The economy of Hong Kong contracted 3 percent year-on-year in the last quarter of 2020, matching preliminary figures, and extending the recession for 6 consecutive quarters, due to the coronavirus pandemic. Private consumption went down 7.2 percent and exports of services sank 29.3 percent. On the other hand, government spending rose 5.6 percent and investment 2.6 percent, mainly machinery, equipment and intellectual property products (7.8 percent) while expenditure on building and construction dropped 6 percent. Exports of goods went up 5.5 percent and imports of goods 6.9 percent. Considering full 2020, the Hong Kong economy contracted 6.1 percent, the worst annual performance on record. source: Census and Statistics Department, Hong Kong
GDP Annual Growth Rate in Hong Kong averaged 4.83 percent from 1974 until 2020, reaching an all time high of 20.70 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 April of 2021.
GDP Annual Growth Rate in Hong Kong is expected to be 1.10 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 3.50 in 12 months time. In the long-term, the Hong Kong GDP Annual Growth Rate is projected to trend around 3.50 percent in 2022 and 2.30 percent in 2023, according to our econometric models.