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 record growth in November 2024 over a year earlier. Exports to the Mainland rose further, and those to many Asian markets saw increases of varying degree. Meanwhile, those to the United States and the European Union fell back.
Looking ahead, increased global economic uncertainties and escalation of trade conflicts would pose challenges to Hong Kong’s export performance, though the Mainland’s various measures to boost its economy should provide some support. The Government will monitor the situation closely.


Prices (PDF) (Excel)

Latest situation
Underlying consumer price inflation stayed modest in November. Food prices as a whole showed further mild year-on-year increases. Meanwhile, the decline in prices of energy-related items continued to narrow alongside the dissipation of high base of comparison. Price pressures on other major components remained broadly in check.
Looking ahead, overall inflation should stay mild in the near term. Domestic cost could see some mild upward pressures, as the Hong Kong economy continues to grow. External price pressures should ease in broad terms, though uncertainties from the external environment increased. 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 September – November 2024, same as August – October 2024. The underemployment rate also remained unchanged at 1.1%. The labour force and total employment bounced back by 3 600 and 4 700 to 3 831 500 and 3 711 800 respectively. The number of unemployed persons decreased by 1 000 to 119 700.
Looking ahead, the labour market should remain largely stable in the near term, though the situation in some sectors might be more affected by increased uncertainties in the global economy and escalation in trade tension.


Retail and other economic indicators (PDF) (Excel)

Latest situation
The year-on-year decline of total retail sales value narrowed further in October. On a seasonally adjusted basis, the value of total retail sales continued to increase month-to-month.
Looking ahead, the Mainland’s recent introduction of various measures to boost the economy would help support consumption sentiment and economic activities in Hong Kong. The Central Government’s various measures benefitting Hong Kong, including the resumption of the “multiple-entry” Individual Visit Endorsements for permanent residents of Shenzhen and its extension to non-permanent residents of Shenzhen with residence permits, together with the SAR Government’s various initiatives to boost market sentiment, as well as 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.


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)