The Hong Kong economy contracted at a seasonally adjusted rate of 3.0 percent quarter-over-quarter in the first three months of 2022, slightly more than a preliminary estimate of 2.9 percent, and following a revised flat reading in the final quarter of 2021. It was the first decline in GDP since the second quarter of 2021 and was the steepest since Q1 2020, as the city imposed strict lockdowns to curb its worst coronavirus outbreak yet. The closure of a major part of economic activity resulted in a sharp contraction of private consumption spending (-8.8 percent vs 0.7 percent in Q4 2021), while faltering global trade caused drops in exports of goods (-6.3% vs 3.1%), as in imports of goods (-8.2% vs -0.4%). On the other hand, stronger government spending (4.2% vs 0.4%) limited the scope of the contraction. source: Census and Statistics Department, Hong Kong
GDP Growth Rate in Hong Kong averaged 0.79 percent from 1990 until 2022, reaching an all time high of 6.10 percent in the third quarter of 2003 and a record low of -5.10 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 June of 2022.
GDP Growth Rate in Hong Kong is expected to be 0.30 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 2023, according to our econometric models.