According to the statistics released by the Statistics Department of the Hong Kong Special Administrative Region Government on the 1st, according to the pre estimated figures, the GDP in the third quarter of 2021 increased by 5.4% year-on-year. The SAR government believes that the continued expansion of Hong Kong's GDP is due to the steady growth of both internal and external demand. According to the analysis of the main components of GDP, private consumption expenditure increased by 7% year-on-year in the third quarter of 2021. Government consumption expenditure increased by 4.1% year-on-year. Total local fixed capital formation increased by 11% year-on-year. Total exports of goods also increased by 14.3% year-on-year in the third quarter, and imports of goods increased by 16.5% year-on-year. A spokesman for the SAR government said that with the continuous recovery of global economic activities and the stability of the local epidemic, Hong Kong's economic recovery was more stable in the third quarter. Exports of goods maintained a significant growth in the third quarter and consumption related activities further resumed. However, inbound tourism is still almost frozen, which restricts the pace of economic recovery. The whole society must remain vigilant and strive to achieve more extensive vaccination, which will help improve the resilience of the economy and lay the foundation for a more comprehensive economic recovery. Chen Jianghui, an economic researcher at the Hong Kong Institute of finance of the Bank of China, said that in terms of breakdown, private consumer spending increased by 7% year-on-year in the third quarter, partly due to the continuous decline of the unemployment rate under the effective control of the epidemic, and partly due to the stimulus and boost of consumer bonds; With the support of a number of government relief measures and the improvement of the global economy and the epidemic, social business confidence continued to improve, and local investment increased by 11% in the third quarter. Yang Yuchuan, a visiting professor at the Hong Kong Institute of financial management, believes that although Hong Kong's economic growth in the third quarter fell slightly compared with the second quarter, the trend of economic recovery is quite stable. Hong Kong's economy was affected by the controlled epidemic in the mainland, and its import and export recovered strongly, driving the Hong Kong economy. At the same time, after the epidemic situation in Hong Kong was gradually controlled, consumption and investment recovered well. The consumption vouchers launched by the SAR government further stimulated consumption and made Hong Kong's economic performance prosperous. Looking ahead, a spokesman for the SAR government said that the global economic recovery should provide further support for Hong Kong's goods exports. However, the development of the epidemic, especially the threat of more infectious variants, and supply bottlenecks in many economies will continue to pose downside risks to the global economic outlook. In addition, soaring energy prices and high inflationary pressures in the United States and Europe have brought uncertainty about the future direction of monetary policy of major central banks. (outlook new era)
Edit：He Chuanning Responsible editor：Su Suiyue
Source：Xinhua
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