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 entering to 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recession for the first time since the global financial crisis in 2009 after five months of violent unrest due to a now withdrawn extradition bill.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.

GDP Growth Rate in Hong Kong averaged 0.88 percent from 1990 until 2019, reaching an all time high of 6.10 percent in the third quarter of 2003 and a record low of -3.40 percent in the first quarter of 2009. This page provides - Hong Kong GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. source: Census and Statistics Department, Hong Kong

GDP Growth Rate in Hong Kong is expected to be -0.80 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 1.50 in 12 months time. In the long-term, the Hong Kong GDP Growth Rate is projected to trend around 1.00 percent in 2020, according to our econometric models.


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Hong Kong GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-3.20 -0.50 6.10 -3.40 1990 - 2019 percent Quarterly
SA

Calendar GMT Actual Previous Consensus TEForecast
2019-07-31 08:30 AM GDP Growth Rate QoQ Adv Q2 -0.3% 1.3% 0.9%
2019-08-16 08:30 AM GDP Growth Rate QoQ Final Q2 -0.4% 1.3% -0.3%
2019-10-31 08:30 AM GDP Growth Rate QoQ Adv Q3 -3.2% -0.5% -0.6%
2019-11-15 08:30 AM GDP Growth Rate QoQ Final Q3 -3.2% -0.5% -3.2% -3.2%
2020-02-03 08:30 AM GDP Growth Rate QoQ Adv Q4 -3.2% -3.5%


News Stream
2019-10-31
Hong Kong Economy Enters Recession Amid Unrest
The Hong Kong economy shrank 3.2 percent quarter-on-quarter in the three months to September 2019, following an upwardly revised 0.5 percent contraction in the previous period, entering to a technical recession, an advance estimate 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 a downwardly revised 0.4 percent in Q2, recording the first yearly economic contraction since the third quarter of 2009.


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.

Hong Kong GDP Last Previous Highest Lowest Unit
GDP Growth Rate -3.20 -0.50 6.10 -3.40 percent [+]
GDP Annual Growth Rate -2.90 0.40 20.70 -8.10 percent [+]
GDP 362.99 341.65 362.99 1.32 USD Billion [+]
GDP Constant Prices 676060.00 657134.00 721686.00 70363.00 HKD Million [+]
Gross National Product 714193.00 714199.00 749212.00 351486.00 HKD Million [+]
Gross Fixed Capital Formation 126010.00 132269.00 164546.00 16464.00 HKD Million [+]
GDP per capita 38784.80 37949.30 38784.80 3380.60 USD [+]
GDP per capita PPP 57322.50 56087.70 57322.50 26974.30 USD [+]
GDP From Agriculture 410.00 474.00 804.00 400.00 HKD Million [+]
GDP From Construction 29586.00 28843.00 35944.00 16120.00 HKD Million [+]
GDP From Manufacturing 7270.00 6968.00 10964.00 6176.00 HKD Million [+]
GDP From Public Administration 124595.00 125639.00 125639.00 78077.00 HKD Million [+]
GDP From Services 609135.00 585064.00 654271.00 287640.00 HKD Million [+]
GDP From Transport 36777.00 35612.00 39465.00 17151.00 HKD Million [+]
GDP From Utilities 10106.00 9275.00 10939.00 6279.00 HKD Million [+]