Hong Kong's economy grew 2.9 percent year-on-year in the third quarter of 2018, easing from a 3.5 percent expansion in the previous three-month period and matching market expectations. It was the weakest growth rate since the third quarter of 2016 as both private consumption and government spending rose at softer pace while net external demand contributed negatively to the GDP growth. The government has revised its forecast for full-year 2018 growth to 3.2 percent from 3-4 percent amid concerns over the impact of a trade war between China and the US. GDP Annual Growth Rate in Hong Kong averaged 5.24 percent from 1974 until 2018, 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.

GDP Annual Growth Rate in Hong Kong is expected to be 3.50 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 2.50 in 12 months time. In the long-term, the Hong Kong GDP Annual Growth Rate is projected to trend around 3.20 percent in 2020, according to our econometric models.

Hong Kong GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-05-11 08:30 AM GDP Growth Rate YoY 4.7% 3.4% 3.70%
2018-08-10 08:30 AM GDP Growth Rate YoY 3.5% 4.6% 3.9%
2018-11-16 08:30 AM GDP Growth Rate YoY 2.9% 3.5% 3.1%



Hong Kong GDP Annual Growth Slows to 2-Year Low


Hong Kong's economy grew 2.9 percent year-on-year in the third quarter of 2018, easing from a 3.5 percent expansion in the previous three-month period and matching market expectations. It was the weakest growth rate since the third quarter of 2016. The government has revised its forecast for full-year 2018 growth to 3.2 percent from 3-4 percent amid concerns over the impact of a trade war between China and the US.

Private consumption growth eased to 5.2 percent in the third quarter from 6 percent in the previous period and government spending expansion slowed to 3.3 percent from 4.3 percent. In addition, net external demand contributed negatively to the GDP growth as imports rose faster than exports. Imports of goods climbed 7.6 percent (vs 6.3 percent in Q2) and those of services jumped 3.4 percent (vs -0.1 percent in Q2), while exports of goods increased at a softer 5 percent (vs 4.6 percent in Q2) and those of services advanced 3.1 percent (vs 5.9 percent in Q2).

On the other hand, fixed investment surged 8.2 percent in the third quarter, much faster than 1.1 percent gain in the previous three-month period and boosted by investment in machinery, equipment and intellectual property products (21.2 percent vs 4.9 percent). Costs of ownership transfer, however, fell 1 percent (vs 0.7 percent in Q2) and spending on building and construction shrank 0.3 percent (vs -1.6 percent in Q2).

On a seasonally adjusted basis, Hong Kong's economy grew 0.1 percent in the three months to September, reversing a 0.2 percent contraction in the previous period. There was rebound in private consumption, while government spending increased at a slower rate and net external demand contributed negatively to the GDP growth.


Census and Statistics Department | Joana Ferreira | joana.ferreira@tradingeconomics.com
11/16/2018 9:15:34 AM



Hong Kong GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.10 -0.20 6.10 -3.40 percent [+]
GDP Annual Growth Rate 2.90 3.50 20.70 -8.10 percent [+]
GDP 341.45 320.88 341.45 1.32 USD Billion [+]
GDP Constant Prices 676112.00 634683.00 691816.00 68360.00 HKD Million [+]
Gross National Product 689136.00 672164.00 708633.00 341738.00 HKD Million [+]
Gross Fixed Capital Formation 144597.00 141005.00 157576.00 15765.00 HKD Million [+]
GDP per capita 37927.13 36816.10 37927.13 3380.60 USD [+]
GDP per capita PPP 56054.92 54412.90 56054.92 26974.30 USD [+]
GDP From Agriculture 502.00 432.00 837.00 429.00 HKD Million [+]
GDP From Construction 30703.00 33378.00 34156.00 15319.00 HKD Million [+]
GDP From Manufacturing 6859.00 6344.00 10830.00 6097.00 HKD Million [+]
GDP From Public Administration 118279.00 110468.00 118279.00 75563.00 HKD Million [+]
GDP From Services 565334.00 574889.00 624615.00 281693.00 HKD Million [+]
GDP From Transport 35756.00 38847.00 39146.00 17565.00 HKD Million [+]
GDP From Utilities 9345.00 7975.00 10855.00 6232.00 HKD Million [+]


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. 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 November of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
2.90 3.50 20.70 -8.10 1974 - 2018 percent Quarterly




Country Last
India 8.20 Jun/18
China 6.50 Sep/18
Turkey 5.20 Jun/18
Indonesia 5.17 Sep/18
Australia 3.40 Jun/18
Switzerland 3.40 Jun/18
United States 3.00 Sep/18
Mexico 2.60 Sep/18
Singapore 2.60 Sep/18
Spain 2.50 Sep/18
Netherlands 2.40 Sep/18
South Korea 2.00 Sep/18
Canada 1.90 Jun/18
Euro Area 1.70 Sep/18
Saudi Arabia 1.61 Jun/18
France 1.50 Sep/18
United Kingdom 1.50 Sep/18
Russia 1.30 Sep/18
Germany 1.10 Sep/18
Brazil 1.00 Jun/18
Italy 0.80 Sep/18
South Africa 0.40 Jun/18
Japan 0.30 Sep/18
Argentina -4.20 Jun/18


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