Hong Kong's Q3 GDP expands by 1.8% on-year, 2024 growth forecast revised to 2.5%

Quick Summary:

HONG KONG: Hong Kong's economy expanded by 1.8 per cent in the third quarter from a year earlier, the government said on Friday (Nov 15), adding that it should continue to grow for the remainder of the year, although at a forecast 2024 rate of 2.5 per cent, revised from a 2.5 per cent-3.5 per cent range.

Although tourism has rebounded since COVID-19, with 46 million visitors expected this year, consumption and retail spending remain sluggish, while stock listings have dried up and capital flight remains a challenge.

Last month, the city's leader John Lee pledged in his third annual policy address to reform and revive the economy and financial markets and highlighted the need to explore new growth areas to promote development and economic growth.

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Article Details

Category: EconomyBusiness

Markets: SingaporeChinaHong Kong

Topics: Revised Forecast Economy Hong On-year Growth Expands Cent Year 2024

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-15 @ 17:38:00 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 440 words

Reading Time: 3 minutes read

Sentences: 15 lines

Sentence Length: 30 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 23602486

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