Hong Kong's real gross domestic product (GDP) rose 2.4% year on year in the fourth quarter of 2024, reported the Census and Statistics Department (C&SD) on Monday.

A related figure, real gross national income (GNI) rose by 5.2% in the fourth quarter on year, said CS&D, an arm of the city's Special Administrative Region government (SAR).

For 2024 as a whole, Hong Kong's GNI increased by 7.5% over a year earlier, said the C&SD.

GDP is a measure of the total value of production of all domestic producing units of an economy, said CS&D.

GNI, in contrast, gauges the total income earned by domestic residents of an economy, whether the economic activities are performed within the geographic territory of the economy, or outside, explained the C&SD.

As a small city region, many Hong Kongers and businesses earn income while operating outside city limits.

Hong Kong's GDP is expected to grow by "2% to 3%" in 2025, the city government estimated in late February.

"The (GDP) forecast is predicated on the assumptions that the impacts of geopolitical tensions and trade conflicts would see no further significant deterioration, and the broad global monetary easing trend would continue," said the SAR.

Underling consumer prices are estimated to rise by 1.5% on year in 2025.

Hong Kong, a shopping mecca in the pre-pandemic era, may get a boost from reviving international tourism in 2025, said the SAR.

"In 2025, increased convenience of cross-border travel alongside the (Beijing) central government's measures benefitting Hong Kong and the SAR Government's various initiatives to boost Hong Kong's attractiveness as a tourist destination should help bring more visitors to Hong Kong," said the SAR.