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Hong Kong GDP Growth Rate Stagnant in Q4
Hong Kong GDP showed no growth over the previous quarter in the three months to December 2022, following a 2.6 percent contraction in Q3 and matching the preliminary figure. Private consumption continued to increase (2.3 percent vs 0.9 percent in Q3), while government spending pared some losses (2.9 percent vs -3.9 percent). In terms of net trade, exports of goods fell further (-7.8 vs -7.6 percent) while exports of services turned positive (4 percent vs -3 percent). At the same time, imports of goods declined at a softer pace (-7.8 percent vs -9.7 percent), and imports of services rebounded sharply (5.4 percent vs -0.4 percent).
Published on 2023-02-22

Hong Kong GDP Sinks in Q3
Hong Kong's economy shrank by 2.6 percent over the previous quarter in the three months to September 2022 period, following a 1.0 percent contraction during the last quarter. Prive consumption slowed sharply (1.1 percent vs. 8.0 percent in Q2) while government spending tumbled (-5.2 percent vs. 5.2 percent). In terms of net trade, exports of goods fell 7.7 percent (vs. -5.1 percent in Q2), while services exports declined 4.7 percent (vs. 0.5 percent). At the same time, imports of goods dropped 9.9 percent (vs. 1.9 percent) while services imports rose 0.2 percent (vs. 0.5 percent).
Published on 2022-11-11

Hong Kong Economy Contracts Over Prior Quarter
The Hong Kong economy shed 0.9 percent over a quarter in the three months ending June of 2021, following an upwardly revised 5.5 percent expansion in the first quarter of the year and almost in line with flash estimates of a 1 percent drop. It was the first decline in GDP since the second quarter of last year, due to a high base effect because of exceptionally strong trade performance in the first three months of 2021, with shipments of goods falling 1.9 percent (vs 14.3 percent in Q1) and exports of services slumped 7.7 percent (vs 10.2 percent), while imports of goods went up 1 percent (vs 10.6 percent) and those of services slid 7.2 percent (vs 5.1 percent). On the domestic side, private spending gained some momentum (1.5 percent vs 1.4 percent), while government consumption expenditure retreated (-2.1 percent vs 3.6 percent).
Published on 2021-08-13

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.
Published on 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.
Published on 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.
Published on 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.
Published on 2021-01-29

Hong Kong GDP Grows Slightly Less than Anticipated
The economy of Hong Kong expanded 2.8 percent quarter-on-quarter in the third quarter of 2020, slightly less than initial estimates of a 3 percent rise. Still, it is the first quarter of expansion in since early 2019, and the strongest growth rate in 11 years as the economy attempts to rebound from the coronavirus crisis. The near-term outlook will hinge critically on the local COVID-19 situation. Provided that the local epidemic remains well contained, domestic economic activities will likely see further modest improvement in Q4. Latest government forecasts point to a 6.1 percent drop in GDP for 2020.
Published on 2020-11-13

Hong Kong Quarterly GDP Growth Strongest in 11 Years
The economy of Hong Kong grew 3 on quarter in the three months to September, preliminary estimates showed. It is the first quarter of expansion in since early 2019, and the strongest growth rate in 11 years as the economy attempts to rebound from the coronavirus crisis. Looking ahead, a "continued recovery of the Chinese economy should render support to Hong Kong's exports in the coming few months. Also, global demand and trade flows will further improve if the recovery of the major advanced economies sustains. COVID-19 will remain a major downside risk to the global and local economy until effective vaccines are widely available. The tourism industry is unlikely to see a swift rebound with widespread travel restrictions in place. The evolving China-US relations, heightened geopolitical tensions, and the possibility of a disorderly Brexit also add to uncertainties", a Government spokesman said.
Published on 2020-10-30

Hong Kong GDP Contracts 0.1% QoQ in Q2
The economy of Hong Kong contracted 0.1 percent on quarter in the three months to June of 2020, following a record 5.3 percent slump in the previous period, final estimates showed. The coronavirus pandemic was largely under control in May and June, and the recovery in mainland China has helped to partly offset the external headwinds facing Hong Kong's exports of goods. Private consumption decline moderated (-3.8 percent vs -7.2 percent in Q1) while government spending grew (1.8 percent vs 3.5 percent in Q1). Export of goods rose 6.5 percent (vs -9 percent in Q1) while those of services slumped 17 percent (vs -16.3 in Q1). Meantime, imports of goods increased 1.8 percent (vs -6.6 percent in Q1), while those of services plunged 24 percent (vs -20 percent in Q1). Year-on-year, the economy shrank 9 percent, after contracting 9.1 percent in the prior period.
Published on 2020-08-14

Hong Kong GDP Shrinks 0.1% QoQ in Q2
The economy of Hong Kong contracted 0.1 percent on quarter in the three months to June of 2020, following a record 5.3 percent plunge in the previous period, preliminary estimates showed. Yet, as the coronavirus pandemic was largely under control in Hong Kong in May and June, and the recovery of the Chinese economy also helped partly offset the external headwinds facing Hong Kong's exports of goods, the overall economic situation showed signs of stabilisation during the quarter. However, the COVID-19 pandemic remains a threat to the economy as it constrains exports while the recent surge in cases in Hong Kong impacts local activities.
Published on 2020-07-29

