Hong Kong GDP up 7.8% in Q1 after 6 straight quarters of decline

Hong Kong Photo:VCG

Hong Kong’s GDP saw an increase of 7.8 percent in the first quarter this year, substantially beating market expectations of around 3.7 percent and ending six straight quarters of growth decline, according to data released by the government of the Hong Kong Special Administration Region (HKSAR) on Monday.

“Hong Kong’s economy recovered significantly in the first quarter of 2021, which should be attributed to the strong growth of goods exports under the global economic recovery led by the Chinese mainland and the US,” an HKSAR government spokesman said. 

The 7.8 percent growth was the best performance for the HKSAR economy in 11 years and a significant rebound from the 2.8 percent contraction in the previous quarter and a record 9.1percent decline in the first quarter last year. It also marked the end of the longest recession for the HKSAR economy.

The better-than-expected data on Monday also came as residents in the HKSAR have a slightly better confidence…

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