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.

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Hong Kong GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-05-03 08:30 AM YoY Adv Q1 -4.0% 4.7% -1% 2.5%
2022-05-13 08:30 AM YoY Final Q1 -4% 4.7% -4.0%
2022-08-01 08:30 AM YoY Adv Q2 -4.0%


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 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.
Actual Previous Highest Lowest Dates Unit Frequency
-4.00 4.70 20.50 -9.40 1974 - 2022 percent Quarterly
NSA

News Stream
Hong Kong GDP Contraction Confirmed at 4%
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.
2022-05-13
Hong Kong Q1 GDP Slumps More than Expected
Hong Kong's economy shrank by 4.0% year-on-year in the first quarter of 2022, much more than market expectations of a 1% decrease and backtracking from a downwardly revised 4.7% expansion in the previous period, the preliminary estimate showed. The economic contraction snapped four consecutive quarters of recovery 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 (-5.4% vs 5.3% in Q4 2021), and caused gross fixed investment to slump (-8.3% vs -0.6%), while government stimulus boosted public spending (5.9% vs 4.1%). Overseas, slowing trade caused drops in exports (-2.8% vs 6.9%) and imports (-2.8% vs 4.5%). On a seasonally adjusted quarterly basis, GDP fell 2.9%, more than market estimates of a 0.6% drop and following a revised flat reading in Q4, 2021.
2022-05-03
Hong Kong Q4 GDP Growth Confirmed at 4.8%
Hong Kong's economy advanced by 4.8% year-on-year in the fourth quarter of 2021, moderating from a 5.5% expansion in the previous period and in line with the preliminary estimate. It was the fourth straight quarter of expansion in the economy, but the weakest growth in the sequence, as both household spending (5.8% vs 6.8% in Q3) and public spending (4.1% vs 5.0%) grew softer, while fixed investment expanded much less (0.1% vs 13.1%). In the meantime, net external demand contributed positively to the GDP growth, as exports jumped 13.3% (vs 14.2%), while imports rose at a softer 9.9% (vs 16.9%). On a seasonally adjusted quarterly basis, the economy rose by 0.2%, matching the preliminary reading, and slowing from a 0.6% advance in the previous quarter. For 2021 full year, the economy expanded 6.4%, rebounding sharply from a 6.5% contraction in 2020.
2022-02-23