The economy of Hong Kong contracted 3 percent year-on-year in the last quarter of 2020, matching preliminary figures, and extending the recession for 6 consecutive quarters, due to the coronavirus pandemic. Private consumption went down 7.2 percent and exports of services sank 29.3 percent. On the other hand, government spending rose 5.6 percent and investment 2.6 percent, mainly machinery, equipment and intellectual property products (7.8 percent) while expenditure on building and construction dropped 6 percent. Exports of goods went up 5.5 percent and imports of goods 6.9 percent. Considering full 2020, the Hong Kong economy contracted 6.1 percent, the worst annual performance on record. source: Census and Statistics Department, Hong Kong

GDP Annual Growth Rate in Hong Kong averaged 4.83 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 February of 2021.

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 2.80 percent in 2022, according to our econometric models.

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Hong Kong GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-3.00 -3.60 20.70 -9.10 1974 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-10-30 08:30 AM YoY Adv Q3 -3.4% -9% 1.7%
2020-11-13 08:30 AM YoY Final Q3 -3.5% -9% -3.4% -3.4%
2021-01-29 08:30 AM YoY Adv Q4 -3% -3.6% -1.5%
2021-02-24 07:00 AM YoY Final Q4 -3% -3.6% -3% -3%
2021-05-03 08:30 AM YoY Adv Q1 -3%
2021-05-14 08:30 AM YoY Final Q1 -3%
2021-07-30 08:30 AM YoY Adv Q2
2021-08-13 08:30 AM YoY Final Q2


News Stream
Hong Kong Extends Recession for 6th Quarter
The economy of Hong Kong contracted 3 percent year-on-year in the last quarter of 2020, matching preliminary figures, and extending the recession for 6 consecutive quarters, due to the coronavirus pandemic. Private consumption went down 7.2 percent and exports of services sank 29.3 percent. On the other hand, government spending rose 5.6 percent and investment 2.6 percent, mainly machinery, equipment and intellectual property products (7.8 percent) while expenditure on building and construction dropped 6 percent. Exports of goods went up 5.5 percent and imports of goods 6.9 percent. Considering full 2020, the Hong Kong economy contracted 6.1 percent, the worst annual performance on record.
2021-02-24
Hong Kong Economy Remains in Recession
The economy of Hong Kong remained in the recession for the 6th straight quarter, contracting 3 percent year-on-year in the last three months of 2020, the advance estimates showed. Considering full 2020, the economy shrank 6.1 percent, following a 1.2 percent drop in 2019, due to the coronavirus crisis. "The Hong Kong economy is expected to see positive growth for 2021 as a whole, but the economic situation in the first half of the year will remain challenging and the degree and speed of recovery is subject to a host of uncertainties, especially those about the pandemic situation. While the Chinese economy is poised to strengthen further and render support to Hong Kong's exports, the pace of recovery in other major economies will hinge on the success of their mass vaccination campaigns. Evolving China-US relations and persistent geopolitical tensions also warrant attention", a government spokesman said.
2021-01-29
Hong Kong GDP Contraction Revised Slightly Higher in Q3
The economy of Hong Kong shrank 3.5 percent year-on-year in the third quarter of 2020, slightly more than 3.4 percent in the preliminary estimate and marking the 5th consecutive quarter of falling GDP. Exports of goods resumed moderate growth (3.9 percent vs -2.2 percent) thanks to an improved external trading environment and strong growth in China. In contrast, exports of services continued to plummet (-34.6 percent vs -45.6 percent) as inbound tourism and cross-boundary passenger transport remained frozen, though exports of financial services grew further. In addition, both investment (-11.1 percent vs -21.4 percent) and private spending (-8.2 percent vs -14.2 percent) shrank less and government spending continued to rise at a strong growth (7 percent vs 9.7 percent).
2020-11-13
Hong Kong Recession Extends to 5th Quarter
The economy of Hong Kong shrank 3.4% yoy in Q3 2020, extending the recession to the 5th straight quarter, preliminary estimates showed. Still, it is the smallest annual decline in GDP so far this year after record contractions in Q2 and Q1 due to the coronavirus crisis and social unrest in the country. A solid expansion in China, the stabilisation of the local epidemic, and stronger financial market activity all contributed positively. Exports of goods resumed growth (+3.8% vs -2.2%) amid revived demand in major markets especially China. Yet, exports of services continued to plummet (-34.8% vs -45.6%) as inbound tourism remained frozen. Private consumption posted a smaller though still notable decline (-7.7% vs -14.2%). Investment continued to fall visibly (-11.2% vs -21.4%) amid the difficult business environment, though displaying some relative improvement from the preceding quarter. On a quarter-on-quarter basis, the economy expanded 3%, the strongest in 11 years.
2020-10-30

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.