Hong Kong's gross domestic product or GDP grew in the fourth quarter of 2024 as the economy accelerated despite global trade risks.

GDP increased year on year by 2.4% during the quarter, compared to the 1.9% growth in the third quarter, Hong Kong's Census and Statistics Department said in its Monday release.

For the entire 2024, GDP rose by 2.5% in real terms over 2023, the C&SD said.

"Total exports of goods resumed growth amid improved external demand. Exports of services continued to increase, driven by further growth of visitor arrivals and improvement in other cross-border economic activities," a government spokesperson said in the C&SD statement.

Services exports jumped 5.6% during the fourth quarter, higher than the third quarter's 2.9% growth. Imports of services climbed 8.7%, albeit a slight increase from 8.9% a quarter ago.

The trading of goods eased on the other hand. Exports of goods increased by 1.2% from a year earlier, moderating from the third quarter's 4% rise. Goods imports slightly added 0.1%, lower than the 2.8% growth in the previous quarter.

The spokesperson said Hong Kong's economy is expected to grow further this year despite uncertainties, especially in the international markets. US President Donald Trump's trade tariffs may affect exports.

"They may also lead to a slower pace of interest rate cuts in the US and keep the Hong Kong dollar strong for longer," the spokesperson said.