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.

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Hong Kong GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.10 -5.30 6.10 -5.30 1990 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
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 -0.1% -5.3% -0.5%
2020-08-14 08:30 AM QoQ Final Q2 -0.1% -5.3% -0.1% -0.1%
2020-10-30 08:30 AM QoQ Adv Q3 -0.1% 1.5%
2020-11-13 08:30 AM QoQ Final Q3 -0.1% 1.5%


News Stream
Hong Kong GDP Contracts 0.1% QoQ in Q2
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.
2020-08-14
Hong Kong GDP Shrinks 0.1% QoQ in Q2
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 plunge in the previous period, preliminary estimates showed. Yet, as the coronavirus pandemic was largely under control in Hong Kong in May and June, and the recovery of the Chinese economy also helped partly offset the external headwinds facing Hong Kong's exports of goods, the overall economic situation showed signs of stabilisation during the quarter. However, the COVID-19 pandemic remains a threat to the economy as it constrains exports while the recent surge in cases in Hong Kong impacts local activities.
2020-07-29
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 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.