By South China Morning Post | Created at 2024-11-15 08:46:36 | Updated at 2024-11-15 11:44:27
3 hours ago
Hong Kong’s economic growth forecast for 2024 has been downgraded to 2.5 per cent after a weaker-than-expected third quarter expansion of 1.8 per cent year on year.
The latest official data released on Friday showed the full-year forecast was at the lowest point of the government’s previous range of between 2.5 and 3.5 per cent growth.
Gross domestic product (GDP) grew 3.2 per cent in the second quarter compared with the same period last year, following a 2.8 per cent expansion year on year in the first 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,” a government spokesman said.
The economy grew 3.3 per cent in 2023, after a contraction of 3.7 per cent in 2022.
GDP shrank further by 1.1 per cent in the third quarter from the 0.3 per cent quarter-on-quarter expansion recorded in the second quarter. In the first three months, quarter-on-quarter growth reached 2.5 per cent.
