HONG KONG: Hong Kong’s economy recorded moderate growth in the first quarter of 2024, with real gross domestic product growing by 2.7 percent year-on-year, with the special administrative region government expecting the local economy to record further growth in the rest of the year.

As reported by China Daily, Government Economist Adolph Leung Wing Sing announced at a press conference on Friday that the real GDP growth forecast for 2024 remains between 2.5 percent and 3.5 percent. This announcement was made during the presentation of the First Quarter Economic Report for 2024.

Exports of services continued to grow notably by 8.4 percent year-on-year in real terms in the first quarter, he said.

Exports of travel services jumped further thanks to the continued revival of visitor arrivals, he pointed out. Exports of transport services continued to rise, while exports of business and other services showed modest growth, Leung added.

Source: Emirates News Agency