GREATER BAY AREA: HIGHLIGHTING HONG KONG'S ECONOMIC RESURGENCE WITH DATA

HONG KONG, June 26 (Bernama) -- Hong Kong's economy saw an impressive growth of 2.7% in the first quarter of 2024, according to data released by the Hong Kong Census and Statistics Department. This growth surpasses expectations, driven primarily by robust consumer spending. Private consumption increased by 1% in the first quarter, marking the sixth consecutive quarter of growth and accounting for over 70% of the overall economy. During the first four months of 2024, Hong Kong welcomed 14.62 million visitors, doubling the year-on-year figures, with an average hotel occupancy rate of around 80%. The Hong Kong SAR Government estimates that every 1.5 million tourists contribute 0.1 percentage point to economic growth, underscoring the crucial role of cultural tourism in Hong Kong's economic vitality.

In addition to consumer spending, Hong Kong's foreign trade is rebounding. The total value of goods imports and exports rose by 9.9% year-on-year in the first quarter of 2024, driven by increased demand from both the mainland and international markets. By the end of March 2024, banking deposits in Hong Kong totaled HK $16.2 trillion, a year-on-year increase of 4.4%. The HKSAR Government has introduced 49 industry-leading enterprises, with joint venture investments exceeding HK $40 billion and creating over 13,000 jobs. By the end of April, Hong Kong's various talent programs had received 290,000 applications, with about 180,000 approvals and 120,000 talents arriving in Hong Kong.