Latest Developments

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

Latest situation
The Hong Kong economy continued to expand, though at a moderated pace, in the third quarter of 2024 over a year earlier. Real GDP grew by 1.8% year-on-year, having increased by 3.2% in the preceding 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 comparison, real GDP declined by 1.1% in the third quarter. While the external environment has turned more challenging recently, the Hong Kong economy is expected to maintain its growth momentum for the remainder of the year. Increased global economic uncertainties and escalation of trade conflicts would affect the performance of our goods exports. Nonetheless, the expected further monetary easing by major central banks, together with the Mainland's recent introduction of various measures to stimulate the economy, would help support sentiment and activities in our domestic market. Specifically, gradually easing financial conditions should bode well for fixed asset investment. The Central Government's various measures benefitting Hong Kong, the SAR Government's various initiatives to boost market sentiment, as well as better sentiment in the asset markets and increasing employment earnings, would be conducive to spending by both residents and visitors in the domestic market, though the change in their consumption patterns will continue to pose a constraint. Taking into account the actual outturn in the first three quarters of the year and the latest developments of the global and local situation, the real GDP growth forecast for 2024 as a whole is revised to 2.5%. The forecast rates of underlying and headline consumer price inflation for 2024 are revised down to 1.1% and 1.7% respectively.


External sector (PDF) (Excel)

Latest situation
The value of merchandise exports continued to grow in September 2024 over a year earlier. Exports to the Mainland and the European Union rose further, while those to the United States fell back. Those to many major Asian markets recorded decreases of varying degree.
Looking ahead, while escalating trade conflicts and global economic uncertainties may continue to affect Hong Kong’s export performance, improved prospects of the Mainland economy should provide some support. The Government will monitor the situation closely.


Prices (PDF) (Excel)

Latest situation
Underlying consumer price inflation stayed modest in October. Food prices continued to record mild year-on-year increases, while the rate of decline of prices of energy-related items narrowed further. Price pressures on other major components remained broadly in check.
Looking ahead, overall inflation should stay mild in the near term. Domestic cost may see some mild upward pressures as the Hong Kong economy continues to grow. External price pressures should ease further, though uncertainties from the external environment remain. The Government will continue to monitor the situation.


Labour market (PDF) (Excel)

Latest situation
The seasonally adjusted unemployment rate stayed low at 3.1% in August – October 2024, though edging up by 0.1 percentage point from July – September 2024. The underemployment rate declined slightly by 0.1 percentage point to 1.1%. The labour force and total employment decreased slightly, by 2 200 and 3 100 to 3 827 900 and 3 707 100 respectively. The number of unemployed persons increased slightly by 800 to 120 700.
Looking ahead, the labour market should remain tight in the near term alongside the continued economic growth, though the employment situation may continue to vary across sectors depending on their business performances.


Retail and other economic indicators (PDF) (Excel)

Latest situation
The value of total retail sales continued to decline in September from a year earlier, but the rate of decline narrowed. On a seasonally adjusted month-to-month comparison, the value of total retail sales recorded an increase.
Looking ahead, the near-term performance of the retail sector would continue to be affected by the change in consumption patterns of residents and visitors. Nevertheless, an improved outlook for the Mainland economy following the recent introduction of a wide range of stimulus measures, and a possible easing of the Hong Kong dollar alongside the US dollar with the commencement of the US interest rate cut, would be conducive to boosting sentiment and supporting spending. In addition, the Central Government’s various measures benefitting Hong Kong, the SAR Government’s various initiatives to boost market sentiment and increasing employment earnings would also benefit the retail sector.
The Policy Address this year includes various measures that would benefit the retail sector, such as developing new tourist hotspots, relaxing visa application criteria for some ASEAN countries, and boosting “silver consumption”. The Policy Address has also launched a series of measures to assist small and medium enterprises (SMEs), including those in the retail sector, in addressing the challenges encountered in the process of economic restructuring. These include relaunching the principal moratorium under the SME Financing Guarantee Scheme to ease the repayment pressure of enterprises, expanding the geographical coverage of E-commerce Easy to the 10 ASEAN countries, and relaunching the Hong Kong Shopping Festival in the next two years to help SMEs develop e-commerce business to expand their markets. These measures would help the retail sector in transitioning through the economic restructuring period and improve its prospects.


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)