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.