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.