KUALA LUMPUR: Hong Kong’s economy saw an impressive growth of 2.7% in the first quarter (1Q) of this year, surpassing expectations, driven primarily by robust consumer spending, based on data released by the Hong Kong Census and Statistics Department.
According to a statement, private consumption has increased by 1% in 1Q and maintained growth for 6 consecutive quarters, accounting for over 70% of the overall economy.
During the first 4 months of this year, the number of visitors to Hong Kong reached 14.62 million, doubling the year-on-year (YoY) figures with an average hotel occupancy rate of around 80%.
The Hong Kong special administrative region (SAR) government estimates that every 1.5 million tourists contributes 0.1 percentage points to economic growth, underscoring the crucial role of cultural tourism in Hong Kong’s economic vitality.
In addition to consumer spending, Hong Kong’s foreign trade is also rebounding, whereby the total value of goods imports and exports rose by 9.9% YoY in 1Q, driven by increased demand from both the mainland and international markets.
As of end-March 2024, banking deposits in Hong Kong totalled HK$16.2 trillion, a YoY increase of 4.4% while joint venture investments exceeded HK$40 billion, creating over 13,000 jobs through the introduction of 49 industry-leading enterprises by its government.
By end-April, Hong Kong’s various talent programmes had received 290,000 applications with about 180,000 approvals and 120,000 talents arriving in Hong Kong.
— BERNAMA
