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GDP Grows 3.3% in Q2 2024, Services Sector Shows Mixed Results

HK

GDP Grows 3.3% in Q2 2024, Services Sector Shows Mixed Results
HK

HK

GDP Grows 3.3% in Q2 2024, Services Sector Shows Mixed Results

2024-09-20 16:30 Last Updated At:09-22 13:35

Chain volume measures of Gross Domestic Product by economic activity for the second quarter of 2024

The Census and Statistics Department (C&SD) released today (September 20) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the second quarter of 2024.

GDP figures by economic activity show the value of production in respect of individual economic activities. The value of production is measured by value added or net output, which is calculated by deducting intermediate input consumed in the process of production from the gross value of output. Volume measures of GDP by economic activity, expressed in terms of chain volume measures net of the effect of price changes, enable analysis of the output growth profiles of individual economic sectors in real terms.

According to the preliminary figures, overall GDP increased by 3.3% in real terms in the second quarter of 2024 over a year earlier, compared with the 2.8% increase in the first quarter of 2024.

Analysed by constituent services sector and on a year-on-year comparison, value added in respect of all the services activities taken together increased by 2.1% in real terms in the second quarter of 2024 over a year earlier, compared with the 3.1% increase in the first quarter.

Value added in the import and export, wholesale and retail trades sector marginally decreased by 0.1% in real terms in the second quarter of 2024 from a year earlier, as against the increase of 0.9% in the first quarter.

Value added in the accommodation and food services sector dropped by 6.3% in real terms in the second quarter of 2024 from a year earlier, as against the growth of 0.9% in the first quarter.

Value added in the transportation, storage, postal and courier services sector increased by 10.5% in real terms in the second quarter of 2024 over a year earlier, compared with the increase of 19.5% in the first quarter.

Value added in the information and communications sector increased by 2.2% in real terms in the second quarter of 2024 over a year earlier, virtually the same as the rise in the first quarter.

Value added in the financing and insurance sector increased by 0.3% in real terms in the second quarter of 2024 over a year earlier, as against the decrease of 0.5% in the first quarter.

Value added in the real estate, professional and business services sector registered a growth of 3.2% in real terms in the second quarter of 2024 over a year earlier, compared with the rise of 1.2% in the first quarter.

Value added in the public administration, social and personal services sector rose by 2.8% in real terms in the second quarter of 2024 over a year earlier, compared with the increase of 3.1% in the first quarter.

As for sectors other than the services sectors, value added in the local manufacturing sector rose by 0.7% in real terms in the second quarter of 2024 over a year earlier, compared with the increase of 1.8% in the first quarter.

Value added in the electricity, gas and water supply, and waste management sector increased by 1.6% in real terms in the second quarter of 2024 over a year earlier, compared with the increase of 4.3% in the first quarter.

Value added in the construction sector increased by 17.2% in real terms in the second quarter of 2024 over a year earlier, after the increase of 9.2% in the first quarter.

Further information

The year-on-year percentage changes of GDP by economic activity in real terms from the second quarter of 2023 to the second quarter of 2024 are shown in Table 1. More detailed statistics are given in the report "Gross Domestic Product by Economic Activity". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1030004&scode=250). For enquiries about statistics on GDP by economic activity, please call the National Income Branch (2) of the C&SD at 3903 7005.

Figures of chain volume measures of GDP by economic activity for the second quarter of 2024 are only preliminary at this stage. When more data become available, the preliminary figures will be revised accordingly and can be found at the C&SD website (www.censtatd.gov.hk/en/scode250.html).

Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public

The Leisure and Cultural Services Department (LCSD) is presenting the Lunar New Year Lantern Display "Chinese Lanterns: An Enduring Heritage" at the Hong Kong Cultural Centre Piazza from today (January 23) until February 16 to celebrate the Year of the Snake with the public, and salute the profound and enduring heritage of Chinese culture. The lanterns will be illuminated from 6pm to 11pm daily.

Standing at the pool of the piazza is a 6-metre ornate palace lantern. The lantern is adorned with peonies and magpies, and surrounded by sky lanterns, carp fish and lotus flower lanterns, creating a joyful ambience. Another highlight is the exquisite "Glittering Fish・Lanterns with Abundant Blessings", organised by the Intangible Cultural Heritage Office and made by local paper-crafting master Mo Cheuk-kei. The design concept of the lantern is based on the style of traditional Lunar New Year paintings. The protagonists are a koi fish and a goldfish leaping out of the water, signifying abundance and prosperity. The koi and goldfish are playing with two little lions in cheongsam costumes, one holding a fortune stick container and the other holding huichun (spring scrolls), to wish for good fortune in the coming year. The exquisite lanterns vividly portray a festive scene just as a Lunar New Year painting comes to life, at the same time showcasing the meticulous paper-crafting technique of the master.

In addition to the above lantern display, the LCSD will also hold a Lunar New Year Lantern Carnival at the Hong Kong Cultural Centre Piazza from February 7 to 12. During the carnival, members of the public can appreciate spectacular lanterns and participate in lantern night events. The events offer a wide range of activities such as music and dance performances, breakdancing, a lion dance, a band performance, a lantern riddle quiz and more. Both the Lunar New Year Lantern Display and Lunar New Year Lantern Carnival are part of the activities of the Spring Festival Gala 2025.

For enquiries, please call 2591 1340 or visit the event webpage at:

www.lcsd.gov.hk/en/cpo/lanterncarnival.html.

Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public  Source: HKSAR Government Press Releases

Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public Source: HKSAR Government Press Releases

Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public  Source: HKSAR Government Press Releases

Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public Source: HKSAR Government Press Releases

Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public  Source: HKSAR Government Press Releases

Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public Source: HKSAR Government Press Releases

Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public  Source: HKSAR Government Press Releases

Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public Source: HKSAR Government Press Releases

Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public  Source: HKSAR Government Press Releases

Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public Source: HKSAR Government Press Releases

Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public  Source: HKSAR Government Press Releases

Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public Source: HKSAR Government Press Releases

Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public  Source: HKSAR Government Press Releases

Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public Source: HKSAR Government Press Releases

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