Economy grows 4.3% YoY in 4Q23

For the whole of 2023, GDP grew 3.2% YoY.

Hong Kong’s economy continued to grow in 4Q23, with real gross domestic product (GDP) rising 4.3% YoY.

For the whole of 2023, GDP grew 3.2% YoY.

According to the Census and Statistics Department (C&SD), inbound tourism and private consumption remained the key drivers of economic growth in 4Q23.

Private consumption expenditure grew by 3.5% YoY in 4Q23 and 7.4% YoY in 2023,  whilst government consumption expenditure declined by 5.2% YoY in 4Q23 and 4.3% YoY in 2023. 

In 4Q23, exports and imports of services recorded increases, rising by 22.1% YoY and 27.4% YoY, respectively. 

Total goods exports (+2.8% YoY)  and imports (+3.9%) likewise increased in 4Q23.

The government warned that a difficult external environment will continue to pose pressures on exports of goods in 2024.

“The situation may stabilise later in the year if advanced economies cut interest rates as expected. Meanwhile, visitor arrivals should increase further as handling capacity continues to recover, with an additional boost from the Government's efforts to promote mega-events.” a government spokesperson said.