Hong Kong’s GDP Sees Moderate Growth for Fifth Consecutive Quarter, with Tourism Sector Driving Economic Expansion

Hong Kong’s finance chief, Paul Chan, announced on Sunday that the city’s gross domestic product (GDP) is expected to grow between 2.5% and 3.5% for the first quarter, maintaining moderate growth for a fifth consecutive quarter. The January-March GDP figures are scheduled to be released on Thursday and are expected to fall within the range of the full-year economic growth forecast.

As Hong Kong looks for new sources of growth, mega events such as fireworks will be held to attract more tourists. Chan mentioned that 800,000 visitors are expected to come for China’s Labour Day holiday on Wednesday. These initiatives are aimed at sustaining and expanding the tourism sector in Hong Kong, which is an important driver of economic growth for the city.

Overall, the continuous moderate growth in GDP signals a positive trend for Hong Kong’s economy, suggesting stability and potential for further development in the future. With a full-year growth forecast of 2.5% to 3.5%, it appears that Hong Kong is well-positioned for continued success in the months ahead.