ECONOMY GROWS 2.5% IN 2024

Hong Kong’s economy in the fourth quarter of 2024 increased 2.4% year-on-year, and grew 2.5% for 2024 as a whole.

The Census & Statistics Department announced the figures today as it released its advance estimates on gross domestic product (GDP) for the fourth quarter and the whole of 2024.

According to the estimates, private consumption expenditure decreased 0.2% in real terms in the fourth quarter of 2024 over a year earlier, while it decreased 0.6% for the whole year.

Government consumption expenditure grew 1.9% year-on-year and expanded 0.9% for 2024 as a whole.

Gross domestic fixed capital formation fell 0.9% year-on-year and increased 2.4% for the whole of 2024.

Over the same period, total goods exports and imports grew 1.2% and 0.1% from a year earlier. For the whole of 2024, total goods exports and imports increased 4.7% and 2.3%.

Compared with a year earlier, exports of services rose 5.6% in the fourth quarter, while imports of services went up 8.7%. For 2024 in full, exports and imports of services increased 4.8% and 11.8% respectively.

Commenting on the figures, the Government said the Hong Kong economy posted moderate growth of 2.5% in 2024, further to 3.2% growth in 2023.

During the year, total exports of goods resumed growth amid improved external demand. Exports of services continued to increase, driven by further growth of visitor arrivals and improvement in other cross-border economic activities. Overall investment expenditure showed a further increase as the economy continued to expand.

However, private consumption expenditure recorded a slight decline, affected by the change in residents' consumption patterns.

Looking ahead, the Hong Kong economy is expected to register further growth in 2025 despite heightened uncertainties in the external environment. Trade protectionist policies implemented by the US may disrupt global trade flows and adversely affect Hong Kong's goods exports, and also lead to a slower pace of interest rate cuts in the US and keep the Hong Kong dollar strong for longer.

Nevertheless, the Mainland’s proactive policy to boost its economy will help bolster market confidence and benefit a wide spectrum of economic segments in Hong Kong. The central government's various measures benefitting Hong Kong, coupled with the Hong Kong Special Administrative Region Government’s wide range of initiatives to promote economic growth, will also provide support to various economic activities, it added.

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