The economy of Hong Kong grew 7.5% year-on-year in the second quarter of 2021, slightly below an upwardly revised 8% rise in Q1, preliminary estimates showed. Private consumption jumped 6.5% (vs 2.1% in Q1), government spending 2.9% (vs 7%) and gross fixed capital formation 23.7% (vs 4.8%). Exports of goods surged 20.3% (vs 30.1%) and imports 21.4% (vs 22.9%). Compared with the previous quarter however, the economy contracted 1% after a robust 5.5% surge in Q1 and mainly due to a slowdown in exports of goods from the exceptionally strong growth in the first quarter. A government spokesman said that "the economic recovery remained uneven in the second quarter. While exports of goods were robust and surpassed the peak reached in the same period of 2018, tourism remained at a standstill due to the pandemic. Consumption-related activities improved further, but were still notably below their pre-recession levels". source: Census and Statistics Department, Hong Kong
GDP Annual Growth Rate in Hong Kong averaged 4.86 percent from 1974 until 2021, 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 August of 2021.
GDP Annual Growth Rate in Hong Kong is expected to be 5.50 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 3.50 percent in 2022 and 2.30 percent in 2023, according to our econometric models.