For Immediate Release
The Government’s advance estimates for Gross Domestic Product in the third quarter of 2024 indicate that Hong Kong’s economy continued to expand, albeit at a moderate pace, over a year earlier.
GDP increased by 1.8% in real terms in Q3 over 2023, compared with the 3.2% increase in Q2, as geopolitical tensions and a challenging financial environment continue to affect exports, investment and consumer sentiment in Hong Kong.
To that end, the Hong Kong General Chamber of Commerce (HKGCC) commends the mid- and long-term initiatives aimed at stimulating economic growth outlined by the Chief Executive in the 2024 Policy Address. These measures are poised to inject new momentum into Hong Kong’s economic development.
While Hong Kong’s goods exports are currently impacted by global uncertainties and trade frictions, we are encouraged by the easing of monetary policy by major central banks. Additionally, China’s recent stimulus package is expected to bolster market sentiment and activity in Hong Kong.
Although private consumption decreased by 1.4% from 2023, compared with 1.6% in the second quarter of 2024, the possible easing of the Hong Kong dollar alongside the US dollar and the Central Government’s supportive policies could be conducive to spending by both residents and visitors.
The Chief Executive’s proposals focus on strengthening traditional key industries while exploring new growth areas. Plans include transforming Hong Kong into an international gold trading hub and establishing a commodity trading ecosystem to enhance shipping and related services. Prioritizing the creation of a high value-added supply chain service center to attract local and international companies should also boost growth. Cutting the liquor tax will further promote the liquor trade and associated services. Moreover, the proposed $10 billion "I&T Industry Guidance Fund" will support advancements in innovative productive forces.
With these new policies in place, the economy is expected to continue its growth trajectory through the rest of the year. The HKGCC will continue to support the Government in navigating the challenges ahead.
Media inquiries: Please contact Ms Chloe Lee at 2823-1297 / clee@chamber.org.hk