross domestic product (GDP) for the first quarter.

On a seasonally adjusted quarter-to-quarter basis, real GDP rose further by 2.9%.

Commenting on the figures, the Government said the Hong Kong economy expanded robustly in the first quarter, marking the strongest quarterly growth in nearly five years.

Underpinned by strong global demand for artificial intelligence-related electronics, sustained growth in visitor arrivals and robust cross-boundary financial activities, the city’s economic growth outlook remains positive, it highlighted, adding that solid business and consumer sentiment is expected to continue supporting domestic demand.

Nonetheless, the Government remarked that persistent tensions in the Middle East pose downside risks to the economic outlook. In response, targeted measures have been taken to safeguard energy supply stability and mitigate the impacts on affected sectors.