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.
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.
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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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(END) Dow Jones Newswires
May 12, 2017 05:09 ET (09:09 GMT)