HONG KONG’S economy expanded 3.2% in 2023, boosted mainly by tourism and private consumption, according to advance estimates released by the Hong Kong Special Administrative Region government.

The recovery came after a contraction of 3.7% in 2022, Census and Statistics Department data showed Wednesday.

Gross domestic product (GDP) for the fourth quarter grew 4.3% year on year in real terms, after increasing 4.1% in the preceding quarter.

In breakdown, private consumption expenditure increased 3.5% in real terms in the fourth quarter of 2023 over a year earlier, after an increase of 6.2% in the third quarter. For 2023 as a whole, private consumption expenditure increased 7.4% in real terms over 2022.

A government spokesperson said that Hong Kong’s economy continued to revive in the fourth quarter of 2023, with inbound tourism and private consumption remaining key drivers.

Private consumption expenditure turned to a notable increase after the pandemic, supported by rising household income and the HKSAR government’s various initiatives, the spokesperson said. (Xinhua)