The Statistics Department of the Hong Kong Special Administrative Region Government released pre estimated GDP for the fourth quarter and full year of 2023 on the 31st, showing a substantial year-on-year increase of 3.2% in GDP in 2023. According to pre estimated figures, the gross domestic product (GDP) in the fourth quarter of 2023 increased by 4.3% year-on-year. Private consumption expenditure increased by 3.5% year-on-year in the fourth quarter and by 7.4% year-on-year for the entire year of 2023. Service output and service input increased by 21.2% and 26% year-on-year in 2023, respectively. A spokesperson for the Hong Kong Special Administrative Region Government stated that the Hong Kong economy will continue to recover in the fourth quarter of 2023, with the tourism industry and private consumption remaining the main driving forces. Benefiting from the recovery of the number of visitors to Hong Kong after the comprehensive clearance of Hong Kong with the mainland and the international community, service output has shown a strong rebound trend. With the increase in household income and the support of multiple measures taken by the SAR government, private consumption expenditure has significantly increased after the cancellation of epidemic prevention measures. The overall investment expenditure has turned from a decline to an increase as the economy recovers. The spokesperson believes that the peripheral environment will continue to bring pressure to Hong Kong's goods exports in 2024. At the same time, the number of visitors to Hong Kong is expected to further increase as reception capacity continues to recover, and the SAR government's efforts to promote the hosting of grand events will also bring additional boost. Fixed assets investment will also continue to grow. (Lai Xin She)
Edit：He Chuanning Responsible editor：Su Suiyue
Source：Xinhua
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