Hong Kong’s economy expands by 2.5% in 2024

Exports and imports of goods recorded YoY increases of 4.7% and 2.3% respectively.

Hong Kong’s gross domestic product (GDP) in real terms increased by 2.5% in 2024 compared to 2023, according to the Census and Statistics Department.

In the fourth quarter, GDP grew by 2.4% year-on-year, and by 1.9% quarter-on-quarter. 

Private consumption expenditure decreased by 0.6% in real terms from 2023 and declined YoY by 0.2% in Q4; whilst government consumption expenditure measured in national accounts terms recorded an increase of 1.9% in Q4 and increased by 0.9% for 2024.

Meanwhile, gross domestic fixed capital formation decreased by 0.9% in Q4 and increased by 2.4% during the year.

For 2024, total exports and imports of goods recorded YoY increases of 4.7% and 2.3%, respectively. 

Further, exports of services rose by 5.6% in real terms in Q4 whilst imports of services increased by 8.7% during the same period. In 2024, exports of services and imports of services increased by 4.8% and 11.8% respectively.