The economy of Hong Kong jumped 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 economic 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). “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. source: Census and Statistics Department, Hong Kong
GDP Annual Growth Rate in Hong Kong averaged 4.85 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 May of 2021.
GDP Annual Growth Rate in Hong Kong is expected to be 2.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Hong Kong to stand at 3.00 in 12 months time. 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.