Hong Kong Growth Beats Forecast as Recovery Gains Traction
- GDP rose 2.7% in the first quarter, much higher than forecast
- Higher-for-longer interest rates expected to dampen sentiment
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Hong Kong’s economy grew faster than expected in the first quarter, a tentative sign that the city’s post-pandemic recovery is stabilizing.
The city’s gross domestic product expanded 2.7% in the first three months of 2024, according to advanced estimates announced by the Census and Statistics Department on Thursday. That’s significantly higher than a forecast of 0.8% by economists surveyed by Bloomberg.