Hong Kong Economy Grows 2.4% in 2024
Hong Kong’s economy expanded by 2.5% in 2024. External demand and an increase in visitor arrivals contributed to the growth, as did a rebound in cross-border business activities.
Private consumption declined slightly, falling 0.2% in the last quarter and 0.6% for the year. The fixed capital investment also dropped 0.9% in the fourth quarter but showed a 2.4% annual increase. Government spending rose by 1.9% year-on-year and 0.9% for 2024 as a whole.
On the other hand, goods exports and imports grew by 1.2% and 0.1% in the fourth quarter, while their annual figures rose 4.7% and 2.3%, respectively. Service exports increased 5.6% in the last quarter, and service imports rose 8.7%. For the full year, service exports and imports climbed 4.8% and 11.8%, respectively.
The Road Ahead for the Hong Kong Economy
Hong Kong is expecting its economy to continue growing in 2025, though global uncertainties remain. U.S. trade protectionist measures could disrupt exports and slow interest rate cuts, keeping the Hong Kong dollar strong.
China’s economic stimulus policies and local government initiatives are also expected to boost market confidence and support economic activity.
