Hong Kong GDP Annual Growth Rate  1974-2017 | Data | Chart | Calendar

The Hong Kong economy advanced 3.8 percent year-on-year in the second quarter of 2017, following a 4.3 percent expansion in the previous period. Growth was driven by private consumption and fixed investment while net external demand contributed negatively. On a quarterly basis, the gross domestic product advanced 1 percent. GDP Annual Growth Rate in Hong Kong averaged 5.28 percent from 1974 until 2017, reaching an all time high of 20.70 percent in the fourth quarter of 1976 and a record low of -8.10 percent in the third quarter of 1998.

Hong Kong GDP Annual Growth Rate
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Hong Kong Economy Grows 3.8% in Q2


The Hong Kong economy advanced 3.8 percent year-on-year in the second quarter of 2017, following a 4.3 percent expansion in the previous period. Growth was driven by private consumption and fixed investment while net external demand contributed negatively.

The positive contribution to GDP came from private consumption (3.7 percentage points), fixed investment (1.8 percentage points) and government spending (0.3 percentage points). In contrast, net trade subtracted 1.8 percentage points from the growth, and changes in inventories subtracted 0.3 percentage points.

Year-on-year, private consumption grew 5.3 percent (3.9 percent in Q1); gross fixed capital formation rose 8 percent (5.9 percent in Q1); and public spending increased 3.2 percent (3.1 percent in Q1). Meanwhile, exports of goods went up 5.6 percent (9.3 percent in Q1) and imports jumped 6.2 percent (10 percent in Q1). Exports of services advanced 2.3 percent (2.8 percent in Q1) and imports increased at a faster 3.5 percent (0.9 percent in Q1). 

On a quarterly basis, the GDP advanced 1 percent, following a 0.7 percent expansion in the previous period. Private consumption grew 2 percent (0.5 percent in Q1) and government spending went up 1.1 percent (0.6 percent in Q1). Meanwhile, exports of goods fell 0.8 percent (1.6 percent in Q1) and imports declined 0.2 percent (0.3 percent in Q1). Exports of services shrank 1.3 percent (0.6 percent in Q1) while imports rose 1.6 percent (0.5 percent in Q1). 

The robust quarterly performance prompted Hong Kong's statistics office to revise its full-year GDP forecast from a range of 2-3 per cent to 3-4 per cent in 2017.

Census and Statistics Department | Joana Ferreira | joana.ferreira@tradingeconomics.com
8/11/2017 9:35:58 AM



Calendar GMT Actual Previous Consensus Forecast (i)
2017-02-22 03:50 AM Q4 3.1% 2.0% 2.2%
2017-05-12 08:30 AM Q1 4.3% 3.2% 3.4% 3.4%
2017-08-11 08:30 AM Q2 3.8% 4.3% 3.7%
2017-11-10 08:30 AM Q3 3.8% 2.5%


Hong Kong GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.00 0.70 6.10 -3.40 percent [+]
GDP Annual Growth Rate 3.80 4.30 20.70 -8.10 percent [+]
GDP 320.91 309.40 320.91 1.32 USD Billion [+]
GDP Constant Prices 602926.00 611429.00 657542.00 67245.00 HKD Million [+]
Gross National Product 626565.00 682811.00 682811.00 337376.00 HKD Million [+]
Gross Fixed Capital Formation 142102.00 126753.00 157800.00 15787.00 HKD Million [+]
GDP per capita 36725.60 36191.40 36725.60 3380.60 USD [+]
GDP per capita PPP 54279.20 53489.60 54279.20 26974.30 USD [+]
GDP From Agriculture 376.00 330.00 602.00 301.00 HKD Million [+]
GDP From Construction 29358.00 28203.00 29358.00 13065.00 HKD Million [+]
GDP From Manufacturing 6221.00 6956.00 11028.00 6211.00 HKD Million [+]
GDP From Public Administration 102254.00 100838.00 102254.00 69348.00 HKD Million [+]
GDP From Services 543187.00 576119.00 576119.00 268771.00 HKD Million [+]
GDP From Transport 38460.00 36979.00 39295.00 17352.00 HKD Million [+]
GDP From Utilities 7664.00 7807.00 10860.00 6236.00 HKD Million [+]


Hong Kong GDP Annual Growth Rate Notes

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. 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 - actual data, historical chart and calendar of releases - was last updated on August of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
3.80 4.30 20.70 -8.10 1974 - 2017 percent Quarterly



gdp annual growth rate by Country

Last
China 6.90 Jun/17
India 6.10 Mar/17
Indonesia 5.01 Jun/17
Turkey 5.00 Mar/17
Netherlands 3.30 Jun/17
Spain 3.10 Jun/17
South Korea 2.70 Jun/17
Russia 2.50 Jun/17
Canada 2.30 Mar/17
Euro Area 2.20 Jun/17
Germany 2.10 Jun/17
United States 2.10 Jun/17
Japan 2.00 Jun/17
France 1.80 Jun/17
Mexico 1.80 Jun/17
Australia 1.70 Mar/17
United Kingdom 1.70 Jun/17
Italy 1.50 Jun/17
Switzerland 1.10 Mar/17
Brazil -0.40 Mar/17