Hong Kong’s economic expansion slowed in the fourth quarter of 2021 as investment growth slowed, preliminary figures from the Census and Statistics Department showed Friday.
Gross domestic product grew 4.8 percent year-on-year following a 5.5 percent increase in the previous three months. The economy expanded for fourth quarter in a row.
The continuous expansion in GDP was attributable to the sustained solid growth in local consumption and external demand, the agency said.
Private consumption growth slowed, but remained robust at 6.0 percent. State spending rose 4.1 percent annually after a 5.0 percent increase in the previous quarter.
Gross fixed capital formation edged up 0.1 percent following a 13.1 percent surge in the previous quarter.
Exports of goods increased 13.3 percent year-on-year after a 14.2 percent rise in the previous quarter. Imports rose 9.7 percent after a 16.9 percent surge in the previous three months.
Compared to the previous quarter, GDP rose 0.2 percent in the final three months of the year following a 0.6 percent gain in the third quarter.
For 2021 as a whole, real GDP grew 6.4 percent after declining in the previous two years.
“The double-digit growth of exports of goods through the year, benefiting from the sharp revival of external demand, along with the recovery of private consumption expenditure, especially in the second half of the year amid the stable epidemic situation, improved labor market conditions and the launch of Consumption Voucher Scheme, contributed to the strong rebound of the economy in 2021,” a government spokesman said.
The government expects the economy to expand further this year though various uncertainties, especially those linked to the pandemic cloud the outlook, the spokesman added.
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