Hong Kong’s economy grew by 4.3% in the first quarter of 2017. This is the fastest pace in six years.
Retail sales, in nominal terms, dropped by 1.3% year-on-year in January-March 2017. The adjusted unemployment rate was at 3.2% and consumer prices grew by 0.5% in the same period.
A strong growth could be observed in the export as merchandise exports increased by 10.3% and an increase in imports by 10.7% year-on-year for the first quarter of 2017.
In general the growth rate was well above the forecast of 3.7 per cent by analysts. Nomura has upgraded its Hong Kong growth forecast by 0.5 per cent to 2.7 per cent for 2017. Economists expect the growth momentum will continue in the second quarter of 2017.