Hong Kong's Economic Growth Slows to 2.5% in 2024

The financial hub's economy cooled from 3.2% growth in 2023, with shifting consumption patterns and external uncertainties cited as key factors.

Hong Kong's GDP growth slowed to 2.5% in 2024, down from 3.2% the previous year, according to preliminary government figures.
Private consumption declined by 0.6%, attributed to residents increasingly spending in neighboring Shenzhen for cheaper goods and services.
Exports of goods and services grew by 4.7% and 4.8% respectively, supported by improved external demand and increased visitor arrivals.
The city's economy faces challenges from U.S. trade protectionist policies, which could disrupt global trade flows and impact Hong Kong's exports.
Despite uncertainties, government officials expect growth in 2025, bolstered by China's economic stimulus measures aimed at boosting market confidence.