Hong Kong GDP expands 3.2 yy in 2023
Q4 seasonally adjusted GDP increases 0.5 qq
Govt tight financial conditions may remain a constraint

HONG KONG, Jan 31 Reuters Hong Kong39;s economic growth accelerated in the fourth quarter to 4.3 from a year earlier, official advance estimates showed on Wednesday, with inbound tourism and private consumption remaining the key drivers.

That compared with 4.1 growth in third quarter, 1.5 expansion in the second quarter and the 2.9 in the first. However, the reading missed a median forecast of 4.7 in a Reuters poll of 14 economists.

Looking ahead, the difficult external environment will continue to pose pressures on Hong Kong39;s exports of goods in 2024, a government spokesman said, adding the tight financial conditions may remain a constraint for the time being.

The situation may stabilise later in the year if advanced economies cut interest rates as expected, the spokesman said, adding visitor arrivals should increase further as handling capacity continues to recover with additional boost from the government39;s efforts to promote mega events.

On a seasonally adjusted quarterly basis, the economy increased 0.5 in the OctoberDecember period as compared with a 0.3 growth in JulySeptember, the data showed.

For the whole of 2023, GDP grew 3.2 from the previous year.

Private consumption expenditure increased by 3.5 in the quarter, compared to 6.2 growth three months earlier. For 2023, private consumption expenditure increased…