The Hong Kong economy advanced 1.3 percent year-on-year in the December quarter of 2018, easing from a downwardly revised 2.8 percent growth in the previous period. It was the weakest pace of expansion since the March quarter 2016, amid a marked slowdown in private consumption and a slump in fixed investment. Considering 2018 the whole year, the economy grew by 3 percent, less than than the government's forecast of 3.2 percent and after a 3.8 percent expansion in the preceding year. For 2019, the government expects the economy to grow between 2 to 3 percent. On a quarterly basis, the economy contracted 0.3 percent in the three months to December, compared to a 0.1 percent growth in the prior quarter. GDP Annual Growth Rate in Hong Kong averaged 5.22 percent from 1974 until 2018, 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.

GDP Annual Growth Rate in Hong Kong is expected to be 2.00 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 2.50 in 12 months time. In the long-term, the Hong Kong GDP Annual Growth Rate is projected to trend around 2.10 percent in 2020, according to our econometric models.

Hong Kong GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-05-11 08:30 AM GDP Growth Rate YoY 4.7% 3.4% 3.70%
2018-08-10 08:30 AM GDP Growth Rate YoY 3.5% 4.6% 3.9%
2018-11-16 08:30 AM GDP Growth Rate YoY 2.9% 3.5% 3.1%
2019-02-27 03:30 AM GDP Growth Rate YoY 1.3% 2.8% 3.2%
2019-05-02 08:30 AM GDP Growth Rate YoY Adv 1.3% 2%
2019-05-17 08:30 AM GDP Growth Rate Final
2019-07-31 08:30 AM GDP Growth Rate YoY Adv 1.9%



Hong Kong Q4 GDP Annual Growth Weakest in Near 3 Years

The Hong Kong economy advanced 1.3 percent year-on-year in the December quarter of 2018, easing from a downwardly revised 2.8 percent growth in the previous period. It was the weakest pace of expansion since the March quarter 2016, amid a marked slowdown in private consumption and a slump in fixed investment.

Private consumption increased by 3.1 percent in the fourth quarter, following a 4.8 percent rise in the previous three month-period and marking the slowest rise in ten quarters. In addition, fixed investment shrank 5.4 percent, compared to a 9.2 percent growth in the prior quarter and reaching the first drop in five quarters. Investment in building and construction contracted (-6 percent vs 1.1 percent Q3) and costs of ownership transfer slumped 43.7 percent (vs -1.1 percent in Q3), while spending on machinery, equipment and intellectual property products slowed sharply (4.6 percent vs 21 percent). 

Meantime, government spending rose by 5 percent, faster than a 3.3 percent gain in the prior quarter. Also, net external demand contributed positively to the GDP growth as imports fell faster than exports. Imports of goods dropped 0.8 percent (vs 7.7 percent in Q3) and those of services grew 2 percent (vs 2.5 percent in Q3), while exports of goods dropped 0.2 percent (vs 5 percent in Q3) and those of services went up 2.9 percent (vs 3.4 percent in Q3).

Considering 2018 the whole year, the economy grew by 3 percent, less than than the government's forecast of 3.2 percent and after a 3.8 percent expansion in the preceding year.

For 2019, the government expects the economy to grow between 2 to 3 percent.

On a quarterly basis, the economy contracted 0.3 percent in the three months to December, compared to a 0.1 percent growth in the prior quarter. Exports of goods  contracted 2.7 percent (vs 1.2 percent in Q3) while those of services grew by 0.7 percent (vs 0.5 percent in Q3). Meantime, imports of goods declined by 5 percent (vs 3.1 percent in Q3) while those of services went up 0.1 percent (vs 0.7  percent in Q3). At the same time, private consumption rose by 0.2 percent (vs 0.6 percent) and  government spending grew by 1.4 percent (vs 0.7 percent in Q3). 


Census and Statistics Department l Rida Husna | rida@tradingeconomics.com
2/27/2019 6:42:19 AM



Hong Kong GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.30 0.10 6.10 -3.40 percent [+]
GDP Annual Growth Rate 1.30 2.80 20.70 -8.10 percent [+]
GDP 341.45 320.88 341.45 1.32 USD Billion [+]
GDP Constant Prices 701822.00 675977.00 701822.00 68360.00 HKD Million [+]
Gross National Product 731469.00 719344.00 731469.00 341673.00 HKD Million [+]
Gross Fixed Capital Formation 144325.00 144744.00 157396.00 15765.00 HKD Million [+]
GDP per capita 37927.13 36816.10 37927.13 3380.60 USD [+]
GDP per capita PPP 56054.92 54412.90 56054.92 26974.30 USD [+]
GDP From Agriculture 438.00 430.00 837.00 424.00 HKD Million [+]
GDP From Construction 30331.00 29412.00 34157.00 15319.00 HKD Million [+]
GDP From Manufacturing 6957.00 7149.00 10830.00 6097.00 HKD Million [+]
GDP From Public Administration 118396.00 117660.00 118396.00 75563.00 HKD Million [+]
GDP From Services 640781.00 607235.00 640781.00 281693.00 HKD Million [+]
GDP From Transport 40338.00 40448.00 41604.00 17565.00 HKD Million [+]
GDP From Utilities 7675.00 9895.00 10855.00 6232.00 HKD Million [+]


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. 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 - actual data, historical chart and calendar of releases - was last updated on April of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.30 2.80 20.70 -8.10 1974 - 2018 percent Quarterly




Country Last Previous
India 6.60 Dec/18
China 6.40 Mar/19
Indonesia 5.18 Dec/18
Saudi Arabia 3.60 Dec/18
South Korea 3.10 Dec/18
United States 3.00 Dec/18
Russia 2.70 Dec/18
Australia 2.30 Dec/18
Spain 2.30 Dec/18
Netherlands 2.20 Dec/18
Mexico 1.70 Dec/18
Canada 1.60 Dec/18
Switzerland 1.40 Dec/18
United Kingdom 1.40 Dec/18
Singapore 1.30 Mar/19
Brazil 1.10 Dec/18
Euro Area 1.10 Dec/18
South Africa 1.10 Dec/18
France 1.00 Dec/18
Germany 0.60 Dec/18
Japan 0.30 Dec/18
Italy 0.00 Dec/18
Turkey -3.00 Dec/18
Argentina -6.20 Dec/18


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