The Hong Kong economy contracted at a seasonally adjusted rate of 3.0 percent quarter-over-quarter in the first three months of 2022, slightly more than a preliminary estimate of 2.9 percent, and following a revised flat reading in the final quarter of 2021. It was the first decline in GDP since the second quarter of 2021 and was the steepest since Q1 2020, as the city imposed strict lockdowns to curb its worst coronavirus outbreak yet. The closure of a major part of economic activity resulted in a sharp contraction of private consumption spending (-8.8 percent vs 0.7 percent in Q4 2021), while faltering global trade caused drops in exports of goods (-6.3% vs 3.1%), as in imports of goods (-8.2% vs -0.4%). On the other hand, stronger government spending (4.2% vs 0.4%) limited the scope of the contraction. source: Census and Statistics Department, Hong Kong

GDP Growth Rate in Hong Kong averaged 0.79 percent from 1990 until 2022, reaching an all time high of 6.10 percent in the third quarter of 2003 and a record low of -5.10 percent in the first quarter of 2020. This page provides - Hong Kong GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Hong Kong GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2022.

GDP Growth Rate in Hong Kong is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Hong Kong GDP Growth Rate is projected to trend around 1.00 percent in 2023, according to our econometric models.

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Hong Kong GDP Growth Rate

Calendar GMT Actual Previous Consensus TEForecast
2022-05-03 08:30 AM QoQ Adv Q1 -2.9% 0% -0.6% 0.5%
2022-05-13 08:30 AM QoQ Final Q1 -3% 0% -2.9%
2022-08-01 08:30 AM QoQ Adv Q2 -3.0%

Related Last Previous Unit Reference
GDP Growth Rate -3.00 0.00 percent Mar 2022
GDP Annual Growth Rate -4.00 4.70 percent Mar 2022
GDP Constant Prices 672617.00 745433.00 HKD Million Mar 2022
Gross National Product 692415.00 783875.00 HKD Million Mar 2022
Gross Fixed Capital Formation 107840.00 129102.00 HKD Million Mar 2022
Full Year GDP Growth 6.40 -6.10 percent Dec 2021
GDP From Utilities 7922.00 6703.00 HKD Million Mar 2022
GDP From Transport 25494.00 24699.00 HKD Million Mar 2022
GDP From Services 594316.00 674312.00 HKD Million Mar 2022
GDP From Public Administration 126813.00 137948.00 HKD Million Mar 2022
GDP From Manufacturing 6152.00 7361.00 HKD Million Mar 2022
GDP From Construction 28573.00 26140.00 HKD Million Mar 2022
GDP From Agriculture 609.00 473.00 HKD Million Mar 2022

Hong Kong GDP Growth Rate
Hong Kong has an export oriented economy and in spite of small size is the 8th largest trading entity in the world with the value of goods and services exchanged four times the size of GDP. 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.
Actual Previous Highest Lowest Dates Unit Frequency
-3.00 0.00 6.10 -5.10 1990 - 2022 percent Quarterly