Latest news with #CeciliaLam
South China Morning Post
16-05-2025
- Business
- South China Morning Post
Hong Kong's economy grows by 3.1% in first quarter
Hong Kong's economy grew by 3.1 per cent in the first quarter against a year ago, official data released on Friday showed, with the government predicting sustained global trade flows and improving inbound tourism to bolster growth. Advertisement Advance estimates released by the Census and Statistics Department showed gross domestic product growth in the first quarter was higher than the government's full-year forecast of between 2 and 3 per cent. Government economist Cecilia Lam Kwok-ying said the recent easing of global trade tensions and reduced headwinds in the external environment could relieve some downward pressure on the global economic outlook. 'The sustained steady growth of the mainland economy amid more proactive fiscal policies and the moderately accommodative monetary policies should bode well for the performance of merchandise exports in Asia, including Hong Kong,' Lam said. 'Sustained international trade flows, coupled with improving inbound tourism, are also expected to benefit Hong Kong's exports of services. Advertisement 'However, uncertainties in the trade policies of the United States persist, and its monetary policy trajectory going forward is still complicated. These may affect global financial conditions and investment sentiment.'
CNA
16-05-2025
- Business
- CNA
Hong Kong economy expands 3.1% in first quarter
HONG KONG :Hong Kong's economy expanded by 3.1 per cent in the first quarter from a year earlier, the government said on Friday, supported by an increase in exports of goods and services, and a resumption of growth in overall investment expenditure. The figure was in line with the official advance estimates released earlier this month. Sustained international trade flows, coupled with improving inbound tourism, are expected to benefit Hong Kong's exports of services, the government said. "On the inflation outlook, overall inflation should remain modest in the near term as pressures from domestic costs and external prices should stay broadly in check," acting government economist Cecilia Lam said in a statement. "The change in consumption patterns of residents and visitors would still pose constraints on driving consumption in the domestic market," Lam said, although the promotion of mega events and tourism would boost sentiment around consumption. On a seasonally adjusted quarterly basis, the economy grew 1.9 per cent in the three months to March 31. The government maintained its real GDP growth forecast for 2025 at 2 per cent to 3 per cent. It kept the forecast for the underlying and headline consumer price inflation rates at 1.5 per cent and 1.8 per cent respectively. Hong Kong reported 2.5 per cent economic growth in the fourth quarter of 2024, 1.9 per cent growth in the third quarter, 3.0 per cent growth in the second quarter and 2.8 per cent growth in the first quarter.
South China Morning Post
16-05-2025
- Business
- South China Morning Post
Hong Kong's economy grows by 3.1% in first quarter
Hong Kong's economy grew by 3.1 per cent in the first quarter against a year ago, official data released on Friday showed, with the government predicting sustained global trade flows and improving inbound tourism to bolster growth. Advertisement Advance estimates released by the Census and Statistics Department showed gross domestic product growth in the first quarter was higher than the government's full-year forecast of between 2 and 3 per cent. Government economist Cecilia Lam Kwok-ying said the recent easing of global trade tensions and reduced headwinds in the external environment could relieve some downward pressure on the global economic outlook. 'The sustained steady growth of the mainland economy amid more proactive fiscal policies and the moderately accommodative monetary policies should bode well for the performance of merchandise exports in Asia, including Hong Kong,' Lam said. 'Sustained international trade flows, coupled with improving inbound tourism, are also expected to benefit Hong Kong's exports of services. Advertisement 'However, uncertainties in the trade policies of the United States persist, and its monetary policy trajectory going forward is still complicated. These may affect global financial conditions and investment sentiment.'
