The Hong Kong economy advanced 0.6 percent year-on-year in the first quarter of 2019, higher than an advance estimate of 0.5 percent but easing from a 1.2 percent expansion in the previous period, a final estimate showed. It was the weakest growth rate since the third quarter of 2009, when the economy contracted 1.7 percent. Private consumption and government spending slowed and fixed investment shrank further. On a quarterly basis, the GDP expanded 1.3 percent, above a preliminary reading of 1.2 percent and after a 0.5 percent contraction in the prior quarter. GDP Annual Growth Rate in Hong Kong averaged 5.19 percent from 1974 until 2019, reaching an all time high of 20.70 percent in the fourth quarter of 1976 and a record low of -8.10 percent in the third quarter of 1998.
GDP Annual Growth Rate in Hong Kong is expected to be 1.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Hong Kong to stand at 2.60 in 12 months time. In the long-term, the Hong Kong GDP Annual Growth Rate is projected to trend around 2.10 percent in 2020, according to our econometric models.