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Greater Bay Area: Illustrating Hong Kong with data

Business

Greater Bay Area: Illustrating Hong Kong with data

By MB Business

According to economic data released by the Hong Kong Census and Statistics Department, Hong Kong's economy grew by 2.7% in the first quarter of 2024, which is much higher than expected. The consumption is the biggest source of power behind the gradual recovery of the economy. The private consumption in Hong Kong has increased by 1% in the first quarter of 2024, and has maintained growth for six consecutive quarters, accounting for more than 70% of the entire economy. In the first four months of 2024, the number of visitors to Hong Kong reached 14.62 million, which has formed a double year-on-year increase, and the average occupancy rate of hotels was about 80%. Every 1.5 million tourists will bring 0.1 percentage point of economic growth according to the calculations made by Hong Kong SAR Government, so the prosperity of cultural tourism is undoubtedly the core of Hong Kong's economy.

In addition to consumption, Hong Kong's foreign trade is also restoring its growth. Hong Kong's total imports and exports of goods increased by 9.9% year-on-year in the first quarter of 2024 as demand from the mainland and the international market picked up. As of the end of March 2024, Hong Kong's banking deposits totaled HK $16.2 trillion, which was an increase of 4.4% year-on-year. The HKSAR Government has introduced two new batches of 49 industry-leading enterprises up to now, and the joint venture investment will exceed HK $40 billion, creating more than 13,000 vacancies. By the end of April this year, Hong Kong's various talent plans had received 290,000 applications and about 180,000 approvals, and 120,000 talents had arrived in Hong Kong.

The vibrant Hong Kong remains the same, and the world will witness a pearl of the orient full of opportunities.

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