Hong Kong GDP contracted 2.9 percent year-on-year in the third quarter of 2019, after expanding 0.4 percent in the previous period, in line with preliminary estimates. It was the first yearly economic contraction since the third quarter of 2009, when the economy shrank 1.7 percent. On a quarterly basis, the GDP shrank 3.2 percent, after a 0.5 percent contraction and also matching early estimates. Hong Kong slid into technical recession after five months of violent unrest due to a now withdrawn extradition bill. GDP Annual Growth Rate in Hong Kong averaged 5.12 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. source: Census and Statistics Department, Hong Kong

GDP Annual Growth Rate in Hong Kong is expected to be -0.50 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 1.50 in 12 months time. In the long-term, the Hong Kong GDP Annual Growth Rate is projected to trend around 2.80 percent in 2020, according to our econometric models.


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Hong Kong GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-2.90 0.40 20.70 -8.10 1974 - 2019 percent Quarterly



Calendar GMT Actual Previous Consensus TEForecast
2019-07-31 08:30 AM GDP Growth Rate YoY Adv Q2 0.6% 0.6% 1.9%
2019-08-16 08:30 AM GDP Growth Rate YoY Final Q2 0.5% 0.6% 0.6% 0.6%
2019-10-31 08:30 AM GDP Growth Rate YoY Adv Q3 -2.9% 0.4% 0.3%
2019-11-15 08:30 AM GDP Growth Rate YoY Final Q3 -2.9% 0.4% -2.9% -2.9%
2020-02-03 08:30 AM GDP Growth Rate YoY Adv Q4 -2.9% -4.5%


News Stream
2019-10-31
Hong Kong Economy Shrinks for 1st time in a Decade
The Hong Kong economy contracted 2.9 percent year-on-year in the third quarter of 2019, after expanding a downwardly revised 0.4 percent in the previous period, an advanced estimate showed. It was the first yearly economic contraction since the third quarter of 2009, when the economy shrank 1.7 percent. Private consumption dropped and fixed investment declined further while government spending grew at a faster pace.

2019-08-16
Hong Kong Q2 GDP Growth Revised Lower to 10-Year Low
Hong Kong's annual economic growth was revised lower to 0.5 percent in the second quarter of 2019, compared with a preliminary reading of 0.6 percent. That was the weakest pace of expansion since a contraction seen in the third quarter of 2009 amid ongoing trade tensions between China and the US, and growing social unrest.

2019-07-31
Hong Kong Q2 GDP Growth Flat at 0.6%
Hong Kong's economy grew 0.6 percent year-on-year in the second quarter of 2019, the same pace as in the previous three-month period but below market expectations of 1.6 percent, an advance estimate showed. On a seasonally adjusted quarterly basis, the economy shrank by 0.3 percent, compared with 1.3 percent expansion in the first quarter. The government expects GDP growth of 2-3 percent this year, versus 3 percent in 2018.

2019-05-17
Hong Kong Q1 GDP Growth at Near 10-Year Low
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.

2019-05-02
Hong Kong Q1 GDP Growth Rate Weakest since 2009
The Hong Kong economy advanced 0.5 percent year-on-year in the first quarter of 2019, slowing from a downwardly revised 1.2 percent expansion in the previous period, an advance estimate showed. It was the weakest growth rate since the third quarter of 2009, when the economy shrank 1.7 percent. Private consumption and government spending eased and fixed investment continued to contract. On a quarterly basis, the GDP expanded 1.2 percent, after shrinking 0.5 percent in the prior quarter.

2019-02-27
Hong Kong Q4 GDP Annual Growth Weakest in Near 3 Years
The Hong Kong economy advanced 1.3 percent year-on-year in the December quarter of 2018, easing from a downwardly revised 2.8 percent growth in the previous period. It was the weakest pace of expansion since the March quarter 2016, amid a marked slowdown in private consumption and a slump in fixed investment. Considering 2018 the whole year, the economy grew by 3 percent, less than the government's forecast of 3.2 percent and after a 3.8 percent expansion in the preceding year. On a quarterly basis, the economy contracted 0.3 percent in the three months to December, following a 0.1 percent growth in the prior quarter.


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.

Hong Kong GDP Last Previous Highest Lowest Unit
GDP Growth Rate -3.20 -0.50 6.10 -3.40 percent [+]
GDP Annual Growth Rate -2.90 0.40 20.70 -8.10 percent [+]
GDP 362.99 341.65 362.99 1.32 USD Billion [+]
GDP Constant Prices 676060.00 657134.00 721686.00 70363.00 HKD Million [+]
Gross National Product 714193.00 714199.00 749212.00 351486.00 HKD Million [+]
Gross Fixed Capital Formation 126010.00 132269.00 164546.00 16464.00 HKD Million [+]
GDP per capita 38784.80 37949.30 38784.80 3380.60 USD [+]
GDP per capita PPP 57322.50 56087.70 57322.50 26974.30 USD [+]
GDP From Agriculture 410.00 474.00 804.00 400.00 HKD Million [+]
GDP From Construction 29586.00 28843.00 35944.00 16120.00 HKD Million [+]
GDP From Manufacturing 7270.00 6968.00 10964.00 6176.00 HKD Million [+]
GDP From Public Administration 124595.00 125639.00 125639.00 78077.00 HKD Million [+]
GDP From Services 609135.00 585064.00 654271.00 287640.00 HKD Million [+]
GDP From Transport 36777.00 35612.00 39465.00 17151.00 HKD Million [+]
GDP From Utilities 10106.00 9275.00 10939.00 6279.00 HKD Million [+]