Hong Kong’s gross domestic product (GDP) and gross national income (GNI) rose by 7 and 8.5 percent during the second quarter of the year, according to data released by the Census and Statistics Department. The Hong Kong Government already predicted a stronger GDP growth, driven by an increase in consumption and investment. If you want to explore the opportunities in the city, our lawyers in Hong Kong can give you all of the information needed about starting a company in the city.
GDP and GNI increase in Hong Kong
Hong Kong’s gross domestic product rose by 7%, to approximately 627 billion HK $. Out of this value, it was estimated that 62.4% of the GDP consisted of primary income inflow (approximately 391 billion HK $) – a 6.8% growth compared to the same period in 2016. The primary income outflow was calculated as the equivalent of 54.4 percent of the GDP and it increased by 4 percent on a year-on-year basis. The total external primary income inflow was worth approximately 50.4 billion HK $.
The gross national income grew by 8.5 percent on a year-on-year basis, a 5.2 increase in real terms after the effects of the price changes were eliminated.
An overall positive economic evolution
Private consumption, investments, especially those from Mainland China
, and a growth in the total volume of exported goods are three key factors that have determined Hong Kong’s positive economic evolution during the last quarter.
Experts had already predicted a strong GDP growth and they expect that the positive evolution will maintain its momentum.
Investors have a series of benefits when choosing to invest in Hong Kong, among which a low taxation regime
, a good business climate and good location in Asia.
The experts at our law firm in Hong Kong
can help you with detailed information on how to invest in the city. Contact us
for more details.