Hong Kong Q3 GDP growth slows to 1.8%, first drop in two years

Hong Kong's economy grew by 1.8% year-on-year in Q3 2024, which is in line with preliminary estimates but down from 3.2% in Q2.

Hong Kong Q3 GDP growth slows to 1.8%, first drop in two years

This was the slowest growth since Q2 2023, driven by slower government spending (2.1% vs 2.2%) and fixed capital investment (3.7% vs 4.1%). Private consumption declined at a softer rate (-1.3% vs. -1.6%), while goods export growth slowed (4% vs. 7.5%) and service exports accelerated (2.4% vs. 1.1%). Imports of goods and services are also moderated.

Hong Kong GDP contracts 1.1% QoQ, first decline in two years

Seasonally adjusted, GDP contracted by 1.1% quarter-on-quarter, marking the first decline in two years after a 0.3% gain in Q2.