HK Q3 growth set to beat forecasts: FS

Hong Kong's economy is projected to outpace market forecasts in the third quarter, according to Financial Secretary Paul Chan. The government will release advance estimates for Q3 GDP, which are anticipated to surpass expectations, driven by strong export growth and robust domestic demand. For the first three quarters, real GDP growth year-on-year is expected to be the highest for the same period in five years, with the full-year economic growth forecast to be revised upward.

Chan attributes this growth to technological innovation, particularly the ongoing global investment in artificial intelligence, which has led to a surge in demand for high-end electronic components and AI-related goods. Hong Kong's merchandise exports have grown by 64.9% year-on-year in September, with exports of office machines and automatic data processing machines soaring by 183.7%.

Private investment expenditure has also increased for three consecutive quarters, reflecting corporate confidence in the outlook. Service exports have benefited from continued growth in inbound tourism, cross-border transport, and an active financial market. Chan also highlighted upcoming international financial events, including the Hong Kong Fintech Week and the Global Financial Leaders' Investment Summit, which will attract industry players and investors from over 100 economies.

Brief written by urgent.news from RTHK News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.