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for the first time since the global financial crisis in 2009 after five months of violent unrest due to a now withdrawn extradition bill.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