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). source: Census and Statistics Department, Hong Kong

GDP Growth Rate in Hong Kong averaged 0.84 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 October 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. 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


Calendar GMT Actual Previous Consensus TEForecast
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 -1% 5.5% 1.3%
2021-08-13 08:30 AM QoQ Final Q2 -0.9% 5.5% -1%
2021-11-01 08:30 AM QoQ Adv Q3 -0.9%
2021-11-12 08:30 AM QoQ Final Q3 -0.9%


News Stream
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).
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.
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 Last Unit Reference Previous Highest Lowest
GDP Growth Rate -0.90 percent Jun/21 5.50 6.10 -5.60
GDP Annual Growth Rate 7.60 percent Jun/21 8.00 20.70 -9.10
GDP Constant Prices 675187.00 HKD Million Jun/21 698029.00 746435.00 72889.00
Gross National Product 762504.00 HKD Million Jun/21 723260.00 762504.00 351486.00
Gross Fixed Capital Formation 127609.00 HKD Million Jun/21 119943.00 171747.00 17182.00
GDP From Utilities 8327.00 HKD Million Jun/21 6624.00 10939.00 6279.00
GDP From Transport 19358.00 HKD Million Jun/21 24363.00 39465.00 17151.00
GDP From Services 600418.00 HKD Million Jun/21 610981.00 654271.00 287640.00
GDP From Public Administration 138348.00 HKD Million Jun/21 126084.00 138348.00 78077.00
GDP From Manufacturing 7392.00 HKD Million Jun/21 6744.00 10964.00 6176.00
GDP From Construction 25704.00 HKD Million Jun/21 27947.00 35944.00 16120.00
GDP From Agriculture 573.00 HKD Million Jun/21 528.00 832.00 413.00


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.