Daily Management Review

Hong Kong's GDP growth in Q1 was the highest in a year


Hong Kong's GDP growth surged quarterly but declined annually in the first quarter of 2024.

The final data was published in a report by the Statistical Office, which stated that the GDP volume climbed by 2.3% from January to March compared to the preceding three months, which was the largest rise for the year. In yearly terms, growth was 2.7%.

Preliminary data and analyst consensus projections cited by Trading Economics were in line with the trends of both measures.

The updated data indicates that, contrary to earlier reports, Hong Kong's GDP increased by 0.2% in quarterly terms during the fourth quarter of last year, not 0.4%. The economy expanded at an annualized rate of 4.3% from October to December.

While fixed asset investment increased by 0.3% (+17.5%) in the first quarter compared to the same period last year, private consumption increased by 1% (plus 3.5% in the fourth). Public spending decreased by 3% (-5.2%).

Services saw an increase of 8.4% (+21.2%) while products saw an increase of 6.8% (+2.8%) in the fourth quarter. Goods imports increased by 3.3% (+3.8%) while services had an increase of 17.2% (+26.7%).

The Hong Kong government, citing a rebound in exports and inbound tourists, continues to project 2.5–3.5% GDP growth in 2024.

source: tradingeconomics.com