Hong Kong’s Economy Sees Positive Trajectory for Tenth Consecutive Quarter
(MENAFN) Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region (HKSAR), announced on Sunday that the upcoming estimate for Q2 GDP is expected to continue its positive trajectory, marking the 10th consecutive quarter of economic expansion. This growth is fueled primarily by strong exports, rising investments, and a rebound in private consumption.
In his blog, Chan highlighted that retail sales in May experienced their first year-on-year increase in over a year, signaling early signs of stabilization in the consumer market. Preliminary data for June also appears cautiously encouraging. After four quarters of decline, private consumption is projected to recover in the second quarter.
The HKSAR government is proactively driving new economic growth by backing innovation and technology sectors. Additionally, efforts are underway to broaden Hong Kong’s presence in international markets, cultivate new partnerships, and develop supply chain management hubs to leverage emerging opportunities.
"Economic transformation and upgrading is a continuous process. As long as we stay confident, make use of the country's development strengths and policy support, and push for diversified and high-quality growth, Hong Kong's economy will gain momentum and benefit its people," Chan said.
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