The economy of Hong Kong expanded 7.6% year-on-year in the second quarter of 2021, slowing slightly from an upwardly revised 8% jump in Q1 and almost in line with flash estimates of a 7.5% advance. Private consumption rose 6.8% (vs 2.1% in Q1) as the local pandemic receded further, government spending increased 2.8% (vs 7.0%) and gross fixed capital formation surged 23.8% (vs 4.8%). Regarding the external sector, exports of goods climbed 20.2% (vs 30.1%), while service exports rose just by 2.6% (vs-7.3%) as inbound tourism remained frozen. At the same time, purchases of goods from abroad advanced 21.3% (vs 22.9%) and service imports were up 7.6% (vs -12.0%). On a seasonally adjusted quarterly basis, the economy retreated 0.9%, slightly less than a preliminary estimate of a 1% contraction and compared to a 5.5% expansion in Q1. Looking ahead, the Hong Kong government now sees GDP rise by 5.5%-6.5% in 2021, compared to prior forecasts of 3.5%-5.5%. source: Census and Statistics Department, Hong Kong

GDP Annual Growth Rate in Hong Kong averaged 4.86 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 October of 2021.

GDP Annual Growth Rate in Hong Kong is expected to be 4.50 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 Annual Growth Rate is projected to trend around 3.50 percent in 2022 and 2.30 percent in 2023, according to our econometric models.

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Hong Kong GDP Annual Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-05-03 08:30 AM YoY Adv Q1 7.8% -2.8% -2%
2021-05-14 08:50 AM YoY Final Q1 7.9% -2.8% 7.8%
2021-07-30 08:30 AM YoY Adv Q2 7.5% 8% 6.1%
2021-08-13 08:30 AM YoY Final Q2 7.6% 8% 7.5%
2021-11-01 08:30 AM YoY Adv Q3 7.6%
2021-11-12 08:30 AM YoY Final Q3 7.6%


News Stream
Hong Kong GDP Growth Revised Higher
The economy of Hong Kong expanded 7.6% year-on-year in the second quarter of 2021, slowing slightly from an upwardly revised 8% jump in Q1 and almost in line with flash estimates of a 7.5% advance. Private consumption rose 6.8% (vs 2.1% in Q1) as the local pandemic receded further, government spending increased 2.8% (vs 7.0%) and gross fixed capital formation surged 23.8% (vs 4.8%). Regarding the external sector, exports of goods climbed 20.2% (vs 30.1%), while service exports rose just by 2.6% (vs-7.3%) as inbound tourism remained frozen. At the same time, purchases of goods from abroad advanced 21.3% (vs 22.9%) and service imports were up 7.6% (vs -12.0%). On a seasonally adjusted quarterly basis, the economy retreated 0.9%, slightly less than a preliminary estimate of a 1% contraction and compared to a 5.5% expansion in Q1. Looking ahead, the Hong Kong government now sees GDP rise by 5.5%-6.5% in 2021, compared to prior forecasts of 3.5%-5.5%.
2021-08-13
Hong Kong Economic Growth Robust at 7.5% in Q2
The economy of Hong Kong grew 7.5% year-on-year in the second quarter of 2021, slightly below an upwardly revised 8% rise in Q1, preliminary estimates showed. Private consumption jumped 6.5% (vs 2.1% in Q1), government spending 2.9% (vs 7%) and gross fixed capital formation 23.7% (vs 4.8%). Exports of goods surged 20.3% (vs 30.1%) and imports 21.4% (vs 22.9%). Compared with the previous quarter however, the economy contracted 1% after a robust 5.5% surge in Q1 and mainly due to a slowdown in exports of goods from the exceptionally strong growth in the first quarter. A government spokesman said that "the economic recovery remained uneven in the second quarter. While exports of goods were robust and surpassed the peak reached in the same period of 2018, tourism remained at a standstill due to the pandemic. Consumption-related activities improved further, but were still notably below their pre-recession levels".
2021-07-30
Hong Kong Economy Expands the Most in 10 Years
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.
2021-05-14
Hong Kong Economy Rebounds Strongly
The economy of Hong Kong grew 7.8 percent year-on-year during the first three months of 2021, rebounding from a downwardly revised 2.8 percent decline in the prior period, advance estimates showed. It was the fastest pace of expansion since the first quarter of 2010, mainly attributed to the strong performance of external trade and baseline effects. Accordingly, total exports of goods surged 30.3 percent (vs 5.5 percent in Q4), while imports climbed a slower 23.3% (vs 6.7% percent). At the same time, private consumption rose 1.6 percent (vs -6.9 percent), government spending jumped 6.7 percent (vs 6.1 percent), and gross fixed capital formation went up 4.5 percent (vs 3.6 percent). The economic recovery was uneven and overall economic activity remained below pre-pandemic levels, as restrictions continue to weigh on consumer-facing businesses, mainly in the tourism industry, according to the government of Hong Kong.
2021-05-03

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 Annual Growth Rate
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. Within services, the most important are wholesale and retail trade (25 percent of GDP); public administration and social services (17 percent); finance and insurance (16 percent); real estate and business services (11 percent); ownership of premises (10 percent) and transportation and postal services (6 percent). Information and communications and food and accommodation account for 8 percent. Construction represents 3.5 percent of GDP and electricity, water and gas supply, waste management and manufacturing 3.4 percent.