The Hong Kong economy advanced 0.6 percent year-on-year in the first quarter of 2019, higher than an advance estimate of 0.5 percent but easing from a 1.2 percent expansion in the previous period, a final estimate showed. It was the weakest growth rate since the third quarter of 2009, when the economy contracted 1.7 percent. Private consumption and government spending slowed and fixed investment shrank further. On a quarterly basis, the GDP expanded 1.3 percent, above a preliminary reading of 1.2 percent and after a 0.5 percent contraction in the prior quarter. GDP Annual Growth Rate in Hong Kong averaged 5.19 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 1.90 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 2.60 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
2018-11-16 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 0.5% 1.2% 2%
2019-05-17 08:30 AM GDP Growth Rate YoY Final 0.6% 1.2% 0.5%
2019-07-31 08:30 AM GDP Growth Rate YoY Adv 1.9%
2019-08-16 08:30 AM GDP Growth Rate YoY Final
2019-10-31 08:30 AM GDP Growth Rate YoY Adv 2.2%



Hong Kong Q1 GDP Growth at Near 10-Year Low

The Hong Kong economy advanced 0.6 percent year-on-year in the first quarter of 2019, higher than an advance estimate of 0.5 percent but easing from a 1.2 percent expansion in the previous period, a final estimate showed. It was the weakest growth rate since the third quarter of 2009, when the economy contracted 1.7 percent. Private consumption and government spending slowed and fixed investment shrank further.

Private consumption expanded by 0.2 percent, higher than a preliminary 0.1 percent but slowing from a 2.7 percent growth in the fourth quarter of 2018; and government spending increased by 4.5 percent, easing from a 4.9 percent expansion in the prior quarter. Additionally, fixed investment contracted 7.1 percent, above an advance estimate of 7.0 percent and after shrinking 5.8 percent in the previous period. Investment in machinery, equipment and intellectual property products fell (-1.8 percent vs 4.7 percent in Q4 2018) while spending on building and construction shrank less (-3.5 percent vs -4.9 percent in Q4), of which private construction (-3.9 percent) and public (-2.8 percent).

Exports of goods declined 4.1 percent, lower than the first estimate of a 4.2 percent fall, compared with the virtually no change in the last quarter of 2018, and those of services went up 1.1 percent, below a preliminary 1.4 percent increase and slower than a 3.3 percent rise. Imports of goods dropped 4.7 percent, down from and a 4.6 percent decrease in the advance estimate and after decreasing 0.5 percent in the previous quarter and those of services fell 0.8 percent (vs a preliminary 1.0 percent), compared to a 2.1 percent increase in Q4.

On a quarterly basis, the economy grew 1.3 percent in the first quarter of the year, above a preliminary estimate of 1.2 percent, rebounding from an upwardly revised 0.5 percent contraction in prior period.


Census and Statistics Department l Stefanie Moya | stefanie.moya@tradingeconomics.com
5/17/2019 9:26:15 AM



Hong Kong GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.30 -0.50 6.10 -3.40 percent [+]
GDP Annual Growth Rate 0.60 1.20 20.70 -8.10 percent [+]
GDP 341.45 320.88 341.45 1.32 USD Billion [+]
GDP Constant Prices 675108.00 721686.00 721686.00 70363.00 HKD Million [+]
Gross National Product 731469.00 719344.00 731469.00 341673.00 HKD Million [+]
Gross Fixed Capital Formation 128725.00 150329.00 164546.00 16464.00 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 117399.00 118396.00 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 June of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.60 1.20 20.70 -8.10 1974 - 2019 percent Quarterly




Country Last Previous
China 6.40 Mar/19
India 5.80 Mar/19
Indonesia 5.07 Mar/19
Saudi Arabia 3.60 Dec/18
United States 3.20 Mar/19
Spain 2.40 Mar/19
Australia 1.80 Mar/19
United Kingdom 1.80 Mar/19
Netherlands 1.70 Mar/19
South Korea 1.70 Mar/19
Switzerland 1.70 Mar/19
Canada 1.30 Mar/19
Euro Area 1.20 Mar/19
France 1.20 Mar/19
Mexico 1.20 Mar/19
Singapore 1.20 Mar/19
Japan 0.90 Mar/19
Germany 0.70 Mar/19
Brazil 0.50 Mar/19
Russia 0.50 Mar/19
South Africa 0.00 Mar/19
Italy -0.10 Mar/19
Turkey -2.60 Mar/19
Argentina -6.20 Dec/18


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