Hong Kong’s economy grew between 2.5% and 3.5% in first quarter, Paul Chan says

Finance chief says property and stock markets still under pressure amid geopolitical tensions, urges investment in green development and digital economy to drive growth

‘Economic growth in first quarter was positive, which stands between 2.5 and 3.5 per cent. The range is the same as what we estimated for 2024 yearly growth,’ he says

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Hong Kong will pursue more collaborative opportunities with the Greater Bay Area as part of efforts to become an I&T hub, the city’s finance chief has said. Photo: Edmond So

Published: 9:05pm, 23 Apr 2024Updated: 12:16am, 24 Apr 2024

Hong Kong’s economy grew between 2.5 per cent and 3.5 per cent in the first quarter of this year, aligning with government estimates, the city’s finance chief has said.

But Financial Secretary Paul Chan Mo-po said on Tuesday that the local property and stock markets were still under pressure amid geopolitical tensions and that the city should invest in green development and the digital economy to drive further growth.

“The economic growth in the first quarter was positive, which stands between 2.5 and 3.5 per cent. The range is the same as what we estimated for 2024 yearly growth,” he said.

Chan shared the figures during a forum focused on enhancing Hong Kong’s professional services and exploring opportunities for cooperation in the Greater Bay Area. The event was organised by the Chinese General Chamber of Commerce.

Chan said an exact figure would be released next week.

While the unemployment rate remained at a low of 2.93 per cent and inflation stood at less than 1 per cent, the finance chief said the local capital market faced significant pressure.