The economy of Hong Kong expanded 7.9 percent year-on-year in the first quarter of 2020, ending a six-quarter recession and above preliminary figures of a 7.8 percent jump. It was the fastest increase in economic output since the quarter ended March of 2010, amid a sharp recovery in global demand, although economic activity remained below pre-pandemic levels. Shipments of goods surged 30.2 percent (vs 5.5 percent in Q4), mostly to China, the US and the EU, while exports of services fell 8.1 percent (vs -28.8 percent). At the same time, purchases of goods from abroad jumped 22.7 percent (vs 6.7 percent), while imports of services slew -12.9 percent (vs -33.9 percent). Additionally, government spending went up 6.8 percent (vs 6.1 percent), private consumption rebounded to 1.6 percent (vs -6.9 percent), and gross fixed capital formation rose 4.5 percent (vs 3.6 percent). The government of Hong Kong confirmed its forecasts that the economy will grow by 3.5% to 5.5% in the current year. source: Census and Statistics Department, Hong Kong
GDP Annual Growth Rate in Hong Kong averaged 4.85 percent from 1974 until 2021, reaching an all time high of 20.70 percent in the fourth quarter of 1976 and a record low of -9.10 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 May of 2021.
GDP Annual Growth Rate in Hong Kong is expected to be 2.80 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 3.00 in 12 months time. In the long-term, the Hong Kong GDP Annual Growth Rate is projected to trend around 3.50 percent in 2022 and 2.30 percent in 2023, according to our econometric models.