The economy of Hong Kong shrank 8.9 percent year-on-year in the first quarter of 2020, after a 3 percent decline in the previous period, in line with preliminary estimates. It was the sharpest contraction since series began in 1974, as the coronavirus pandemic hit the economy. Private consumption expenditure slumped 10.1 percent (vs -2.9 percent in Q4 2019) and fixed investment plunged 14.3 percent (vs -16.8 percent in Q4). Additionally, both exports of goods dropped 9.9 percent (-2.5 percent in Q4) and those of services declined 37.8 percent (-24.2 percent in Q4) while imports of goods fell 11 percent (vs -7 percent) and those of services decreased 26.3 percent (vs -5.2 percent). In contrast, public spending grew at a faster pace (8.3 percent vs 6.1 percent). Looking ahead, the government said that export performance will remain under pressure in the near term and that domestic economic activities will take time to fully recover.
GDP Annual Growth Rate in Hong Kong averaged 5 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 -8.90 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 July of 2020. source: Census and Statistics Department, Hong Kong
GDP Annual Growth Rate in Hong Kong is expected to be 1.70 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.