“Looking ahead, the difficult external environment will continue to pose pressures on Hong Kong’s exports of goods in 2024. The situation may stabilise later in the year if advanced economies cut interest rates as expected,” he said.
The full-year GDP figure was in line with the 3.2 per cent forecast by Financial Secretary Paul Chan Mo-po in November, leaving the economy’s performance short of the government’s earlier estimate of 4 to 5 per cent growth.
On a quarterly basis, the economy improved 0.5 per cent in the fourth quarter from the previous one.
During the fourth quarter, private consumption further rose 3.5 per cent over a year earlier, after a 6.2 per cent surge in the previous three months. Government expenditure dropped 5.2 per cent in the last three months of the year.
For the whole of 2023, private consumption surged 7.4 per cent year on year, while government expenditure declined 4.3 per cent compared with 2022.
Samuel Tse Ka-hei, an economist and strategist with…
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