May 11, 2018 / 8:41 AM / 2 months ago

Hong Kong Q1 GDP grows 4.7 pct, best pace in nearly 7 years

HONG KONG, May 11 (Reuters) - Hong Kong’s economy grew 4.7 percent in the first quarter from a year earlier, the government said on Friday, the fastest annual pace for any quarter in nearly seven years.

The growth rate compares with an annual 3.4 percent in the last three months of 2017.

The last time annual growth was faster than 4.7 percent was in April-June 2011, when it was 5.1 percent.

In January-March, the economy expanded 2.2 percent from the previous quarter, on a seasonally-adjusted basis. The quarterly pace was faster than the fourth quarter’s 0.8 percent.

The government is forecasting GDP growth of 3-4 percent this year. For full-year 2017, it reported 3.3 percent expansion. (Reporting by Donny Kwok and Twinnie Siu; Editing by Richard Borsuk)

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