Hong Kong's GDP Growth of 1.8% in Third Quarter: Optimistic Insights from Financial Secretary Paul Chan Mo-po
Hong Kong's Economic Performance in Q3 2024
Hong Kong’s economy demonstrated a growth of 1.8% year on year in the third quarter of 2024, indicating a slowdown from the 3.2% growth seen in the second quarter. This comes amidst optimistic government outlooks for the remainder of the year.
Revisions and Future Prospects
As the Census and Statistics Department prepares to update their figures on November 15, this slowdown in growth has led the government to reconsider its full-year growth forecast, currently set between 2.5 and 3.5% percent.
Key Economic Figures
- Gross domestic product (GDP) growth slowed from 3.2% to 1.8%.
- Private consumption expenditure fell by 1.4% year on year.
- Exports of goods increased by 10.7% in the first nine months.
- Imports rose by 7.1% during the same period.
Tourism Impact
According to the Tourism Board, Hong Kong received 32 million visitors in the first nine months of 2024, a 39.7% increase year on year.
Government's Stance
Financial Secretary Paul Chan Mo-po acknowledged that while the current economic figures aren’t impressive, there remains an optimistic tone for future growth attributable to improved tourism and potential boosts from mainland China’s economic stimulus measures.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.