Hong Kong's economy experienced a 2.4% growth in the fourth quarter compared to the previous year, as reported by Reuters on Monday. This expansion slightly exceeded the expectations of economists, who had anticipated a 2.3% year-on-year increase according to a Reuters poll. The data, based on official advance estimates, highlights the resilience of Hong Kong's economy amidst various challenges.
The fourth quarter's economic performance was characterized by a modest increase in exports, with goods export rising by 1.2%. However, consumer spending in Hong Kong saw a slight decline, decreasing by 0.2%. Despite these mixed signals, the economy managed to expand for an eighth consecutive quarter, showcasing its steady recovery trajectory.
In the preceding quarters of 2024, Hong Kong's economy reported varied growth rates. The first quarter saw a 2.8% increase, followed by a 3.1% growth in the second quarter and a 1.9% rise in the third quarter. These figures highlight a fluctuating yet positive trend in economic performance throughout the year.
The recently released data not only underscores Hong Kong's ability to maintain economic growth but also demonstrates its capacity to exceed market expectations. The slight increase over the anticipated growth rate suggests underlying strengths within the economy that continue to support its expansion.
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