On the Up and Up: Hong Kong’s Q1 Figures Look Rosy

(Source: Travel Weekly China)

Analysts’ forecasts of Hong Kong have been shattered with the city showing a 4.3% growth during the first quarter of this year, reported the South China Morning Post.

The encouraging figure surpasses the expected 3.7%, and records the economy’s best results in six years.

Visitor arrivals were up a welcome 3.7% year-on-year with same-day and overnight stays looking positive.

March has been particularly positive, with tourist arrivals up 8.8% to 4.59 million after a slight decline in February. Mainland visitors returning to the SAR showed a 10.4% growth to 3.33 million making up 72.6% of total arrivals.

In the same month, retail saw a rise with spending recording a growth for the first time in nearly two years of 3.1%, valued at US$4.6billion (HK$35.7 billion), thanks to both domestic consumption and the growth in mainland tourists.

Weak Hong Kong dollar and politically motivated squeeze on trips to South Korea have both reaped rewards for the city according to analysts.

The economy’s growth has also been linked to good showings in the stock markets, property and employment.