The economy of Hong Kong shrank 9% year-on-year in the three months to June of 2020, following an upwardly revised 9.1% drop in the previous period which was the highest on record. The economy contracted for the 4th straight quarter as the coronavirus pandemic continued to severely hurt global and local economic activities, after a hit of months of anti-government protests. Private consumption fell 14.5%, gross domestic fixed capital formation plunged 20.6%, exports of goods declined 2.1% and imports 6.8%. In contrast, public expenditure went up 9.6%. Looking ahead, the COVID-19 pandemic will remain a key threat to the global economic outlook and the challenging external environment will likely constrain Hong Kong's export performance in the near term while the recent surge in COVID-19 cases in Hing Kong has clouded the outlook for domestic economic activity, a government spokesman said. On a quarter-on-quarter basis, the GDP shrank 0.1%.
GDP Annual Growth Rate in Hong Kong averaged 4.92 percent from 1974 until 2020, 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 August of 2020. source: Census and Statistics Department, Hong Kong
GDP Annual Growth Rate in Hong Kong is expected to be 1.70 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 2.80 in 12 months time. In the long-term, the Hong Kong GDP Annual Growth Rate is projected to trend around 2.50 percent in 2021 and 2.80 percent in 2022, according to our econometric models.