Hong Kong GDP Shrinks the Most on Record
Hong Kong's gross domestic production shrank 5.3 percent on quarter in the first three months of 2020, following a 0.5 percent fall in the previous period, matching a preliminary estimate. It was the steepest contraction since comparable series began in 1990, amid disruptions of economic activities due to the coronavirus pandemic. Private consumption dropped 6.7 percent, after expanding 0.3 percent in the prior quarter. Also, exports of goods declined 9.2 percent (vs 2 percent in Q4) and those of services plunged 16.8 percent (vs -10.6 percent in Q4) while imports of goods went down 6.5 percent (vs -0.3 percent in Q4) and those of services dropped 21.9 percent (vs -0.3 percent in Q4). Year-on-year, the economy shrank 8.9 percent, the sharpest contraction on record, after a 3 percent drop in the prior period.
Published on 2020-05-15

Hong Kong Recession Deepens in Q1
Hong Kong's gross domestic production shrank 5.3 percent on quarter in the first three months of 2020, following a revised 0.5 percent fall the previous period, an advance estimate showed. That was the steepest pace of contraction since comparable series began in 1990, as the Covid-19 pandemic caused a severe fall in activity.
Published on 2020-05-04

Hong Kong Remains in Technical Recession
Hong Kong's GDP shrank 0.3 percent quarter-on-quarter in the three months to December 2019, less than earlier estimates of a 0.4 percent contraction and after a 3.0 percent slump in the previous period, final estimates showed. It was the third-straight quarterly decline, keeping the economy in a technical recession. Final estimates showed exports rebounded 1.9 percent (vs -1.2 percent in Q3) while imports went down 0.5 percent (vs -2.0 percent in Q3). Also, both private consumption (0.5 percent vs -4.1 percent) and government expenditure (1.6 percent vs 2.6 percent) rose. Year-on-year, the GDP contracted 2.9 percent, the second straight decline. For 2019 as a whole, the GDP contracted 1.2 percent, the first annual decline since 2009, and after a 2.9 percent advance in 2018.
Published on 2020-02-26

Hong Kong Confirms Technical Recession
The Hong Kong economy shrank 3.2 percent quarter-on-quarter in the three months to September 2019, following a 0.5 percent contraction in the previous period, in line with a preliminary reading and confirming a technical recession, final estimates showed. The country has fallen into recession for the first time since the global financial crisis in 2009 after five months of violent unrest due to a now withdrawn extradition bill. The government announced relief measures of HK$2 billion to stimulate the economy, particularly in transport, tourism and retail industries, as protests hit private consumption and investment. Year-on-year, the GDP shrank 2.9 percent, after expanding 0.4 percent in Q2 and also matching early estimates. That was the first yearly economic contraction since the third quarter of 2009.
Published on 2019-11-15

Hong Kong Economy Enters Recession Amid Unrest
The Hong Kong economy shrank 3.2 percent quarter-on-quarter in the three months to September 2019, following an upwardly revised 0.5 percent contraction in the previous period, entering to a technical recession, an advance estimate showed. The country has fallen into recession for the first time since the global financial crisis in 2009, after five months of violent unrest due to a now withdrawn extradition bill. The government announced relief measures of HK$2 billion to stimulate the economy, particularly in transport, tourism and retail industries, as protests hit private consumption and investment. Year-on-year, the GDP shrank 2.9 percent, after expanding a downwardly revised 0.4 percent in Q2, recording the first yearly economic contraction since the third quarter of 2009.
Published on 2019-10-31

Hong Kong GDP Shrinks 0.4% QoQ in Q1
Hong Kong's economy contracted 0.40 percent on quarter in three months to March of 2016, compared to 0.2 percent growth in the previous period. It was the first contraction since the second quarter of 2014 and the biggest since 2011. Sluggish external and domestic demand, and weak tourism hit the economy, with private consumption falling 0.4 percent, exports of goods and services slumping by 3.9 percent and 1.8 percent respectively, and imports of goods decreasing 4.2 percent. Partially offsetting declines, government spending advanced 0.9 percent and imports of services rose 0.3 percent.
Published on 2016-05-13

Hong Kong GDP Growth Beats Estimates
The Hong Kong economy advanced a seasonally adjusted 0.9 percent quarter-on-quarter, after a 0.4 percent growth in the previous quarter and above market expectations of 0.4 percent increase. Private consumption grew at a slower 0.1 percent (1.3 percent in Q2) and public spending rose 0.2 percent (+1.1 percent in Q2). Exports of goods went up by 0.5 percent (-3.2 percent in Q2) and imports decreased 0.9 percent (-3.1 percent in Q2). At the same time, exports of services fell 1.9 percent (-0.8 percent in Q2), while imports declined 0.3 percent (-1.5 percent in Q2).
Published on 2015-11-13

Hong Kong GDP Grows 0.4% in Q2
Hong Kong economy expanded by 0.4 percent quarter-to-quarter from April to June compared with an upwardly revised 0.7 percent growth in the previous period.
Published on 2015-08-14

Hong Kong GDP Grows 0.4% in Q1
The Hong Kong economy advanced a seasonally adjusted 0.4 percent on quarter in the first three months of 2015, after a downwardly revised 0.2 percent growth in the previous quarter. Public spending was the main driver of growth while private consumption slowed and exports of goods contracted.
Published on 2015-05-15