Hong Kong GDP with surprising quarterly drop; lower yearly dynamic 📌

Hong Kong Q3 GDP growth came in 1.8% YoY vs 3.1% exp. and 3.2% in Q2 2024. Quarterly GDP surprisingly dropped by -1.1% while markets anticipated 0.2% growth after 0.4% in Q2 2024. Overall, data point to slowing economy. The reading will be revised on November 15, with more details.

Private consumption expenditure declined by 1.4% YoY and 1.6% QoQ. Import decreased by 7.1% in the first 9 months of 2024, while export grown by 10.7% YoY.  Hong Kong welcomed 32 million visitors in the first nine months of 2024 (almost 40% up YoY) but the China estimated 46 million this year, so it's still unclear will the final reading be in line with those expectations. HK.cash loses almost 0.5% today.