Hong Kong's economy expanded at a moderated pace in the third quarter of this year as private consumption and external demand weakened, preliminary data showed Thursday.

According to the advance estimates, Hong Kong's gross domestic product (GDP) increased by 1.8 percent in real terms in the third quarter of 2024 over a year earlier, compared with the increase of 3.2 percent in the second quarter, the Census and Statistics Department of the Hong Kong Special Administrative Region (HKSAR) government said.

For the first three quarters of this year as a whole, Hong Kong's GDP increased by 2.6 percent in real terms over a year earlier.

Analyzed by major expenditure component, total exports of goods saw decelerated year-on-year growth alongside softening economic growth in some major markets. Exports of services continued to record a mild increase, supported by increasing cross-border economic activities. Overall investment expenditure rose further in tandem with the overall economic growth. However, private consumption expenditure continued to decline amid the change in residents' consumption patterns, a spokesperson for the HKSAR government noted.

Looking ahead, the economy should continue to grow in the remainder of the year, and gradually easing financial conditions should bode well for fixed asset investment, the spokesperson said.

The central government's various measures benefiting Hong Kong, the HKSAR government's various initiatives to boost market sentiment, and increasing employment earnings are conducive to spending by both residents and visitors in the domestic market, the spokesperson added.