BEIJING -- Businesses in the Guangdong-Hong Kong-Macao Greater Bay Area were confident in their performance in the first quarter and stood upbeat on Q2 growth, a report by the Standard Chartered showed.

The gauge of business confidence of companies operating in GBA hit 53 in Q1, above the 50 neutral benchmark and 50.2 in Q4 2020, according to quarterly surveys carried out by the Standard Chartered and the Hong Kong Trade Development Council.

Firms expect an even stronger second quarter, with the expectations index for business activity shooting up to 62.7 after a small dip to 54.1 in Q4 2020.

Manufacturers in the regions were among the firms that showed the most optimism, with retail and wholesale sector businesses coming in second, according to the report.

Worldwide vaccine rollout likely fuelled the broad-based improvement, the report said, adding that a robust performance in Q2 could offer more cushion for policymakers to taper stimulus.