In his weekly blog on Sunday, Chan said the government will release advance estimates for third-quarter GDP on Tuesday.
Preliminary indications suggest that faster export growth and solid domestic demand will push year-on-year growth above market expectations and accelerate from the second quarter.
“For the first three quarters combined, real GDP growth year-on-year will be the highest for the same period in five years,” he said.
“With the economy maintaining good momentum, the full-year economic growth forecast is expected to be revised upward again.”
Chan attributed part of the growth to technological innovation, noting that the global artificial intelligence investment boom continues to drive strong demand for high-end electronic components and AI-related goods.
“The value of Hong Kong’s merchandise exports surged by 64.9 percent year-on-year in September, recording double-digit growth for the 20th consecutive month, with the monthly increase hitting a more than 40-year high,” he said.
“Among these, exports of ‘office machines and automatic data processing machines’ soared by 183.7 percent.”
Private investment expenditure has also grown by double digits for three straight quarters and maintained that momentum into the third quarter, Chan said, reflecting corporate confidence in the outlook.
Service exports have benefited from continued growth in inbound tourism, buoyant cross-boundary transport and an active financial market.
Chan said upcoming retail and catering receipts figures are expected to continue showing moderate growth.
He also noted that two major international financial events – Hong Kong Fintech Week and the Global Financial Leaders’ Investment Summit – will begin on Monday.
Fintech industry players and investors from more than 100 economies, as well as heads of top international financial institutions, will gather in Hong Kong to discuss key issues in global financial markets and technological development and to identify and create new investment opportunities through high-level exchanges.
