Latest Developments

Gross Domestic Product and its major components (PDF) (Excel)

Latest situation
The Hong Kong economy staged a recovery in 2023 in the aftermath of the pandemic. Economic activities revived following the removal of anti-epidemic measures and resumption of normal travel, though the challenging external environment amid heightened geopolitical tensions and tightened financial conditions constrained the pace of recovery. Real GDP resumed growth of 3.2% in 2023. Looking ahead, the external environment is rather complicated in 2024. On one hand, geopolitical tensions and the lagged effects of the sharp monetary tightening in the advanced economies over the past couple of years will continue to affect global economic growth as well as international trade and investment flows. On the other hand, major central banks are expected to cut interest rates later in the year, thereby lending some support to economic confidence and activities around the world, though the exact timing and magnitude of the cuts remain uncertain. Hong Kong’s exports of goods will thus remain under pressure, but the situation may improve later in the year if the advanced economies cut interest rates as expected. Meanwhile, exports of services should improve further as visitor numbers continue to increase along with the further recovery of handling capacity. The Government’s efforts to promote mega event economy should provide additional support. Domestically, economic confidence should gradually improve over the course of the year amid an expected easing of financial conditions. Rising household income and the Government’s initiatives in creating a happy atmosphere and boosting sentiment should bode well for private consumption. Fixed asset investment should expand further on the back of continued economic growth and the Government’s efforts in building infrastructure and increasing housing supply. The Hong Kong economy is forecast to grow by 2.5% to 3.5% in 2024. Underlying consumer price inflation should remain moderate and forecast at 1.7% in 2024.


External sector (PDF) (Excel)

Latest situation
Taking the first two months of 2024 together, the value of merchandise exports posted double-digit growth against a very low base of comparison a year ago. Exports to the Mainland and the United States rose notably, while those to the European Union fell. Those to other major Asian markets showed mixed performance.
Looking ahead, while slow global economic growth and geopolitical tensions will continue to constrain Hong Kong’s export performance in the near term, the expected easing of global monetary conditions later in the year may provide some support. The Government will monitor the situation closely.


Prices (PDF) (Excel)

Latest situation
The underlying consumer price inflation rate stayed moderate in the first two months of 2024. While prices of meals out and takeaway food continued to see relatively fast increases, prices of basic food declined 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 remain moderate in the near term. While domestic costs may face some upward pressures as the Hong Kong economy continues to grow, external price pressures should ease further. 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.


Retail and other economic indicators (PDF) (Excel)

Latest situation
Taking the first two months of 2024 together, the value of retail sales rose modestly over a year earlier.
Looking ahead, as handling capacity continues to recover and more mega events are staged, inbound tourism is expected to revive further and benefit the retail sector. Rising household income and the Government’s initiatives in boosting consumption sentiment should also provide support, though changes in consumption patterns of residents and visitors will 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)


Asset market, exchange rates and interest rates (PDF) (Excel)