The Statistics Department of the Hong Kong Special Administrative Region Government announced on the 31st a preliminary estimate of the gross domestic product for the second quarter of 2023. Due to the stable growth of private consumption and service trade, the gross domestic product (GDP) in the second quarter of 2023 increased by 1.5% year-on-year in real terms. According to the analysis of the main components of local gross domestic product, private consumption expenditure increased by 8.5% year-on-year in the second quarter of this year; Service output increased by 22.6% year-on-year in the second quarter of this year; The total amount of local fixed capital formation decreased by 1% year-on-year in the second quarter of this year. According to the definition of National accounts, the total export volume of goods in the second quarter of this year fell by 15.3% year on year; Government consumer spending fell by 9.6% year-on-year in the second quarter of this year. A spokesperson for the Hong Kong Special Administrative Region government stated that driven by the tourism industry and private consumption, the Hong Kong economy continued to recover in the second quarter of this year, but the recovery momentum has eased on the basis of the strong rebound in the previous quarter. The spokesperson stated that due to the weak demand for external goods, the overall export of goods continues to plummet; Thanks to the further increase in passenger numbers, the increase in service output has accelerated. As the economy continues to recover, private consumption spending has significantly increased. However, under the tightening financial conditions, overall investment expenses recorded a slight decline. The spokesperson stated that the tourism industry and private consumption in Hong Kong are the main driving forces for economic growth for the rest of this year. The number of tourists should further increase as transportation and reception capacity continue to recover. The improvement of the economic situation should benefit local demand, while a tight financial situation may cause constraints. The improvement in the labor market situation, coupled with multiple measures taken by the SAR government to consolidate the recovery momentum, will provide additional support for private consumption. However, due to the slowdown in global economic growth affecting external demand, exports of goods will continue to face significant pressure. Paul Chan Mo-po, Financial Secretary of the Hong Kong SAR Government, believes that although the growth in the second quarter slowed down compared with the previous quarter, the overall economy is still on the track of improvement. He believes that the first half of the year will increase residents' income and expand consumption. The government will play an investment driven role, adjust and optimize real estate policies, and stabilize foreign trade and investment. This will strongly support the rapid growth of the mainland economy this year and be helpful for the Hong Kong economy. (New News Agency)
Edit：XiaoWanNing Responsible editor：YingLing
Source：China News Network
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