Hong Kong: Preliminary statistics show that GDP in the third quarter grew by 1.8% year-on-year.

The Census and Statistics Department of the Hong Kong government today (December 17) released the preliminary figures of the Gross Domestic Product (GDP) for the third quarter of 2024, calculated by volume based on economic activities. According to the preliminary statistics, the overall GDP in the third quarter of 2024 increased by 1.8% compared to the same period last year, while the growth in the second quarter of 2024 was 3.2%. When analyzing the value added by service industry composition and comparing it with the same period last year, the total increase in value added by all service activities in the third quarter of 2024 actually rose by 1.9%, similar to the 2.0% increase in the second quarter. The GDP figures based on economic activities show the production value of individual economic activities. Production value is measured by value added or net output, calculated by subtracting intermediate consumption used in the production process from the total production. The volume estimates of GDP based on economic activities (calculated based on volume changes) exclude the impact of price changes, helping to analyze the actual growth of output in various industries. The value added in import/export trade, wholesale and retail sectors increased by 0.5% in the third quarter of 2024 compared to the same period last year, while it slightly decreased by 0.1% in the second quarter. The value added in accommodation and food services decreased by 4.6% in the third quarter of 2024 compared to the same period last year, while it decreased by 6.4% in the second quarter. The value added in transportation, warehousing, postal and courier services increased by 7.0% in the third quarter of 2024 compared to the same period last year, while it increased by 10.6% in the second quarter. The value added in information and communication industry increased by 3.2% in the third quarter of 2024 compared to the same period last year, while it increased by 2.1% in the second quarter. The value added in finance and insurance industry increased by 1.5% in the third quarter of 2024 compared to the same period last year, while it increased by 0.2% in the second quarter. The value added in real estate, professional and business services recorded a 0.5% decrease in the third quarter of 2024 compared to the same period last year, while it increased by 2.7% in the second quarter. The value added in public administration, social and personal services increased by 2.6% in the third quarter of 2024 compared to the same period last year, while it increased by 2.9% in the second quarter. In industries outside of the service sector, the value added in local manufacturing industry slightly decreased by 0.1% in the third quarter of 2024 compared to the same period last year, while it increased by 0.7% in the second quarter. The value added in electricity, gas, water supply and waste management industries increased by 2.7% in the third quarter of 2024, following a 1.6% increase in the second quarter compared to the same period last year. The value added in the construction industry decreased by 0.8% in the third quarter of 2024 compared to the same period last year, while it increased by 13.2% in the second quarter.