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.