Hong Kong is on track to meet its economic growth target this year, a minister has said, adding that more than 300 global financial leaders will attend two major summits in the city this week to deepen exchanges and explore opportunities.
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Writing in his weekly blog on Sunday ahead of the Global Financial Leaders’ Investment Summit and Hong Kong FinTech Week, Chan also spoke about his recent trip to the Middle East and the state of the city’s economy.
“The current Hong Kong economy is also showing good momentum, with 3.8 per cent economic growth in the third quarter, continued resilience in exports, acceleration in the recovery of local consumption, and continued double-digit growth in visitor arrivals,” he wrote.
In August, the government said the economy was expected to grow by between 2 and 3 per cent this year as previously forecast, despite worsening geopolitics, citing a robust local stock market, stabilised property sector and rising wages.
The third quarter saw the economy grow by 3.8 per cent, marking the 11th consecutive quarter of growth, according to official statistics. The figure also represents the biggest increase since the fourth quarter of 2023, when it reached 4.3 per cent.
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Despite the growth, Hong Kong’s unemployment rate rose to 3.9 per cent between July and September, with higher unemployment in the social work and construction sectors.