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Hong Kong’s economy grew more slowly in the third quarter

By Ronnie Harui

Hong Kong’s economy expanded more slowly in the third quarter than in the second quarter due to base effects and unexpectedly strong economic performance in the first half of the year.

The city’s gross domestic product grew by 5.4% in real terms in the third quarter compared to the previous year, according to the preliminary estimates published on Monday. This contrasted with growth of 7.6% in the second quarter.

“Hong Kong’s economic recovery accelerated in the third quarter along with the continued recovery in global economic activity and the stable local epidemic situation,” a government spokesman said in a statement.

Goods exports grew significantly in the third quarter, while consumption-related activities continued to recover, the spokesman said. Inbound tourism, however, remained practically frozen, hampering the pace of economic recovery.

It is important that the community remain vigilant and seek wider vaccination, which will help build the resilience of Hong Kong’s economy and lay the foundation for broader economic recovery, the spokesman said.

Seasonally adjusted, GDP grew by 0.1% in real terms in the third quarter compared to the second quarter, as the data showed.

Write to Ronnie Harui at [email protected]

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