Hong Kong – 1Q 2021 GDP (Advance)
03/05/2021 06:04 pm MYT
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Based on advanced estimates, Hong Kong’s real GDP jumped 7.8% year-on-year in 1Q 2021 due to a low base (figure 1). On a seasonally adjusted basis, real GDP increased by 5.3% quarter-on-quarter in 1Q 2021.

On a year-on-year basis, all the main expenditure components of GDP saw a slight recovery with private consumption showing an increase after six quarters of contractions (table 1).

The exports and imports of goods increased by 30.6% and 23.3% respectively from a year ago. Meanwhile, the exports and imports of services plunged by 8.7% and 14.9% respectively.

The Hong Kong economy is slated to recover as lockdown restrictions loosen. However, with the looming threat of a resurgence in the number of Covid-19 cases and the protracted US-China conflict, the Hong Kong economy should continue to be weak in the near term.



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