The Strategist

Hong Kong's GDP growth accelerates to two-year high in Q4

02/29/2024 - 04:03

In the fourth quarter of 2023, the GDP of Hong Kong expanded at its quickest rate since October–December 2021, with an annualized rate of 4.3%, as shown in in the statistical office report.

Mstyslav Chernov
Mstyslav Chernov
The economic recovery picked up speed from 4.1% in the third quarter thanks to increases in consumer spending and exports of goods and services.

Additionally, provisional reports indicated that Hong Kong's GDP grew by 4.3% during the fourth quarter. Experts questioned by Trading Economics said they did not anticipate the number to be changed.

At that, the Hong Kong Statutory Authority reduced its quarterly GDP growth prediction from 0.5% to 0.4%.

Fourth-quarter consumer spending in Hong Kong grew by 3.3% year over year while government spending decreased 5.2%. Fixed asset investments surged by 16.4%.

Exports of services increased by 22.2%, while imports added 28.4%. Goods imports increased by 3.6% and exports by 2.6%.

Hong Kong's economy expanded by 3.2% overall in 2023.

Authorities in Hong Kong predict 2.5–3.5% GDP growth in 2024.