A "ding-ding" double-deck tram passes under a round pedestrian bridge in Hong Kong's Causeway Bay on February 2, 2025. (Photo by Mladen ANTONOV / AFP)
Hong Kong: Hong Kong's economy expanded 2.5 percent in 2024 as exports of goods and services maintained growth, according to advance estimates released by the Hong Kong Special Administrative Region (HKSAR) government on Monday.
In the fourth quarter (Q4) of 2024, the region's Gross Domestic Product (GDP) grew 2.4 percent year-on-year in real terms, faster than the 1.9-percent uptick in Q3, data from the Census and Statistics Department showed.
In 2024, total exports of goods resumed growth amid improved external demand, while exports of services posted an increase on the back of rising visitor arrivals and improvement in other cross-border economic activities, commented a spokesperson for the HKSAR government.
Overall investment expenditure expanded along with the economy at large, but private consumption expenditure recorded a slight decline owing to changes in residents' consumption patterns, the spokesperson noted.
Looking ahead, the Hong Kong economy is expected to register further growth in 2025 despite heightened uncertainties in the external environment, the spokesperson said.
The central government's various measures benefitting Hong Kong, coupled with the HKSAR government's wide range of initiatives to promote economic growth, will support various economic activities, said the spokesperson.
