The Government of the Hong Kong SAR released the "2015 Third Quarter Economic Report" last Friday (November 13), showing a 2.3% year-on-year growth in GDP for the third quarter. While this figure exceeded expectations, it represents a slowdown from the 2.8% expansion seen in the previous quarter, partly due to the drag from weak private consumption.
The Wall Street Journal previously surveyed four economists, whose median forecast was 1.9%; the latest growth rate is higher than this value.
The Government Economist stated that for the remainder of this year, Hong Kong's economic growth will continue to rely primarily on domestic demand. Given stable employment and income conditions, local consumption demand is expected to expand further, and with infrastructure projects proceeding at full speed, it is anticipated that these factors will provide support for the internal economy.