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Investing.com -- Hong Kong’s economy grew faster than expected in the third quarter, with gross domestic product (GDP) expanding 3.8% year-on-year, up from 3.1% in the second quarter.
The growth rate exceeded economists’ expectations, as the Bloomberg median forecast had projected a 2.9% increase.
The economy also showed momentum on a quarterly basis, growing 0.7% compared to the previous three months. This represents an acceleration from the second quarter, which saw a revised 0.4% quarter-on-quarter expansion.
The stronger performance was partly attributed to a weaker comparison base from the same period last year, but the quarterly acceleration indicates genuine economic strengthening.
The third-quarter results mark a positive development for Hong Kong’s economy, which has been working to regain momentum following challenges in recent years.
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