In 2024, Hong Kong’s economy experienced a modest yet steady growth trajectory. According to the preliminary figures released by the Census and Statistics Department (C&SD), the Gross Domestic Product (GDP) expanded by 2.5% for the year. The fourth quarter of 2024 also saw a growth rate of 2.4%. Various sectors showed differing levels of performance, with some experiencing growth while others faced challenges. Notably, the service sector contributed significantly to this growth, with an overall increase of 2.2% in value added for the entire year. However, certain sectors such as import and export, wholesale, and retail trade witnessed declines, while transportation and storage services showed robust expansion.

Service Sectors Lead Economic Growth Amidst Mixed Performances

During the golden autumn of 2024, Hong Kong's economic landscape was characterized by mixed performances across various sectors. In the final quarter of the year, the city's GDP grew by 2.4%, reflecting a broader annual growth of 2.5%. The service activities sector, which forms a significant part of the economy, saw an increase of 1.9% in real terms during Q4 2024, culminating in a 2.2% rise for the entire year.

Particularly noteworthy was the transportation, storage, postal, and courier services sector, which surged by 6.2% in Q4 2024, contributing to a remarkable 10.4% growth for the year. Meanwhile, the information and communications sector demonstrated resilience with a 1.3% increase in Q4 and a 2.1% gain for the year. The financing and insurance sector also performed well, expanding by 2% in Q4 and 0.8% for the year.

Other sectors exhibited varied trends. The accommodation and food services sector grew by 1.4% in Q4 but contracted by 2.1% over the year. Conversely, the construction sector faced a decline of 5.6% in Q4, although it managed a 4.1% increase for the year as a whole. The local manufacturing and electricity, gas, water supply, and waste management sectors both registered positive gains, increasing by 1% and 3.3% respectively in Q4, and by 0.8% and 2.9% for the year.

From a journalistic perspective, these findings underscore the importance of diversifying economic activities to ensure sustainable growth. While some sectors thrived, others encountered difficulties, highlighting the need for balanced development strategies. Policymakers may consider fostering innovation in lagging sectors while continuing to support high-performing ones, thereby creating a resilient economic foundation for the future. This data not only reflects the current state of Hong Kong's economy but also provides valuable insights into potential areas for improvement and investment opportunities.