Hong Kong’s economy grew 2.7% in the first quarter of 2024 over the same period a year earlier, down from a 4.3% increase in the fourth quarter of 2023.

According to advance estimates, gross domestic product (GDP) increased by 2.3% in real terms in the first quarter of this year on a seasonally adjusted quarter-to-quarter basis.

Private consumption expenditure rose 1% in the first quarter year-on-year, following an increase of 3.5% in the fourth quarter last year. Government consumption expenditure fell 3% year-on-year, as against a 5.2% decrease in the fourth quarter of 2023.

Gross domestic fixed capital formation increased by 0.3% in the first quarter of this year over a year earlier, moderating from an increase of 17.5% in the preceding quarter.

Over the same period, total goods exports recorded an increase of 6.7% over a year earlier, compared with a 2.8% increase in the fourth quarter of the preceding year. Goods imports grew 3.2%, compared with a 3.8% increase in the preceding quarter.

Exports of services rose 8.1% in the first quarter over a year earlier, as against an increase of 21.2% in the fourth quarter of 2023. Imports of services increased by 17.6%, following an increase of 26.7% in the preceding quarter.

The Government said Hong Kong’s economy recorded moderate growth in the first quarter and highlighted that exports of services continued to show notable growth thanks to a further increase in visitor arrivals.

Looking ahead, it said services exports should be supported by a further revival of inbound tourism, along with a continued recovery in handling capacity and the Government’s efforts to promote a mega event economy.

Date: 2024.05.02