GREATER BAY AREA: ROBUST CONSUMPTION FUELS HONG KONG'S FIRST QUARTER ECONOMIC GROWTH

KUALA LUMPUR, June 26 (Bernama) -- Hong Kong's economy saw an impressive growth of 2.7 per cent in the first quarter of this year, surpassing expectations, driven primarily by robust consumer spending, according to data released by the Hong Kong Census and Statistics Department.

According to a statement, private consumption has increased by one per cent in the first quarter, and maintained growth for six consecutive quarters, accounting for over 70 per cent of the overall economy.

During the first four months of this year, the number of visitors to Hong Kong reached 14.62 million, doubling the year-on-year figures, with an average hotel occupancy rate of around 80 per cent.

The Hong Kong special administrative region (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 also rebounding, whereby the total value of goods imports and exports rose by 9.9 per cent year-on-year in the first quarter, driven by increased demand from both the mainland and international markets.

As of end March 2024, banking deposits in Hong Kong totalled HK$16.2 trillion, a year-on-year increase of 4.4 per cent, while joint venture investments exceeding HK$40 billion, creating over 13,000 jobs through the introduction of 49 industry-leading enterprises by its government. (HK$100 = RM60.34)

By the end of April, Hong Kong’s various talent programmes had received 290,000 applications, with about 180,000 approvals and 120,000 talents arriving in Hong Kong.

Hong Kong remains to be a dynamic hub of opportunity, a shining pearl of the orient for the world to witness.

-- BERNAMA