The Hong Kong economy advanced 3.5 percent year-on-year in the second quarter of 2018, easing from a downwardly revised 4.6 percent expansion in the previous period. Household consumption slowed to 6.1 percent (from 8.8 percent in Q1), as well as gross fixed capital formation (0.4 percent from 4.2 percent). On a quarterly basis, the GDP declined 0.2 percent, from a downwardly revised 2.1 percent gain in the prior quarter. GDP Annual Growth Rate in Hong Kong averaged 5.25 percent from 1974 until 2018, 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.

Hong Kong GDP Annual Growth Rate
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Hong Kong GDP Growth Slows to 3.5% YoY in Q2


The Hong Kong economy advanced 3.5 percent year-on-year in the second quarter of 2018, easing from a downwardly revised 4.6 percent expansion in the previous period.

In the second quarter, private consumption growth slowed to 6.1 percent (from 8.8 percent in Q1); as well as gross fixed capital formation (0.4 percent from 4.2 percent). Within fixed investment, expenditure on machinery & equipment increased by 4.7 percent (easing from 6.1 percent in Q1) and expenditure on building & construction fell by 3 percent, as against a 1.9 percent gain in the first quarter. Additionally, exports of goods rose softer (4.6 percent from 5.2 percent), as well as imports (6.3 percent from 6.9 percent). Exports of services increased at slower 6.1 percent (from 7.9 percent) and imports also slowed to 0.4 percent (from 4.2 percent). Contrarily, government spending expanded at a faster pace (4.4 percent from 3.9 percent in Q1). 

On a quarterly basis, the GDP shrank 0.2 percent, following a downwardly revised 2.1 percent rise in the prior quarter. It was the first quarterly contraction since the first quarter of 2016, as private consumption declined by 0.6 percent (from 3.3 percent in the first quarter of 2018). In addition, international trade contributed negatively to GDP growth, as exports of goods and services dropped in Q2 (-0.4 percent and -3.2 percent from 3.1 percent and 5.2 percent, respectively); as well as imports of goods and services, which fell 0.1 percent and 2.1 percent in Q2 (from 2.3 percent and 3.6 percent, respectively). Contrarily, government spending went up 1.6 percent, from 1.2 percent in the previous quarter. 


Census and Statistics Department | Gabriela Costa | gabriela.costa@tradingeconomics.com
8/10/2018 9:36:54 AM



Calendar GMT Actual Previous Consensus TEForecast
2018-02-28 03:45 AM GDP Growth Rate YoY 3.4% 3.7% 3.6%
2018-05-11 08:30 AM GDP Growth Rate YoY 4.7% 3.4% 3.70%
2018-08-10 08:30 AM GDP Growth Rate YoY 3.5% 4.6% 3.9%
2018-11-16 08:30 AM GDP Growth Rate YoY 3.5% 3.1%


Hong Kong GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.20 2.10 6.10 -3.40 percent [+]
GDP Annual Growth Rate 3.50 4.60 20.70 -8.10 percent [+]
GDP 341.45 320.88 341.45 1.32 USD Billion [+]
GDP Constant Prices 634683.00 651268.00 691816.00 68360.00 HKD Million [+]
Gross National Product 689136.00 672164.00 708633.00 341738.00 HKD Million [+]
Gross Fixed Capital Formation 141005.00 132520.00 157576.00 15765.00 HKD Million [+]
GDP per capita 37927.13 36816.10 37927.13 3380.60 USD [+]
GDP per capita PPP 56054.92 54412.90 56054.92 26974.30 USD [+]
GDP From Agriculture 502.00 432.00 837.00 429.00 HKD Million [+]
GDP From Construction 30703.00 33378.00 34156.00 15319.00 HKD Million [+]
GDP From Manufacturing 6859.00 6344.00 10830.00 6097.00 HKD Million [+]
GDP From Public Administration 118279.00 110468.00 118279.00 75563.00 HKD Million [+]
GDP From Services 565334.00 574889.00 624615.00 281693.00 HKD Million [+]
GDP From Transport 35756.00 38847.00 39146.00 17565.00 HKD Million [+]
GDP From Utilities 9345.00 7975.00 10855.00 6232.00 HKD Million [+]


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. 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 - actual data, historical chart and calendar of releases - was last updated on November of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
3.50 4.60 20.70 -8.10 1974 - 2018 percent Quarterly




Country Last
India 8.20 Jun/18
China 6.50 Sep/18
Turkey 5.20 Jun/18
Indonesia 5.17 Sep/18
Australia 3.40 Jun/18
Switzerland 3.40 Jun/18
Netherlands 3.10 Jun/18
United States 3.00 Sep/18
Mexico 2.60 Sep/18
Singapore 2.60 Sep/18
Spain 2.50 Sep/18
Germany 2.00 Jun/18
South Korea 2.00 Sep/18
Canada 1.90 Jun/18
Russia 1.90 Jun/18
Euro Area 1.70 Sep/18
Saudi Arabia 1.61 Jun/18
France 1.50 Sep/18
United Kingdom 1.50 Sep/18
Brazil 1.00 Jun/18
Japan 1.00 Jun/18
Italy 0.80 Sep/18
South Africa 0.40 Jun/18
Argentina -4.20 Jun/18


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