The Hong Kong Census and Statistics Department released preliminary figures for the first quarter of 2024 today, which calculated the quarter-on-quarter physical quantity of local gross domestic product by economic activity.
According to initial statistics, the overall local gross domestic product of Hong Kong increased by 2.7% in the first quarter of 2024 compared to the same period last year, while the growth rate in the fourth quarter of 2023 was 4.3%.
Analyzing the composition of the service industry and comparing it with the same period last year, the value added of all service activities increased by 3.1% in the first quarter of 2024, while the growth rate in the fourth quarter of 2023 was 5.3%.
The value added of import and export trade, wholesale and retail trade increased by 1.1% in the first quarter of 2024 compared to the same period last year, while the growth rate in the fourth quarter of 2023 was 6.5%.
The value added of accommodation and catering services increased by 1.0% in the first quarter of 2024, following a substantial increase of 14.6% in the fourth quarter of 2023 compared to the same period last year.
The value added of transportation, warehousing, postal and courier services increased by 19.5% in the first quarter of 2024 compared to the same period last year, while the growth rate in the fourth quarter of 2023 was 31.8%.
The value added of information and communication industry increased by 2.0% in the first quarter of 2024 compared to the same period last year, while it increased by 2.1% in the fourth quarter of 2023.
The value added of the financial and insurance industry decreased by 0.8% in the first quarter of 2024 compared to the same period last year, while the decline in the fourth quarter of 2023 was 1.4%.
The value added of real estate, professional and commercial services recorded a substantial increase of 1.0% in the first quarter of 2024 compared to the same period last year, while the growth rate in the fourth quarter of 2023 was 2.7%.
The value added of public administration, social and personal services increased by 3.1% in the first quarter of 2024 compared to the same period last year, while the growth rate in the fourth quarter of 2023 was 3.6%.
For industries other than the service industry, the value added of local manufacturing increased by 1.8% in the first quarter of 2024 compared to the same period last year, while the growth rate in the fourth quarter of 2023 was 4.1%.
The value added of electricity, gas and water supply and waste management increased by 4.5% in the first quarter of 2024 compared to the same period last year, while the growth rate in the fourth quarter of 2023 was 3.6%.
The value added of the construction industry increased by 9.6% in the first quarter of 2024 compared to the same period last year, while the growth rate in the fourth quarter of 2023 was 3.8%.
Edited by Jeffrey