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. GDP Annual Growth Rate in Hong Kong averaged 5.16 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.

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 2.70 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
2019-05-02 08:30 AM GDP Growth Rate YoY Adv Q1 0.5% 1.2% 2%
2019-05-17 08:30 AM GDP Growth Rate YoY Final Q1 0.6% 1.2% 0.5%
2019-07-31 08:30 AM GDP Growth Rate YoY Adv Q2 0.6% 0.6% 1.9%
2019-08-16 08:30 AM GDP Growth Rate YoY Final Q2 0.5% 0.6% 0.6% 0.6%
2019-10-31 08:30 AM GDP Growth Rate YoY Adv Q3 0.5% 0.5%
2019-11-15 08:30 AM GDP Growth Rate YoY Final Q3 0.5%



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.

Gross domestic fixed capital formation decreased significantly by 11.6 percent in the second quarter, following a 7 percent contraction in the previous period. Within the total GDFCF, expenditure on machinery, equipment and intellectual property products dropped by 12.4 percent (vs -1.7 percent in Q1), while expenditure on building and construction fell by 10.6 percent (-3.5 percent in Q1).  Within this category, expenditure on building and construction in respect of private and public sectors decreased by 6.2 percent and 19.5 percent respectively.

Meanwhile, private consumption expenditure rose by 1.1 percent, faster than the 0.4 percent growth in the first quarter; and government consumption expenditure advanced by 4.2 percent, after the increase of 4.5 percent in the previous period.

Over the same period, total exports of goods declined by 5.6 percent (vs -3.7 percent in Q1) and imports of goods decreased by 7 percent (vs -4.2 percent in Q1). Exports of services were 0.2 percent lower (vs 0.8 percent in Q1), while imports of services increased by 1.6 percent (vs -1.5 percent in Q1).

On a seasonally adjusted quarterly basis, the economy shrank by 0.4 percent in the second quarter, worse than a preliminary estimate of a 0.3 percent decline.

The government lowered its growth forecast for 2019 to 0-1 percent from 2-3 percent previously estimated.


Census and Statistics Department | Joana Ferreira | joana.ferreira@tradingeconomics.com
8/16/2019 8:55:13 AM



Hong Kong GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.40 1.30 6.10 -3.40 percent [+]
GDP Annual Growth Rate 0.50 0.60 20.70 -8.10 percent [+]
GDP 362.99 341.65 362.99 1.32 USD Billion [+]
GDP Constant Prices 657429.00 674829.00 721686.00 70363.00 HKD Million [+]
Gross National Product 699293.00 749212.00 749212.00 351486.00 HKD Million [+]
Gross Fixed Capital Formation 131070.00 128761.00 164546.00 16464.00 HKD Million [+]
GDP per capita 38784.80 37949.30 38784.80 3380.60 USD [+]
GDP per capita PPP 57322.50 56087.70 57322.50 26974.30 USD [+]
GDP From Agriculture 406.00 423.00 804.00 400.00 HKD Million [+]
GDP From Construction 33759.00 32477.00 35944.00 16120.00 HKD Million [+]
GDP From Manufacturing 6517.00 7038.00 10964.00 6176.00 HKD Million [+]
GDP From Public Administration 117824.00 121348.00 122386.00 78077.00 HKD Million [+]
GDP From Services 598382.00 654271.00 654271.00 287640.00 HKD Million [+]
GDP From Transport 39028.00 39465.00 39465.00 17151.00 HKD Million [+]
GDP From Utilities 7936.00 7731.00 10939.00 6279.00 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 August of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.60 20.70 -8.10 1974 - 2019 percent Quarterly




Country Last Previous
China 6.20 Jun/19
India 5.80 Mar/19
Indonesia 5.05 Jun/19
Spain 2.30 Jun/19
United States 2.30 Jun/19
South Korea 2.10 Jun/19
Netherlands 2.00 Jun/19
Australia 1.80 Mar/19
Saudi Arabia 1.70 Mar/19
Switzerland 1.70 Mar/19
Canada 1.30 Mar/19
France 1.30 Jun/19
Japan 1.20 Jun/19
United Kingdom 1.20 Jun/19
Euro Area 1.10 Jun/19
Russia 0.90 Jun/19
Brazil 0.50 Mar/19
Germany 0.40 Jun/19
Singapore 0.10 Jun/19
Italy 0.00 Jun/19
South Africa 0.00 Mar/19
Mexico -0.70 Jun/19
Turkey -2.60 Mar/19
Argentina -5.80 Mar/19


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