Hong Kong’s economy maintained its growth in the second quarter of 2024, with real GDP increasing by 3.3% year-on-year.
On a quarter-on-quarter basis, the economy expanded by 0.4%.
Government economist Adolph Leung credited the economic growth to a 7.5% year-on-year increase in total goods exports, which was fuelled by continued strong external demand.
In contrast, services exports declined by 1.4%, impacted by changes in visitors' consumption habits and the strong Hong Kong Dollar.
Private consumption also saw a minor decrease, falling by 1.5% year-on-year due to shifts in residents' spending patterns. However, overall investment expenditure increased by 6% year-on-year.
Leung stated that the economy is expected to keep growing for the rest of the year, buoyed by ongoing local economic expansion.
“As regards inbound tourism and private consumption, the central government’s various measures benefitting Hong Kong, our strenuous efforts to boost market sentiment and improve employment earnings would provide support, but the changes in the consumption patterns of visitors and residents and the relatively strong Hong Kong Dollar may continue to pose challenges,” Leung said.
For 2024, the government forecasts GDP growth to be between 2.5% and 3.5%.
Furthermore, according to Hong Kong’s Chief Executive John Lee Ka-chiu on Sunday, Hong Kong's 2025 GDP growth will surpass that of 2024.
“My team and I will take the views of the public seriously, continue to be innovative and proactive in addressing the concerns of our people, and unite all sectors in society to build a vibrant economy and strive for development,” Lee said at the 2024 Policy Address District Forum.
In addition, in response to questions about Hong Kong’s economic performance and outlook, Lee expressed optimism that the economy will improve next year compared to this year, as reported by local media outlet hk01.com.
He acknowledged that Hong Kong is currently undergoing a transitional phase and is facing uncertainties related to the global economic outlook and interest rates.