Hong Kong's economic growth slowed to 2.5 percent in 2024, officials said on Monday.

The figure matched government forecasts, but was down from the 3.2 percent growth recorded in 2023.

Figures from the Census and Statistics Department showed a relatively faster pace of growth in the last quarter of 2024 – at 2.4 percent year-on-year – compared to 1.9 percent in the third quarter.

Looking ahead, a government spokesperson said the economy is expected to register further growth in 2025, despite heightened uncertainties in the external environment.

The spokesperson said while US "protectionist policies" could affect Hong Kong's exports, supportive measures from Beijing will help offset some of the impact and the authorities will continue to take various measures to spur growth.

Terence Chong, an economics professor at Chinese University, said the city's latest growth was partially driven by stimulus measures from Beijing last September, as well as supportive policies in Chief Executive John Lee's Policy Address last October.

"The fourth quarter performance was actually much better than the third quarter's, basically it was driven by the exports of services and also by the government expenditure," he said.

"But if you look at the consumption and also investment, they dropped."

Chong said falling retail sales are among the most concerning components weighing on the SAR's growth.

"Looking ahead, we may [also] expect some reductions in the export sectors, because of the trade tensions between the US and other economies like China," he added.

Chong said he expects Hong Kong's annual economic growth to swing between two and four percent in the coming year, as a declining property sector gradually stabilises due to interest rate cuts boosting transaction volumes.

"I would say that the property markets have reached the bottom and the sector will bounce back in the first half of 2025," he said, adding that the city's stock markets are also picking up steam.