Hong Kong on track for growth target, Paul Chan says ahead of finance summits
Finance chief also says Saudi Arabia has expressed particular interest in technology companies and start-ups in Hong Kong
“The current Hong Kong economy is also showing good momentum, with 3.8 per cent economic growth in the third quarter, continued resilience in exports, acceleration in the recovery of local consumption, and continued double-digit growth in visitor arrivals,” the financial secretary wrote.
In August, the government said the economy was expected to grow by between 2 and 3 per cent this year as previously forecast, despite worsening geopolitics, citing a robust local stock market, stabilised property sector and rising wages.
The third quarter saw the economy grow by 3.8 per cent, marking the 11th consecutive quarter of expansion, according to official statistics. The figure also represents the biggest increase since the fourth quarter of 2023, when it reached 4.3 per cent.
Despite the growth, Hong Kong’s jobless rate rose to 3.9 per cent between July and September, with higher unemployment in the social work and construction sectors.