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.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

Please Paste this Code in your Website
width
height
Hong Kong GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-8.90 -3.00 20.70 -8.90 1974 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-02-03 08:30 AM YoY Adv Q4 -2.9% -2.8% -4.5%
2020-02-26 03:30 AM YoY Final Q4 -2.9% -2.8% -3% -2.9%
2020-05-04 08:30 AM YoY Adv Q1 -8.9% -3.0% -7.5%
2020-05-15 08:15 AM YoY Final Q1 -8.9% -3.0% -8.9% -8.9%
2020-07-29 08:30 AM YoY Adv Q2 -8.9% -6.2%
2020-08-14 08:30 AM YoY Final Q2 -8.9% -6.2%
2020-10-30 08:30 AM YoY Adv Q3 1.7%
2020-11-13 08:30 AM YoY Final Q3 1.7%


News Stream
Hong Kong Economy Contracts at Record Pace
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.
2020-05-15
Hong Kong GDP Shrinks the Most on Record
The economy of Hong Kong shrank 8.9 percent year-on-year in the first quarter of 2020, following a revised 3.0 percent slump in the previous three-month period, an advance estimate showed. That was the steepest pace of contraction since the series began in 1974 as the Covid-19 outbreak hit the economy. Private consumption expenditure tumbled 10.2 percent (vs -2.9 percent in Q4 2019) and fixed investment plunged 13.9 percent (vs -16.8 percent in Q4). In addition, both exports and imports fell sharply, while public spending grew at a faster pace (8.3 percent vs 6.1 percent). Looking ahead, the government said that local exports will remain “under notable pressure” and that domestic economic activities are likely to stay subdued in the near term if the threat of the pandemic continues.
2020-05-04
Hong Kong Confirms 2nd GDP Contraction
The Hong Kong economy contracted 2.9 percent year-on-year in the last quarter of 2019, following a 2.8 percent fall in the previous period, in line with preliminary estimates but against market expectations of a 3 percent slump. It was the second straight annual decline in GDP due to weak domestic and external demand amid violent anti-government protests and the US-China trade war. Final estimates showed private spending decreased 2.9 percent, gross fixed capital formation slumped 16.7 percent, exports and imports went down 2.7 percent and 7.3 percent, respectively. On the other hand, government spending rose 6 percent. On a seasonally quarterly basis, the GDP shrank 0.3 percent, below preliminary estimates of a 0.4 percent contraction. It was the third-straight quarterly decline, keeping the economy in a technical recession. For 2019 as a whole, the GDP contracted 1.2 percent, the first annual decline since 2009, and after a 2.9 percent advance in 2018.
2020-02-26
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 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.