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HK 3Q Estimated GDP Growth Decelerates to 1.8%, Behind Forecast
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The Census and Statistics Department (C&SD) announced that, according to the advance estimates, GDP increased by 1.8% in real terms in the third quarter of 2024 over a year earlier, compared with the increase of 3.2% in the second quarter, while the market had projected the GDP to rise 3.1% year on year. For the first three quarters of 2024 as a whole, GDP increased by 2.6% in real terms over a year earlier. A Government spokesman said that the Hong Kong economy continued to expand, though at a moderated pace, in the third quarter of 2024 over a year earlier. According to the advance estimates, real GDP grew by 1.8% year-on-year in the third quarter. For the first three quarters as a whole, real GDP grew by 2.6% over a year earlier. On a seasonally adjusted quarter-to-quarter basis, real GDP declined by 1.1% in the third quarter. Looking ahead, the economy should continue to grow in the remainder of the year. While global economic uncertainties and trade conflicts may affect Hong Kong's exports of goods, monetary easing across major central banks and an improved outlook for the Mainland economy following the recent introduction of a wide range of stimulus measures would help support sentiment and activities in the domestic market. Specifically, gradually easing financial conditions should bode well for fixed asset investment. A possible easing of the Hong Kong dollar alongside the US dollar, coupled with the Central Government's various measures benefitting Hong Kong, the SAR Government's various initiatives to boost market sentiment and increasing employment earnings are conducive to spending by both residents and visitors in the domestic market, though the change in their consumption patterns will continue to pose challenges. AAStocks Financial News |
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