Hong Kong’s GDP rises 3.3 pct in Q2: preliminary data

HONG KONG, July 31 (Xinhua) — Hong Kong’s gross domestic product (GDP) in the second quarter of 2024 rose 3.3 percent in real terms year-on-year, preliminary data showed on Wednesday.
Advance estimates released by the Census and Statistics Department of the Hong Kong Special Administrative Region (HKSAR) government also showed that the GDP climbed by 0.4 percent in real terms in Q2 on a seasonally adjusted quarter-on-quarter basis.
An HKSAR government spokesperson said that Hong Kong’s economy continued to register moderate growth in Q2, with total exports of goods continuing to score strong growth backed by sustained external demand for goods, and that overall investment expenditure rose further alongside the overall economic growth.
As for inbound tourism and private consumption, more support is expected from the various Hong Kong-benefiting measures by the Chinese central government, the strenuous efforts by the HKSAR government to boost market sentiment, and improving employment earnings, the spokesperson said.
Looking ahead, the Hong Kong economy should continue to grow for the rest of the year, but the performance of the different economic segments may vary amid uncertainties on various fronts, the spokesperson said, adding that exports of goods should sustain a positive performance if external demand holds up, and that continued economic expansion should lend support to fixed asset investment. ■