Hong Kong's economy contracted 1.3% year-on-year in the second quarter of 2022, 0.1% short of the initially shown 4.0%, and following a downwardly revised first quarter 3.9% decrease. Net trade was the main dragger, with exports of goods sinking 8.6%, in line with preliminary estimates while exports of services increased slightly more than initially anticipated (2.3% vs 1.8%). Private consumption remained virtually flat and government spending increased 13%, also in line with the preliminary reading. Compared to the first quarter of the year, the GDP growth was revised higher to 1% from 0.9%. Meanwhile, the government revised down its full-year growth forecast to between 0.5% and - 0.5%, from between 1% and 2%, pointing to a deteriorating global growth outlook, while keeping inflation estimates for 2022 at 2%. source: Census and Statistics Department, Hong Kong

GDP Annual Growth Rate in Hong Kong averaged 4.79 percent from 1974 until 2022, reaching an all time high of 20.50 percent in the fourth quarter of 1976 and a record low of -9.40 percent in the second 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 September of 2022.

GDP Annual Growth Rate in Hong Kong is expected to be 2.00 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



Calendar GMT Actual Previous Consensus TEForecast
2022-08-01 08:30 AM YoY Adv Q2 -1.4% -3.9% 0.6% 0.7%
2022-08-12 08:30 AM YoY Final Q2 -1.3% -3.9% -1.4%
2022-10-31 08:30 AM YoY Adv Q3


Related Last Previous Unit Reference
GDP Growth Rate 1.00 -2.90 percent Jun 2022
GDP Annual Growth Rate -1.30 -3.90 percent Jun 2022
GDP Constant Prices 668198.00 672617.00 HKD Million Jun 2022
Gross National Product 744645.00 692415.00 HKD Million Jun 2022
Gross Fixed Capital Formation 123010.00 107840.00 HKD Million Jun 2022
Full Year GDP Growth 6.40 -6.10 percent Dec 2021
GDP from Utilities 9165.00 7922.00 HKD Million Jun 2022
GDP from Transport 23047.00 25494.00 HKD Million Jun 2022
GDP from Services 592378.00 594316.00 HKD Million Jun 2022
GDP from Public Administration 139269.00 126813.00 HKD Million Jun 2022
GDP from Manufacturing 7006.00 6152.00 HKD Million Jun 2022
GDP from Construction 27283.00 28573.00 HKD Million Jun 2022
GDP from Agriculture 639.00 609.00 HKD Million Jun 2022

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
-1.30 -3.90 20.50 -9.40 1974 - 2022 percent Quarterly
NSA

News Stream
Honk Kong GDP Contraction Jeopardizes Recovery
Hong Kong's economy contracted 1.3% year-on-year in the second quarter of 2022, 0.1% short of the initially shown 4.0%, and following a downwardly revised first quarter 3.9% decrease. Net trade was the main dragger, with exports of goods sinking 8.6%, in line with preliminary estimates while exports of services increased slightly more than initially anticipated (2.3% vs 1.8%). Private consumption remained virtually flat and government spending increased 13%, also in line with the preliminary reading. Compared to the first quarter of the year, the GDP growth was revised higher to 1% from 0.9%. Meanwhile, the government revised down its full-year growth forecast to between 0.5% and - 0.5%, from between 1% and 2%, pointing to a deteriorating global growth outlook, while keeping inflation estimates for 2022 at 2%.
2022-08-12
Hong Kong Economy Unexpectedly Contracts
Hong Kong's economy shrank by 1.4 percent year-on-year in the second quarter of 2022, while analysts expected it to rebound by 0.6 percent, following a revised 3.9 percent contraction in the previous period, the preliminary estimate showed. The decline in GDP was mainly attributable to the weak performance in external trade during the quarter, with exports of goods declining further (-8.6 percent vs. -4.5 percent in Q1) while exports of services increased (1.8 percent vs. -2.8 percent). Prive consumption remained virtually flat (vs. -5.8 percent in Q1) while government spending increased (13 percent vs. 6.7 percent). On a seasonally adjusted quarterly basis, GDP rose 0.9 percent, much less than market estimates of a 3.8 percent gain and following a revised 2.9 percent drop in the previous period.
2022-08-01
Hong Kong GDP Contraction Confirmed at 4%
Hong Kong's economic contraction was confirmed at 4.0% year-on-year in the first quarter of 2022, following a downwardly revised 4.7% expansion in the previous period, according to final estimates. It was the first decline in GDP since the fourth quarter of 2020 and was the steepest since Q3 2020, as the city imposed strict lockdowns to curb its worst coronavirus outbreak yet. The closure of a major part of economic activity resulted in a sharp contraction of private consumption spending (-5.5% vs 5.3% in Q4 2021), and caused gross fixed investment to slump (-8.4% vs -0.6%), while government stimulus boosted public spending (6.0% vs 4.1%). Overseas, slowing trade caused drops in exports of goods (-4.5% vs 13.5%) and services (-2.8% vs 6.9%), as in imports of goods (-5.9% vs 9.9%) and services (-3.4% vs 4.5%). On a seasonally adjusted quarterly basis, GDP fell 3.0%, slightly more than a flash estimate of a 2.9% drop and following a revised flat reading in Q4, 2021.
2022-05-13