Hong Kong 1st-Quarter GDP Expanded 4.3% on Year; Fastest Pace Since 2011

By Chester Yung Features Dow Jones Newswires

Hong Kong's economy in the first quarter expanded by a faster-than-expected 4.3% from a year ago because of solid private consumption and robust exports, marking the strongest year-over-year growth since 2011, the government said Friday.

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The growth rate accelerated from the previous quarter's 3.2% expansion and was faster than the median 3.0% growth rate forecast by five economists polled by The Wall Street Journal. The latest figure represented the fastest growth pace since the 5.1% expansion in the second quarter of 2011.

On a seasonally adjusted basis, gross domestic product expanded 0.7% in the first quarter from the previous quarter, compared with the fourth quarter's 1.2% growth rate.

Private consumption, which makes up about two thirds of Hong Kong's GDP, rose 3.7% year over year in the first quarter, compared with a 3.6% expansion in the fourth quarter.

Total exports of goods rose 9.2% in the first quarter from a year ago, sharply up from a 5.1% expansion in the previous quarter.

The government forecast the city's GDP would grow 2% to 3% this year, following a 2.0% expansion in 2016.

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Write to Chester Yung at chester.yung@wsj.com

(END) Dow Jones Newswires

May 12, 2017 05:09 ET (09:09 GMT)