The Hong Kong economy contracted 2.9% year-on-year in the last quarter of 2019, following a downwardly revised 2.8% fall in the previous period, due to weak domestic and external demand amid violent anti-government protests and the US-China trade war. Advance estimates showed private spending decreased 3%, gross fixed capital formation slumped 16.2%, exports and imports went down 2.6% and 7.2% respectively. On the other hand, government spending rose 6%. For 2019 as a whole, the GDP contracted 1.2%, the first annual decline since 2009. A government spokesman said the 2020 outlook is subject to high uncertainties, including the pace of global economic recovery, US-China trade relations, local social incidents, and development of the novel coronavirus infection in Hong Kong and Asia.

GDP Annual Growth Rate in Hong Kong averaged 5.08 percent from 1974 until 2019, reaching an all time high of 20.70 percent in the fourth quarter of 1976 and a record low of -8.10 percent in the third quarter of 1998. This page provides - Hong Kong GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. source: Census and Statistics Department, Hong Kong

GDP Annual Growth Rate in Hong Kong is expected to be -0.50 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 1.50 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
-2.90 -2.80 20.70 -8.10 1974 - 2019 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2019-08-16 08:30 AM YoY Final Q2 0.5% 0.6% 0.6% 0.6%
2019-10-31 08:30 AM YoY Adv Q3 -2.9% 0.4% 0.3%
2019-11-15 08:30 AM YoY Final Q3 -2.9% 0.4% -2.9% -2.9%
2020-02-03 08:30 AM YoY Adv Q4 -2.9% -2.8% -4.5%
2020-02-26 08:30 AM YoY Final Q4 -2.8% -3% -2.9%
2020-05-04 08:30 AM YoY Adv Q1 -0.5%
2020-05-15 08:30 AM YoY Final Q1 -0.5%
2020-07-29 08:30 AM YoY Adv Q2 2.2%


News Stream
Hong Kong Recession Worsens in Q4
The Hong Kong economy contracted 2.9% year-on-year in the last quarter of 2019, following a downwardly revised 2.8% fall in the previous period, due to weak domestic and external demand amid violent anti-government protests and the US-China trade war. Advance estimates showed private spending decreased 3%, gross fixed capital formation slumped 16.2%, exports and imports went down 2.6% and 7.2% respectively. On the other hand, government spending rose 6%. For 2019 as a whole, the GDP contracted 1.2%, the first annual decline since 2009. A government spokesman said the 2020 outlook is subject to high uncertainties, including the pace of global economic recovery, US-China trade relations, local social incidents, and development of the novel coronavirus infection in Hong Kong and Asia.
2020-02-03
Hong Kong Confirms 1st GDP Contraction in a Decade
The Hong Kong economy shrank 2.9 percent year-on-year in the third quarter of 2019, after expanding 0.4 percent in the previous period, in line with preliminary estimates. It was the first yearly economic contraction since the third quarter of 2009, when the economy shrank 1.7 percent. Private consumption dropped and fixed investment declined further while government spending grew at a faster pace.
2019-11-15
Hong Kong Economy Shrinks for 1st time in a Decade
The Hong Kong economy contracted 2.9 percent year-on-year in the third quarter of 2019, after expanding a downwardly revised 0.4 percent in the previous period, an advanced estimate showed. It was the first yearly economic contraction since the third quarter of 2009, when the economy shrank 1.7 percent. Private consumption dropped and fixed investment declined further while government spending grew at a faster pace.
2019-10-31
Hong Kong Q2 GDP Growth Revised Lower to 10-Year Low
Hong Kong's annual economic growth was revised lower to 0.5 percent in the second quarter of 2019, compared with a preliminary reading of 0.6 percent. That was the weakest pace of expansion since a contraction seen in the third quarter of 2009 amid ongoing trade tensions between China and the US, and growing social unrest.
2019-08-16

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.