Economy grows 3.3% YoY in Q2 2024

Quarter-on-quarter, the economy grew by 0.4%.

Hong Kong’s economy continued to grow in Q2 2024, with real gross domestic product (GDP) rising 3.3% YoY.

Quarter-on-quarter, the economy grew by 0.4%.

Government Economist Adolph Leung attributed the economic growth to a 7.5% YoY rise in total goods exports, driven by sustained external demand.

Conversely, services exports fell by 1.4%, contracting amidst shifts in visitors' consumption habits and the strong Hong Kong dollar.

Private consumption also experienced a slight decline, dipping by 1.5% YoY due to changes in residents’ consumption patterns. Meanwhile, overall investment expenditure rose by 6% YoY.

Leung said the economy will continue to grow in the remainder of the year, supported by continued 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 expects GDP growth to come at 2.5%-3.5%.