Hong Kong's gross domestic production shrank 5.3 percent on quarter in the first three months of 2020, following a 0.5 percent fall in the previous period, matching a preliminary estimate. It was the steepest contraction since comparable series began in 1990, amid disruptions of economic activities due to the coronavirus pandemic. Private consumption dropped 6.7 percent, after expanding 0.3 percent in the prior quarter. Also, exports of goods declined 9.2 percent (vs 2 percent in Q4) and those of services plunged 16.8 percent (vs -10.6 percent in Q4) while imports of goods went down 6.5 percent (vs -0.3 percent in Q4) and those of services dropped 21.9 percent (vs -0.3 percent in Q4). Year-on-year, the economy shrank 8.9 percent, the sharpest contraction on record, after a 3 percent drop in the prior period.

GDP Growth Rate in Hong Kong averaged 0.81 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 June of 2020. source: Census and Statistics Department, Hong Kong

GDP Growth Rate in Hong Kong is expected to be 2.50 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 1.00 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.

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Hong Kong GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-5.30 -0.50 6.10 -5.30 1990 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-02-03 08:30 AM QoQ Adv Q4 -0.4% -3% -3.5%
2020-02-26 03:30 AM QoQ Final Q4 -0.3% -3% -0.4% -0.4%
2020-05-04 08:30 AM QoQ Adv Q1 -5.3% -0.5% -1.5%
2020-05-15 08:15 AM QoQ Final Q1 -5.3% -0.5% -5.3% -5.3%
2020-07-29 08:30 AM QoQ Adv Q2 -5.3% 2.5%
2020-08-14 08:30 AM QoQ Final Q2 2.5%
2020-10-30 08:30 AM QoQ Adv Q3 1.5%
2020-11-13 08:30 AM QoQ Final Q3 1.5%


News Stream
Hong Kong GDP Shrinks the Most on Record
Hong Kong's gross domestic production shrank 5.3 percent on quarter in the first three months of 2020, following a 0.5 percent fall in the previous period, matching a preliminary estimate. It was the steepest contraction since comparable series began in 1990, amid disruptions of economic activities due to the coronavirus pandemic. Private consumption dropped 6.7 percent, after expanding 0.3 percent in the prior quarter. Also, exports of goods declined 9.2 percent (vs 2 percent in Q4) and those of services plunged 16.8 percent (vs -10.6 percent in Q4) while imports of goods went down 6.5 percent (vs -0.3 percent in Q4) and those of services dropped 21.9 percent (vs -0.3 percent in Q4). Year-on-year, the economy shrank 8.9 percent, the sharpest contraction on record, after a 3 percent drop in the prior period.
2020-05-15
Hong Kong Recession Deepens in Q1
Hong Kong's gross domestic production shrank 5.3 percent on quarter in the first three months of 2020, following a revised 0.5 percent fall the previous period, an advance estimate showed. That was the steepest pace of contraction since comparable series began in 1990, as the Covid-19 pandemic caused a severe fall in activity.
2020-05-04
Hong Kong Remains in Technical Recession
Hong Kong's GDP shrank 0.3 percent quarter-on-quarter in the three months to December 2019, less than earlier estimates of a 0.4 percent contraction and after a 3.0 percent slump in the previous period, final estimates showed. It was the third-straight quarterly decline, keeping the economy in a technical recession. Final estimates showed exports rebounded 1.9 percent (vs -1.2 percent in Q3) while imports went down 0.5 percent (vs -2.0 percent in Q3). Also, both private consumption (0.5 percent vs -4.1 percent) and government expenditure (1.6 percent vs 2.6 percent) rose. Year-on-year, the GDP contracted 2.9 percent, the second straight decline. For 2019 as a whole, the GDP contracted 1.2 percent, the first annual decline since 2009, and after a 2.9 percent advance in 2018.
2020-02-26
Hong Kong Confirms Technical Recession
The Hong Kong economy shrank 3.2 percent quarter-on-quarter in the three months to September 2019, following a 0.5 percent contraction in the previous period, in line with a preliminary reading and confirming a technical recession, final estimates showed. The country has fallen into recession for the first time since the global financial crisis in 2009 after five months of violent unrest due to a now withdrawn extradition bill. The government announced relief measures of HK$2 billion to stimulate the economy, particularly in transport, tourism and retail industries, as protests hit private consumption and investment. Year-on-year, the GDP shrank 2.9 percent, after expanding 0.4 percent in Q2 and also matching early estimates. That was the first yearly economic contraction since the third quarter of 2009.
2019-11-15

Hong Kong GDP Growth Rate
Hong Kong has an export oriented economy and in spite of small size is the 8th largest trading entity in the world with the value of goods and services exchanged four times the size of GDP. In recent years, Hong Kong has become an international hub for business, trade and finance importers willing to access the Chinese market. As such, the largest sector of the economy is services, which accounts for around 93 percent of GDP.