Hong Kong Economy Grows 3.3% in Q2

Hong Kong's economy grew by 3.3% in the second quarter of 2024, following a 2.8% increase in the first quarter. Government economist Adolph Leung predicts continued growth for the remainder of the year, driven by strong export demand, although geopolitical tensions and trade conflicts present risks. The government has maintained its full-year growth forecast at 2.5% to 3.5% and downgraded the inflation projection from 1.7% to 1.3%. Exports of goods rose by 7.5% year-on-year, while private consumption showed a slight decline, attributed to changes in consumption patterns. Meanwhile, Hong Kong's population was recorded at 7,531,800 in mid-2024, reflecting a slight decrease from the previous year, impacted by a net inflow of residents primarily from Mainland China. This demographic shift aligns with efforts to attract talent and labor to the city.