Hong Kong's economy expanded by 4.8% year-on-year in the fourth quarter of 2021, moderating from an upwardly revised 5.5% jump in the previous period and marginally above market expectations of 4.7%, the preliminary estimate showed. Economic growth was attributable to the sustained solid growth in both domestic and external demand. Household spending advanced by 6.0% (vs 6.8% in Q3), public spending rose 4.1% (vs 5.0%), and fixed investment inched up by 0.1% (vs 13.1% ). In addition, net external demand had a positive impact on GDP growth, as exports jumped 13.3% (vs 14.2%), while imports climbed 9.7% (vs 16.9%). On a seasonally adjusted quarterly basis, the economy edged 0.1% higher, slowing from a 0.6% advance in the previous quarter. For 2021 as a whole, the economy grew 6.4% but remained 2% below 2018 levels. Looking ahead, the Hong Kong government sees 2022 as another year of growth, although relying on various uncertainties, such as the recent spike in coronavirus infections. source: Census and Statistics Department, Hong Kong

GDP Annual Growth Rate in Hong Kong averaged 4.87 percent from 1974 until 2021, reaching an all time high of 20.50 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 January of 2022.

GDP Annual Growth Rate in Hong Kong is expected to be 3.00 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


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
4.80 5.50 20.50 -9.10 1974 - 2021 percent Quarterly
NSA

Calendar GMT Actual Previous Consensus TEForecast
2021-11-12 08:30 AM YoY Final Q3 5.4% 7.6% 5.4% 5.4%
2022-01-28 08:30 AM YoY Adv Q4 4.8% 5.5% 4.7% 4.4%
2022-02-24 07:00 AM YoY Final Q4 5.5% 4.8% 4.8%


Related Last Previous Unit Reference
GDP Growth Rate 0.20 0.60 percent Dec/21
GDP Annual Growth Rate 4.80 5.50 percent Dec/21
GDP Constant Prices 720472.00 675694.00 HKD Million Sep/21
Gross National Product 793700.00 763611.00 HKD Million Sep/21
Gross Fixed Capital Formation 127298.00 127736.00 HKD Million Sep/21
Full Year GDP Growth 6.40 -6.10 percent Dec/21
GDP From Utilities 9071.00 8327.00 HKD Million Sep/21
GDP From Transport 23660.00 19358.00 HKD Million Sep/21
GDP From Services 641133.00 600418.00 HKD Million Sep/21
GDP From Public Administration 140878.00 138348.00 HKD Million Sep/21
GDP From Manufacturing 7672.00 7392.00 HKD Million Sep/21
GDP From Construction 25981.00 25704.00 HKD Million Sep/21
GDP From Agriculture 510.00 573.00 HKD Million Sep/21


News Stream
Hong Kong Q4 GDP Growth Marginally Beats Forecasts
Hong Kong's economy expanded by 4.8% year-on-year in the fourth quarter of 2021, moderating from an upwardly revised 5.5% jump in the previous period and marginally above market expectations of 4.7%, the preliminary estimate showed. Economic growth was attributable to the sustained solid growth in both domestic and external demand. Household spending advanced by 6.0% (vs 6.8% in Q3), public spending rose 4.1% (vs 5.0%), and fixed investment inched up by 0.1% (vs 13.1% ). In addition, net external demand had a positive impact on GDP growth, as exports jumped 13.3% (vs 14.2%), while imports climbed 9.7% (vs 16.9%). On a seasonally adjusted quarterly basis, the economy edged 0.1% higher, slowing from a 0.6% advance in the previous quarter. For 2021 as a whole, the economy grew 6.4% but remained 2% below 2018 levels. Looking ahead, the Hong Kong government sees 2022 as another year of growth, although relying on various uncertainties, such as the recent spike in coronavirus infections.
2022-01-28
Hong Kong Economic Growth Moderates in Q3
The economy of Hong Kong expanded 5.4% year-on-year in the third quarter of 2021, slowing slightly from a 7.6% jump in Q2, in line with early estimates. Private consumption rose 7.1% (vs 7.2% in Q2) as the vaccination drive helped control the local pandemic, allowing the authorities to reopen; government spending went up 4.3% (vs 3.0%) and gross fixed capital formation hiked 10.8% (vs 23.9%). Foreign demand growth remained in the double-digits, with shipments of goods increasing by 14.2% (vs 20.5%), while service exports advanced 4.0% (vs 3.0%) as inbound tourism remained frozen. At the same time, imports jumped 16.8% for goods (vs 21.4%) and rose 4.5% for services (vs 10.6%). On a seasonally adjusted quarterly basis, the economy advanced 0.1%, as expected, rebounding from a 0.9% contraction in Q2. Looking ahead, the Hong Kong government predicts GDP to rise by 6.4% in 2021, compared to an earlier forecast range of 5.5%-6.5%.
2021-11-12
Hong Kong Economy Expands 5.4% in Q3
Hong Kong's economy grew by 5.4 percent from a year earlier in the third quarter of 2021, easing from a 7.6 percent expansion in the previous period and missing market expectations of 5.8 percent, the advance estimate showed. Still, the GDP expansion remained strong overall and was attributable to the sustained solid growth in both domestic and external demand, as well as a stable local epidemic situation. Household consumption advanced by 7.0 percent (vs 7.2 percent in Q2), and fixed investment increased by 11.0 percent (vs 23.9 percent in Q2). In addition, government spending rose by 4.1 percent (vs 3.0 percent in Q2), while net external demand contributed negatively to the GDP as imports rose more than exports. On a quarterly basis, the economy grew by a seasonally adjusted 0.1 percent in July to September, compared with a contraction of 0.9 percent in the previous quarter.
2021-11-01