Latest Developments
Gross Domestic Product and its major components (PDF) (Excel)
Latest situation
The Hong Kong economy recorded moderate growth in the first quarter of 2024. According to the advance estimates, real GDP grew by 2.7% in the first quarter of 2024 over a year earlier. On a seasonally adjusted quarter-to-quarter basis, real GDP increased by 2.3%. Looking ahead, exports of services should be supported by further revival of inbound tourism alongside the continued recovery of handling capacity and the Government’s efforts to promote a mega event economy. Geopolitical tensions and tight financial conditions will continue to affect exports of goods, but some slight improvement may be seen as external demand has held up relatively well so far. Domestically, rising household income and the Government’s initiatives to boost sentiment should help private consumption, but the changing consumption pattern of residents may pose challenges. Continued economic growth should lend support to fixed asset investment. However, a longer period of tight financial conditions may have some dampening effects on economic confidence and activities. The revised figures on GDP and more detailed statistics for the first quarter of 2024, as well as the revised GDP forecast for 2024, will be released on 17 May 2024.
External sector (PDF) (Excel)
Latest situation
The value of merchandise exports continued to grow in March 2024 over a year earlier. Exports to the Mainland rose further, while those to the United States and the European Union fell. Those to other major Asian markets showed mixed performance.
Looking ahead, geopolitical tensions and a longer period of tight financial conditions will continue to affect Hong Kong’s export performance, though the slightly better-than-expected external demand may provide some support. The Government will monitor the situation closely.
- Link to press release of external merchandise trade statistics
- Link to press release of volume and price statistics of external merchandise trade
Prices (PDF) (Excel)
Latest situation
The underlying consumer price inflation was modest in March. While prices of meals out and takeaway food continued to rise relatively fast, prices of basic food edged down from a year earlier. Prices of energy-related items fell further. Price pressures on other major components remained broadly in check.
Looking ahead, overall inflation should stay contained in the near term. Domestic costs may face some upward pressures as the Hong Kong economy continues to grow. External price pressures should remain on a broad downward trend, though heightened geopolitical tensions will bring uncertainties. The Government will continue to monitor the situation.
Labour market (PDF) (Excel)
Latest situation
The seasonally adjusted unemployment rate was still at a low level of 3.0% in January – March 2024, though edging up by 0.1 percentage point from December 2023 – February 2024. The underemployment rate also went up slightly by 0.1 percentage point to 1.1%. The labour force bounced back by 3 100 to 3 800 100, whereas total employment decreased by 6 300 to 3 688 400. The number of unemployed persons increased by 9 400 to a still low level of 111 700.
Looking ahead, as the economy continues to grow, the labour market will likely remain tight in the near term.
- Link to press release of unemployment and underemployment statistics
- Link to press release of employment and vacancies statistics
- Link to press release of wage and payroll statistics
Retail and other economic indicators (PDF) (Excel)
Latest situation
The value of total retail sales turned to a fall in March, partly due to a high base of comparison for visitor spending and the Easter holidays. For the first quarter as a whole, total retail sales value saw a mild decrease of 1.3% from a year earlier. On a seasonally adjusted quarter-to-quarter basis, the value of total retail sales increased by 0.3%.
Looking ahead, further revival of inbound tourism and rising household income should remain supportive to the retail sector. The Government’s efforts to promote a mega event economy and boost sentiment should also help. Yet, the changing consumption patterns of visitors and residents may continue to pose challenges. The Government will continue to monitor the situation.
Other Economic Indicators
Hong Kong population (PDF) (Excel)
Regional headquarters/offices and external investments (PDF) (Excel)
- Link to press release of annual survey of companies in Hong Kong with parent companies located outside Hong Kong
- Link to press release of Hong Kong's balance of payments and international investment position statistics