HK GDP growth in Q2 beats expectations on brisk exports

Hong Kong's economy grew faster than expected in the second quarter, pointing to some stability in key sectors despite challenges in real estate and retail.

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Gross domestic product (GDP) expanded by 3.3 per cent in the three months ended June from the prior year, according to advance estimates from the Census and Statistics Department on July 31.

That is higher than a median estimate of 2.7 per cent and exceeded even the most bullish forecast among economists surveyed by Bloomberg News.

The data signals resilience in the region's financial hub after several years of pressure from the pandemic and high borrowing costs.

Increasing trade and capital flows from mainland China into the city have helped buoy growth so far in 2024.

The better-than-expected uptick may help the government achieve its full-year growth target of 2.5 per cent to 3.5 per cent. It followed strong first-quarter expansion that was revised up to 2.8 per cent from 2.7 per cent.