Hong Kong's Economy Grows 3.3% in Q2, Maintaining Annual Forecast

Government confident in achieving 2024 growth target despite global uncertainties and changing consumption patterns.

Hong Kong's GDP increased by 3.3% year-on-year in the second quarter, up from 2.7% in the first quarter.
The government maintains its full-year growth forecast of 2.5% to 3.5% for 2024.
Visitor numbers rose significantly, with 25 million arrivals in the first seven months, but spending patterns have shifted.
Geopolitical tensions and global economic conditions present ongoing risks to the economy.
Efforts to boost the economy include allowing more mainland Chinese residents to visit Hong Kong independently.