Financial News: Hong Kong Economic Growth Improves To 2.4%

Hong Kong Economic Growth Improves To 2.4%

02/03/2025 - 06:04:00 (RTTNews)

(RTTNews) - Hong Kong's economy expanded at an accelerated pace in the final quarter of 2024, the advance estimates from the Census and Statistics Department showed Monday.

Gross domestic product advanced 2.4 percent year-over-year in the fourth quarter, faster than the 1.9 percent growth in the third quarter.

On a seasonally adjusted quarter-to-quarter basis, real GDP increased by 0.8 percent compared to the previous quarter.

On the expenditure side, government consumption expenditure grew 1.9 percent annually versus a 1.7 percent increase in the September quarter. Meanwhile, the decline in household consumption softened to 0.2 percent from 1.2 percent.

Exports of goods showed a growth of 1.2 percent, while imports of gooods rose marginally by 0.1 percent. Exports of services rose further by 5.6 percent, and imports of services advanced by 8.7 percent.

During the year 2024, GDP expanded 2.5 percent compared with 3.2 percent growth in 2023. Total exports of goods resumed growth amid improved external demand, while the rise in outflows of services was driven by further growth of visitor arrivals and improvement in other cross-border economic activities.

"Looking ahead, the Hong Kong economy is expected to register further growth in 2025 despite heightened uncertainties in the external environment," a government spokesman said.

The spokesperson observed that trade protectionist policies implemented by the US may disrupt global trade flows and adversely affect Hong Kong's goods exports, which may lead to a slower pace of interest rate cuts in the US and keep the Hong Kong dollar strong for longer.

"The Central Government's various measures benefitting Hong Kong, coupled with the SAR Government's wide range of initiatives to promote economic growth, will also provide support to various economic activities."

Separate official data showed that the value of retail sales in Hong Kong plunged 9.7 percent annually in December, after falling 7.3 percent in November. Sales have been falling since March.

In 2024, the total value of retail sales was 7.3 percent lower compared to 2023. The value of sales of jewelry, watches and clocks, and valuable gifts decreased the most by 14.5 percent.

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