In a surprising turn of events, Hong Kong's industrial production has sharply decelerated. Recent data updated on 12 September 2024 reveal that the current indicator for industrial production has dipped to 0.70% in the second quarter of 2024, compared to 1.80% in the first quarter of 2024.
The first quarter’s 1.80% figure was already a cause for concern as it had stagnated relative to the same period a year ago. The latest figures show an even more dramatic decline, evidencing a challenging environment for Hong Kong’s industrial sector. The year-over-year analysis underscores this slowdown, painting a troubling picture for economists and policymakers.
This pronounced reduction reflects underlying issues that may be constraining industrial productivity and could signal broader economic repercussions for Hong Kong. Stakeholders will no doubt be keenly watching subsequent quarters to gauge the full impact and determine the necessary measures to counteract this downward trend.
