Hong Kong's economy shrank by 4.2 percent year-on-year in the fourth quarter of 2022, while analysts expected it to contract by a softer 2.9 percent, following a revised 4.6 percent decline 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 tumbling 24.8 percent (vs. -15.8 percent in Q3) and services declining 22.8 percent (vs. -16.4 percent). Meanwhile, private consumption (1.7 percent vs. -0.4 percent) and government spending (9.1 percent vs. 5.3 percent) increased faster. On a seasonally adjusted quarterly basis, GDP came flat, while markets expected it to expand 1.5 percent, following a 2.6 percent contraction in the previous period. For 2022, the economy contracted 3.5 percent, following a 6.4 percent advance in 2021. source: Census and Statistics Department, Hong Kong

GDP Annual Growth Rate in Hong Kong averaged 4.69 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 February of 2023.

GDP Annual Growth Rate in Hong Kong is expected to be 3.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

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Hong Kong GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-11-11 08:30 AM YoY Final Q3 -4.5% -1.3% -4.5%
2023-02-01 08:30 AM YoY Adv Q4 -4.2% -4.6% -2.9% 1.5%
2023-02-22 08:30 AM YoY Final Q4 -4.6% -4.2%


Related Last Previous Unit Reference
GDP Growth Rate 0.00 -2.60 percent Dec 2022
GDP Annual Growth Rate -4.20 -4.60 percent Dec 2022
GDP Constant Prices 689915.00 668074.00 HKD Million Sep 2022
Gross National Product 769128.00 744645.00 HKD Million Sep 2022
Gross Fixed Capital Formation 110240.00 123010.00 HKD Million Sep 2022
Full Year GDP Growth -3.50 6.40 percent Dec 2022
GDP from Utilities 10669.00 9165.00 HKD Million Sep 2022
GDP from Transport 27919.00 23047.00 HKD Million Sep 2022
GDP from Services 621008.00 592378.00 HKD Million Sep 2022
GDP from Public Administration 143376.00 139269.00 HKD Million Sep 2022
GDP from Manufacturing 7032.00 7006.00 HKD Million Sep 2022
GDP from Construction 25657.00 27283.00 HKD Million Sep 2022
GDP from Agriculture 606.00 639.00 HKD Million Sep 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
-4.20 -4.60 20.50 -9.40 1974 - 2022 percent Quarterly
NSA

News Stream
Hong Kong GDP Contracts More than Expected
Hong Kong's economy shrank by 4.2 percent year-on-year in the fourth quarter of 2022, while analysts expected it to contract by a softer 2.9 percent, following a revised 4.6 percent decline 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 tumbling 24.8 percent (vs. -15.8 percent in Q3) and services declining 22.8 percent (vs. -16.4 percent). Meanwhile, private consumption (1.7 percent vs. -0.4 percent) and government spending (9.1 percent vs. 5.3 percent) increased faster. On a seasonally adjusted quarterly basis, GDP came flat, while markets expected it to expand 1.5 percent, following a 2.6 percent contraction in the previous period. For 2022, the economy contracted 3.5 percent, following a 6.4 percent advance in 2021.
2023-02-01
Hong Kong Economy Contracts 4.5% in Q3
Hong Kong's economy shrank by 4.5 percent year-on-year in the third quarter of 2022, following a 1.3 percent contraction in the previous period. The unexpected contraction in GDP was mainly attributable to the weak performance in external trade during the quarter, with exports of goods tumbling 15.6 percent (vs. -8.4 percent in Q2) and services declining 3.8 percent (vs. 2.2 percent in Q2). Prive consumption remained virtually flat while government spending slowed (5.1 percent vs. 13.0 percent). At the same time, gross fixed investment tumbled further (-14.3 percent vs. -2.1 percent). On a seasonally adjusted quarterly basis, GDP declined 2.6 percent, following a 1.0 percent gain in the previous period.
2022-11-11
Hong Kong Economy Unexpectedly Contracts
Hong Kong's economy shrank by 4.5 percent year-on-year in the third quarter of 2022, while analysts expected it to rebound by 0.7 percent, following a revised 1.3 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 (-15.5 percent vs. -8.4 percent in Q2) and services declining (-3.5 percent vs. 2.2 percent). Prive consumption remained virtually flat while government spending slowed (4.3 percent vs. 13.0 percent). On a seasonally adjusted quarterly basis, GDP declined 2.6 percent, while markets expected it to expand 2 percent, following a revised 1.0 percent gain in the previous period.
2022-10-31