Hong Kong Q3 GDP grows 5.4% y/y

HONG KONG: Hong Kong's economy grew 5.4% in the third quarter from the same period a year earlier, government estimates showed on Monday, as domestic and global activity continued to recover from last year's pandemic-induced slump.

The flash estimate compares with revised growth of 7.6% in the second quarter and forecasts of 5% by DBS and 5.7% by ING.

On a quarterly basis, the economy grew by a seasonally adjusted 0.1% in July to September, compared with a revised contraction of 0.9% in the previous quarter.

The trade-reliant city has been benefiting from mainland China's recovery from the COVID-19 slump, although the country's growth rates are slowing amid power shortages and wobbles in the property sector.