The economy of Hong Kong expanded 7.6% year-on-year in the second quarter of 2021, slowing slightly from an upwardly revised 8% jump in Q1 and almost in line with flash estimates of a 7.5% advance. Private consumption rose 6.8% (vs 2.1% in Q1) as the local pandemic receded further, government spending increased 2.8% (vs 7.0%) and gross fixed capital formation surged 23.8% (vs 4.8%). Regarding the external sector, exports of goods climbed 20.2% (vs 30.1%), while service exports rose just by 2.6% (vs-7.3%) as inbound tourism remained frozen. At the same time, purchases of goods from abroad advanced 21.3% (vs 22.9%) and service imports were up 7.6% (vs -12.0%). On a seasonally adjusted quarterly basis, the economy retreated 0.9%, slightly less than a preliminary estimate of a 1% contraction and compared to a 5.5% expansion in Q1. Looking ahead, the Hong Kong government now sees GDP rise by 5.5%-6.5% in 2021, compared to prior forecasts of 3.5%-5.5%. source: Census and Statistics Department, Hong Kong
GDP Annual Growth Rate in Hong Kong averaged 4.86 percent from 1974 until 2021, 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 October of 2021.
GDP Annual Growth Rate in Hong Kong is expected to be 4.50 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 3.50 percent in 2022 and 2.30 percent in 2023, according to our econometric models.