Hong Kong economy grows by 2.5% in 2024, in line with forecasts

Hong Kong’s economy grew by 2.5 per cent in real terms last year, easing from 3.3 per cent expansion in 2023, preliminary figures released on Monday showed.

Advance figures by the Census and Statistics Department also showed gross domestic product (GDP) in the fourth quarter grew by 2.4 per cent year on year in real terms, compared with a revised 1.9 per cent year-on-year increase in the third quarter.

The city’s economy grew by 2.8 per cent and 3.2 per cent in the first and second quarters, respectively.

A government spokesman said Hong Kong’s economy was expected to register further growth this year 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. They may also lead to a slower pace of interest rate cuts in the US and keep the Hong Kong dollar strong for longer,” he said.

“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.