MNI BRIEF: HK Q3 GDP Grows 4.1% After Weaker Q2

Hong Kong’s economy grew by 4.1% in Q3 this year, up from 1.5% previous quarter and the highest level since Q4 2021, preliminary data from the Census and Statistics Department, Hong Kong on Tuesday.

The economy continued to recover mainly due to improvements in domestic demand and services trade. Private consumption grew 6.5% y/y, although slightly slower than 7.7% in Q2. Exports of services rose by 24% y/y and fixed capital formation went up 18.2%.

Hong Kong Chief Executive John Lee announced a series of policies last week designed to boost the economy, including an overhaul of stamp duty paid on property and stocks.

HKMA Chief Eddie Yue spoke recently about plans to enhance connection to the mainland and upgrade infrastructure for cross-border investment in a bid to maintain its role as the leading offshore yuan business hub. (See: MNI BRIEF: HK To Upgrade Role As Yuan Offshore Hub-HKMA's Yue - Bonds & Currency News | Market News) China’s National Development and Reform Commission recently signed a memorandum of understanding with the HKMA regarding cooperation in Hong Kong’s bond market. (See: MNI BRIEF: NDRC Signs MoU With HKMA To Support Bond Market - Bonds & Currency News | Market News)