The economy of Hong Kong contracted 0.1 percent on quarter in the three months to June of 2020, following a record 5.3 percent slump in the previous period, final estimates showed. The coronavirus pandemic was largely under control in May and June, and the recovery in mainland China has helped to partly offset the external headwinds facing Hong Kong's exports of goods. Private consumption decline moderated (-3.8 percent vs -7.2 percent in Q1) while government spending grew (1.8 percent vs 3.5 percent in Q1). Export of goods rose 6.5 percent (vs -9 percent in Q1) while those of services slumped 17 percent (vs -16.3 in Q1). Meantime, imports of goods increased 1.8 percent (vs -6.6 percent in Q1), while those of services plunged 24 percent (vs -20 percent in Q1). Year-on-year, the economy shrank 9 percent, after contracting 9.1 percent in the prior period.
GDP Growth Rate in Hong Kong averaged 0.80 percent from 1990 until 2020, reaching an all time high of 6.10 percent in the third quarter of 2003 and a record low of -5.30 percent in the first quarter of 2020. This page provides - Hong Kong GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Hong Kong GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Census and Statistics Department, Hong Kong
GDP Growth Rate in Hong Kong is expected to be 2.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Hong Kong to stand at 0.90 in 12 months time. In the long-term, the Hong Kong GDP Growth Rate is projected to trend around 1.00 percent in 2021, according to our econometric models.