Hong Kong GDP advanced 5.4 percent on quarter in the first three months of 2021, faster than the 0.5 percent gain in the fourth quarter of 2020 and slightly beating preliminary figures of 5.3 percent. It was the fastest expansion since the third quarter of 2003, underpinned by a recovery in external demand, with shipments of goods jumping 14.4 percent (vs 2.9 percent in Q4) and exports of services going up 9.2 percent (vs -5.5 percent), while purchases of goods from abroad went up a slower 10.4 percent (vs 3.2 percent) and imports of services rose 4.0 percent (vs 0.9 percent). Finally, government spending increased at a faster pace (3.5 percent vs 0.8 percent), while private consumption eased (0.9 percent vs 1.4 percent). Year-on-year, the economy expanded 7.9 percent, also faster than flash estimates. source: Census and Statistics Department, Hong Kong

GDP Growth Rate in Hong Kong averaged 0.85 percent from 1990 until 2021, reaching an all time high of 6.10 percent in the third quarter of 2003 and a record low of -5.60 percent in the first quarter of 2020. This page provides - Hong Kong GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Hong Kong GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2021.

GDP 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 Growth Rate in Hong Kong to stand at 0.50 in 12 months time. In the long-term, the Hong Kong GDP Growth Rate is projected to trend around 1.00 percent in 2022, according to our econometric models.

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Hong Kong GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
5.40 0.50 6.10 -5.60 1990 - 2021 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2021-01-29 08:30 AM QoQ Adv Q4 0.2% 2.7% 1.1%
2021-02-24 07:00 AM QoQ Final Q4 0.2% 2.7% 0.2% 0.2%
2021-05-03 08:30 AM QoQ Adv Q1 5.3% 0.5% -0.3%
2021-05-14 08:50 AM QoQ Final Q1 5.4% 0.5% 5.3%
2021-07-30 08:30 AM QoQ Adv Q2 5.4% 1.3%
2021-08-13 08:30 AM QoQ Final Q2 5.4%
2021-11-01 08:30 AM QoQ Adv Q3
2021-11-12 08:30 AM QoQ Final Q3
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Hong Kong Q1 GDP Growth Rate Revised Higher
Hong Kong GDP advanced 5.4 percent on quarter in the first three months of 2021, faster than the 0.5 percent gain in the fourth quarter of 2020 and slightly beating preliminary figures of 5.3 percent. It was the fastest expansion since the third quarter of 2003, underpinned by a recovery in external demand, with shipments of goods jumping 14.4 percent (vs 2.9 percent in Q4) and exports of services going up 9.2 percent (vs -5.5 percent), while purchases of goods from abroad went up a slower 10.4 percent (vs 3.2 percent) and imports of services rose 4.0 percent (vs 0.9 percent). Finally, government spending increased at a faster pace (3.5 percent vs 0.8 percent), while private consumption eased (0.9 percent vs 1.4 percent). Year-on-year, the economy expanded 7.9 percent, also faster than flash estimates. The government of Hong Kong confirmed its forecasts that the economy will grow by 3.5% to 5.5% in the current year.
2021-05-14
Hong Kong GDP Growth Quickens to 18-Year High
The economy of Hong Kong jumped 5.3 percent on quarter in the first three months of 2021, the fastest expansion since the third quarter of 2003, following an upwardly revised 0.5 percent growth in the previous period, flash estimates showed. “Global economic recovery led by the mainland and the US should bode well for Hong Kong’s exports of goods in the near term.”, a Government spokesman said. On a non-seasonally adjusted basis, output rose 7.8 percent in the three months ending March, at a pace not seen since the first quarter of 2010.
2021-05-03
Hong Kong GDP Growth Rate Unrevised at 0.2%
Hong Kong GDP expanded 0.2% on quarter in the last three months of 2020, in line with preliminary figures. Private consumption continued to increase although at a slower pace (1.4% vs 2.6% in Q3), the same as exports (4.1% vs 4.9%) and imports of goods (5.4% vs 7.1%) while government spending edged up (0.3% vs 0.1%). Year-on-year, the economy shrank 3%, unrevised from flash figures. Considering full 2020, the GDP contracted 6.1%, the worst annual performance on record, due to the coronavirus pandemic. The city’s economy is expected to grow 3.5% to 5.5% in 2021 and run at an average growth rate of 3.3% annually from 2022 to 2025, according to government forecasts.
2021-02-24
Hong Kong GDP Growth Slows in Q4
The economy of Hong Kong expanded 0.2 percent on quarter in the last three months of 2020, slowing sharply from a downwardly revised 2.7 percent growth in the previous period, flash estimates showed. "The Hong Kong economy recovered further in the fourth quarter of 2020, albeit at a slow pace due to the fourth wave of the local epidemic. The strengthening of exports of goods and active financial market activity continued to render support", a Government spokesman said. Considering full 2020, the economy shrank 3 percent.
2021-01-29

Hong Kong GDP Growth Rate
Hong Kong has an export oriented economy and in spite of small size is the 8th largest trading entity in the world with the value of goods and services exchanged four times the size of GDP. 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.