Latest Developments

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

Latest situation
The Hong Kong economy continued to record moderate growth in the second quarter of 2024. Externally, total exports of goods continued to grow strongly while exports of services saw decelerated growth. Domestically, overall investment expenditure rose further, but private consumption expenditure turned to a slight decline. Real Gross Domestic Product (GDP) grew by 3.3% year-on-year, having increased by 2.8% in the preceding quarter. On a seasonally adjusted quarter-to-quarter comparison, real GDP increased by 0.4%. Looking ahead, the economy should continue to grow in the remainder of the year, but various factors including geopolitical tensions and global economic and interest rates outlook may pose uncertainties on different fronts. Exports of goods should sustain a positive performance if external demand holds up, though trade conflicts would present risks. Continued local economic expansion should lend support to fixed asset investment, but geopolitical tensions and interest rate uncertainties may dampen business confidence and asset markets. As regards inbound tourism and private consumption, the Central Government’s various measures benefitting Hong Kong, our strenuous efforts to boost market sentiment and improving employment earnings would provide support, but the changes in the consumption patterns of visitors and residents and the relatively strong Hong Kong dollar may continue to pose challenges. Taking into account the actual outturn in the first half of the year and the latest developments of the global and local situation, the real GDP growth forecast for 2024 as a whole is maintained at 2.5%-3.5%. The forecast rates of underlying and headline consumer price inflation for 2024 are revised down to 1.3% and 1.9% respectively.


External sector (PDF) (Excel)

Latest situation
The value of merchandise exports grew solidly in August 2024 over a year earlier. Exports to the Mainland, the United States and the European Union registered increases of varying degree, while those to other major Asian markets saw mixed performance.
Looking ahead, while geopolitical tensions and trade conflicts will present risks, Hong Kong’s exports performance should remain positive if external demand continues to hold up. The Government will monitor the situation closely.


Prices (PDF) (Excel)

Latest situation
Underlying consumer price inflation remained modest in August. Prices of meals out and takeaway food increased at a moderated pace over a year earlier, and those of basic food inched up further. Prices of energy-related items continued to show visible decline. Price pressures on other major components remained broadly in check.
Looking ahead, overall inflation should stay mild in the near term. Domestic cost may face some moderate upward pressures as the Hong Kong economy continues to grow. External price pressures should moderate further in broad terms, though geopolitical tensions may pose uncertainties. The Government will continue to monitor the situation.


Labour market (PDF) (Excel)

Latest situation
The seasonally adjusted unemployment rate stayed low at 3.0% in June – August 2024, same as May – July 2024. The underemployment rate also remained unchanged at 1.2%. The labour force increased further by 4 400 to 3 830 800. Total employment stayed largely steady at 3 708 500. The number of unemployed persons increased slightly by 4 500 to 122 300.
Looking ahead, the overall labour market should remain tight in the near term alongside the continued economic growth, though the employment situation in some sectors may be under pressure as their businesses continue to face challenges.


Retail and other economic indicators (PDF) (Excel)

Latest situation
The value of total retail sales recorded a year-on-year decline in August amid the continued impact of the change in consumption patterns, the relatively strong Hong Kong dollar, and increased outbound travels by residents during the summer holidays, among other factors.
Looking ahead, the retail sector will still face challenges in the near term. Nonetheless, the Central Government’s various measures benefitting Hong Kong, as well as the SAR Government’s various initiatives to boost market sentiment and support the development of the sector, would benefit retail businesses. Continued economic growth, rising employment earnings, and an easing Hong Kong dollar exchange rate alongside the US interest rate cut, would also provide support to the retail sector.
The Hong Kong Trade Development Council has organised the inaugural “Hong Kong Shopping Festival” in August to help Hong Kong enterprises increase brand awareness and expand into Mainland e-commerce business. The Government will continue to support small and medium-sized enterprises (SMEs), including those in the retail sector, through various measures, including the “SME Export Marketing Fund” and “E-commerce Easy”, so as to assist enterprises in expanding their market, as well as encourage enterprises to upgrade and transform their operations and develop e-commerce businesses, thereby promoting more diversified development and new quality productive forces.


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)