Hong Kong's economic contraction was confirmed at 4.0% year-on-year in the first quarter of 2022, following a downwardly revised 4.7% expansion in the previous period, according to final estimates. It was the first decline in GDP since the fourth quarter of 2020 and was the steepest since Q3 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 (-5.5% vs 5.3% in Q4 2021), and caused gross fixed investment to slump (-8.4% vs -0.6%), while government stimulus boosted public spending (6.0% vs 4.1%). Overseas, slowing trade caused drops in exports of goods (-4.5% vs 13.5%) and services (-2.8% vs 6.9%), as in imports of goods (-5.9% vs 9.9%) and services (-3.4% vs 4.5%). On a seasonally adjusted quarterly basis, GDP fell 3.0%, slightly more than a flash estimate of a 2.9% drop and following a revised flat reading in Q4, 2021. source: Census and Statistics Department, Hong Kong
GDP Annual Growth Rate in Hong Kong averaged 4.82 percent from 1974 until 2022, reaching an all time high of 20.50 percent in the fourth quarter of 1976 and a record low of -9.40 percent in the second 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 June of 2022.
GDP Annual Growth Rate in Hong Kong is expected to be 2.50 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 Annual Growth Rate is projected to trend around 2.30 percent in 2023, according to our econometric models.