The economy of Hong Kong grew 7.8 percent year-on-year during the first three months of 2021, rebounding from a downwardly revised 2.8 percent decline in the prior period, advance estimates showed. It was the fastest pace of expansion since the first quarter of 2010, mainly attributed to the strong performance of external trade and baseline effects. Accordingly, total exports of goods surged 30.3 percent (vs 5.5 percent in Q4), while imports climbed a slower 23.3% (vs 6.7% percent). At the same time, private consumption rose 1.6 percent (vs -6.9 percent), government spending jumped 6.7 percent (vs 6.1 percent), and gross fixed capital formation went up 4.5 percent (vs 3.6 percent). The economic recovery was uneven and overall economic activity remained below pre-pandemic levels, as restrictions continue to weigh on consumer-facing businesses, mainly in the tourism industry, according to the government of Hong Kong.