Hong Kong's economy slows in the third quarter

Hong Kong's economy slows in the third quarter

In the third quarter Hong Kong's trade-reliant economy demonstrated slower surge, although strong consumption as well as rebounding exports led the authorities to nudge up its surge outlook for 2017.

Underpinned by ascending retail sales, a recover in mainland tourist arrivals and also firm global trade, the city’s economy rallied a seasonally-adjusted 0.5% for the third quarter versus upwardly updated 1.1% surge previously.

From 2016 the city’s economy managed to expand 3.6% for the third quarter versus revised 3.9% ascend in the second quarter. Market experts had predicted an expansion of 3.5%.

The still-solid momentum puts the ex-UK colony strongly on track to meet the government's updated full-year estimate of 3.7% surge for this year. It’s because buoyant stock as well as property markets assisted in driving consumer spending.

In October, market experts had hoped for a full-year surge of about 3-4%.

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