The Hong Kong economy improved visibly in the first quarter of 2023, led by the strong recovery of inbound tourism and local demand, official data showed Friday.
Real gross domestic product (GDP) resumed year-on-year growth of 2.7 percent and surged by 5.3 percent on a seasonally adjusted quarter-to-quarter comparison, according to the first quarter economic report released by the Hong Kong Special Administrative Region (HKSAR) government.
Local private consumption expenditure surged by 13 percent year-on-year in real terms in the first quarter, as consumption sentiment improved sharply along with the adjustment of anti-epidemic measures in both Hong Kong and the mainland. Overall investment expenditure reverted to 5.8 percent growth amid an improved economic outlook. The unemployment and underemployment situation continued to improve in the first quarter alongside the economic recovery. The seasonally adjusted unemployment rate declined further from 3.5 percent in the preceding quarter to 3.1 percent in the first quarter, and the underemployment rate went down from 1.5 percent to 1.2 percent, government data showed.
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