Hong Kong's real GDP grew 1.2% in 4Q16

Full year real GDP reached 1.9%. 

According to Citi, 4Q GDP jumped to 3.1%yoy, vs the previous quarter and consensus estimate of 2%. On a SA basis, real GDP grew 1.2%qoq in 4Q; full year real GDP reached 1.9%yoy.

Here's more from Citi:

Domestic demand remained resilient at 4.2%yoy in 4Q, with private consumption up 3.2%yoy (vs. 1.6%yoy in 3Q), and government expenditure maintained at 3.3%yoy.

Gross fixed capital formation rose 5.2%yoy, slightly lower than the 6.7%yoy in the previous quarter. On the external front, the rebound in goods exports (+5.1%yoy in 4Q vs. 2.4% in 3Q) and services (+1.4%yoy vs. -2.4%) was much higher than expected.

The exports improvement were faster than imports growth catch up which grew 5.5%yoy in goods terms and 1.8%yoy in services terms.