HONG KONG, June 26 (Bernama-BUSINESS WIRE) — Hong Kong’s economy saw an impressive growth of 2.7% in the first quarter of 2024, according to data released by the Hong Kong Census and Statistics Department. This growth surpasses expectations, driven primarily by robust consumer spending. Private consumption increased by 1% in the first quarter, marking the sixth consecutive quarter of growth and accounting for over 70% of the overall economy. During the first four months of 2024, Hong Kong welcomed 14.62 million visitors, doubling the year-on-year figures, with an average hotel occupancy rate of around 80%. The Hong Kong SAR Government estimates that every 1.5 million tourists contribute 0.1 percentage point to economic growth, underscoring the crucial role of cultural tourism in Hong Kong’s economic vitality.
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