The Strategist

Hong Kong's economy adds 3.2 percent

02/01/2024 - 06:17

According to a study from the Hong Kong Statistics Office, the GDP of Hong Kong increased by 3.2 percent at the end of the previous year but still couldn’t make up for the record fall of 2022.

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"Overall for 2023, GDP grew by 3.2% in real terms compared to 2022," the institution stated. A year before, the GDP had contracted by 3.5% at the same time. As a result, Hong Kong was still unable to reach the levels of 2021 at the end of last year.
Overall, Hong Kong's private consumer expenditure increased by 7.4% in real terms this year over 2022, while government spending fell by 4.3%. In real terms, gross domestic fixed capital formation grew by 10.6% in 2023 over 2022.
Simultaneously, overall goods imports and exports decreased by 8.5% and 10.3%, respectively, in the last year compared to 2022. In real terms, services imports and exports rose by 26.0% and 21.2%, respectively, over this period.