Hong Kong Lowers 2024 GDP Growth Forecast

Hong Kong's economy saw a year-on-year growth of 1.8% in the third quarter of 2024, a notable decrease from 3.2% in the previous quarter, leading the government to revise its GDP growth forecast for the year to 2.5%, down from a range of 2.5%-3.5%. The growth was tempered by declining private consumption, which fell by 1.3%, despite a 4.0% increase in total exports of goods. The unemployment rate remained steady at 3.0%, with improved employment earnings of 6.7% year-on-year. On a quarter-on-quarter basis, the economy contracted by 1.1%, marking a shift from previous growth figures. The stock market showed recovery signs, with the Hang Seng Index rising 19.3% since June, aided by U.S. interest rate cuts. Looking ahead, the government remains optimistic about maintaining growth momentum despite global economic uncertainties and trade conflicts.