HK's Q1 economy grew by 5.9 percent -- marking strongest quarterly growth in five years

Hong Kong's economy grows by 5.9% over the course of the first quarter, marking the strongest quarterly growth in five years.

This as Financial Secretary Paul Chan says expectations for GDP growth this year will hover around 2.5 to 3.5% owing to external factors.

The Financial Secretary notes while the Middle Eastern war has limited impact on the city's economy, the conflict has already pushed up global oil prices.

He predicts the consumer price inflation rate this year will rise from the initial 1.8 to 2.6%.

Speaking about property prices experiencing a rebound since the latter half of last year, Chan says authorities have recently strengthened efforts to sell land by tender and will continue to conduct land sales after careful assessment.