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. source: Census and Statistics Department, Hong Kong

GDP Growth Rate in Hong Kong averaged 0.81 percent from 1990 until 2020, reaching an all time high of 6.10 percent in the third quarter of 2003 and a record low of -5.50 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 March of 2021.

GDP Growth Rate in Hong Kong is expected to be 0.80 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 1.00 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
0.20 2.70 6.10 -5.60 1990 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-10-30 08:30 AM QoQ Adv Q3 3% -0.1% 1.5%
2020-11-13 08:30 AM QoQ Final Q3 2.8% -0.1% 3% 3%
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 0.2%
2021-05-14 08:30 AM QoQ Final Q1 0.2%
2021-07-30 08:30 AM QoQ Adv Q2
2021-08-13 08:30 AM QoQ Final Q2


News Stream
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 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.
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.
2020-10-30

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.