Hong Kong's gross domestic product grew 2.4% year over year in real terms in the fourth quarter of 2024, faster than the 1.9% increase in Q3, according to preliminary figures released by the Census and Statistics Department on Thursday.

The Q4 expansion was marginally faster than the mean forecast for a 2.3% increase in a survey of eight economists by Reuters.

For the full year, Hong Kong's GDP rose 2.5%.

The region benefited from its service sector, which expanded 1.9% year on year in Q4, closely mirroring the 1.8% growth in Q3.

The import and export, wholesale, and retail trade sector experienced a 0.6% contraction in Q4, a reversal from the 0.3% gain in Q3.

The accommodation and food services sector showed signs of recovery, rebounding with a 1.4% growth after a significant 5.1% decline in Q3.

The transportation, storage, postal, and courier services sector grew 6.2%, slower than the 6.8% increase in Q3.

The information and communications sector rose 1.3% after expanding 2.8% in the previous quarter, while the financing and insurance sector grew 2.0%, faster than the 1.3% growth in Q3.

Real estate, professional, and business services expanded 1.2%, rebounding from a 0.2% decline.

The output of the electricity, gas, water supply, and waste management sector rose 3.3%, while construction contracted 5.6% after a 1.8% gain in Q3.