The Census and Statistics Department of the Hong Kong Special Administrative Region Government released preliminary estimates of the Gross Domestic Product (GDP) for the third quarter of 2024 on the 31st, showing that the total GDP for the first three quarters of 2024 increased by 2.6% year-on-year in real terms. Statistics show that according to pre estimated figures, the gross domestic product (GDP) in the third quarter of 2024 increased by 1.8% year-on-year in real terms, and the increase in the second quarter was 3.2%. The local gross domestic product, which is seasonally adjusted and compared to consecutive quarters, decreased by 1.1% in real terms in the third quarter of 2024 compared to the second quarter. A spokesperson for the Hong Kong Special Administrative Region government stated that the Hong Kong economy will continue to expand year-on-year in the third quarter of 2024, albeit at a slower pace. According to the analysis of major expenditure components, with the slowdown of economic growth in some major markets, the annual growth of overall goods exports has slowed down. Service output continues to show a moderate increase with the increase of cross-border economic activities. The overall investment expenditure further increases with the overall economic growth. However, under the changing consumption patterns of citizens, private consumption expenditure continues to decline. The spokesperson believes that Hong Kong's future economy should continue to grow for the rest of this year. Specifically, the gradual relaxation of the financial situation should be conducive to fixed assets investment. In addition to the many measures taken by the central government to benefit Hong Kong, the measures taken by the SAR government to boost the market atmosphere, and the increase in employment income, it will help promote the consumption of citizens and tourists in the local market. (New Society)