The economy of Hong Kong shrank 3.5 percent year-on-year in the third quarter of 2020, slightly more than 3.4 percent in the preliminary estimate and marking the 5th consecutive quarter of falling GDP. Exports of goods resumed moderate growth (3.9 percent vs -2.2 percent) thanks to an improved external trading environment and strong growth in China. In contrast, exports of services continued to plummet (-34.6 percent vs -45.6 percent) as inbound tourism and cross-boundary passenger transport remained frozen, though exports of financial services grew further. In addition, both investment (-11.1 percent vs -21.4 percent) and private spending (-8.2 percent vs -14.2 percent) shrank less and government spending continued to rise at a strong growth (7 percent vs 9.7 percent). source: Census and Statistics Department, Hong Kong

GDP Annual Growth Rate in Hong Kong averaged 4.87 percent from 1974 until 2020, reaching an all time high of 20.70 percent in the fourth quarter of 1976 and a record low of -9.10 percent in the first quarter of 2020. This page provides - Hong Kong GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Hong Kong GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2020.

GDP Annual Growth Rate in Hong Kong is expected to be 1.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Hong Kong to stand at 2.80 in 12 months time. In the long-term, the Hong Kong GDP Annual Growth Rate is projected to trend around 2.50 percent in 2021 and 2.80 percent in 2022, according to our econometric models.

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Hong Kong GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-3.50 -9.00 20.70 -9.10 1974 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-07-29 08:30 AM YoY Adv Q2 -9% -9.1% -2.2%
2020-08-14 08:30 AM YoY Final Q2 -9% -9.1% -9% -9%
2020-10-30 08:30 AM YoY Adv Q3 -3.4% -9% 1.7%
2020-11-13 08:30 AM YoY Final Q3 -3.5% -9% -3.4% -3.4%
2021-02-03 08:30 AM YoY Adv Q4
2021-02-26 03:30 AM YoY Final Q4
2021-05-04 08:30 AM YoY Adv Q1
2021-05-15 08:15 AM YoY Final Q1


News Stream
Hong Kong GDP Contraction Revised Slightly Higher in Q3
The economy of Hong Kong shrank 3.5 percent year-on-year in the third quarter of 2020, slightly more than 3.4 percent in the preliminary estimate and marking the 5th consecutive quarter of falling GDP. Exports of goods resumed moderate growth (3.9 percent vs -2.2 percent) thanks to an improved external trading environment and strong growth in China. In contrast, exports of services continued to plummet (-34.6 percent vs -45.6 percent) as inbound tourism and cross-boundary passenger transport remained frozen, though exports of financial services grew further. In addition, both investment (-11.1 percent vs -21.4 percent) and private spending (-8.2 percent vs -14.2 percent) shrank less and government spending continued to rise at a strong growth (7 percent vs 9.7 percent).
2020-11-13
Hong Kong Recession Extends to 5th Quarter
The economy of Hong Kong shrank 3.4% yoy in Q3 2020, extending the recession to the 5th straight quarter, preliminary estimates showed. Still, it is the smallest annual decline in GDP so far this year after record contractions in Q2 and Q1 due to the coronavirus crisis and social unrest in the country. A solid expansion in China, the stabilisation of the local epidemic, and stronger financial market activity all contributed positively. Exports of goods resumed growth (+3.8% vs -2.2%) amid revived demand in major markets especially China. Yet, exports of services continued to plummet (-34.8% vs -45.6%) as inbound tourism remained frozen. Private consumption posted a smaller though still notable decline (-7.7% vs -14.2%). Investment continued to fall visibly (-11.2% vs -21.4%) amid the difficult business environment, though displaying some relative improvement from the preceding quarter. On a quarter-on-quarter basis, the economy expanded 3%, the strongest in 11 years.
2020-10-30
Hong Kong Recession Deepens
The economy of Hong Kong shrank 9% year-on-year in the three months to June of 2020, following an upwardly revised 9.1% contraction in the previous period, a final estimate showed. It was the fourth consecutive contraction as the coronavirus pandemic continued to severely hurt global and local economic activities, following months of anti-government protests. Private consumption dropped by 14.2% (-10.6% in Q1) and gross domestic fixed capital formation fell by 21.4 (-15.8% in Q1). Exports of goods declined 2.4% (vs -9.7% in Q1) and imports went down by 7.1% (vs -11.1% in Q1). On the other hand, government spending grew by 9.8%, faster than an 8.8% expansion in the prior period. On a quarter-on-quarter basis, the GDP shrank only 0.1%. Meanwhile, the government downgraded its full-year economic forecast, the GDP is expected to shrink between 6% and 8% in 2020, compared to its previous projection for a contraction of between 4% and 7%.
2020-08-14
Hong Kong Recession Deepens
The economy of Hong Kong shrank 9% year-on-year in the three months to June of 2020, following an upwardly revised 9.1% drop in the previous period which was the highest on record. The economy contracted for the 4th straight quarter, as the coronavirus pandemic continued to severely hurt global and local economic activities, after a hit of months of anti-government protests. Private consumption fell 14.5%, gross domestic fixed capital formation plunged 20.6%, exports of goods declined 2.1% and imports 6.8%. In contrast, public expenditure went up 9.6%. Looking ahead, the COVID-19 pandemic will remain a key threat to the global economic outlook and the challenging external environment will likely constrain Hong Kong's export performance in the near term while the recent surge in COVID-19 cases in Hing Kong has clouded the outlook for domestic economic activity, a government spokesman said. On a quarter-on-quarter basis, the GDP shrank 0.1%.
2020-07-29

Hong Kong GDP Annual Growth Rate
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. Within services, the most important are wholesale and retail trade (25 percent of GDP); public administration and social services (17 percent); finance and insurance (16 percent); real estate and business services (11 percent); ownership of premises (10 percent) and transportation and postal services (6 percent). Information and communications and food and accommodation account for 8 percent. Construction represents 3.5 percent of GDP and electricity, water and gas supply, waste management and manufacturing 3.4 percent.