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.

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Hong Kong GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
7.50 8.00 20.70 -9.10 1974 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2021-02-24 07:00 AM YoY Final Q4 -3% -3.6% -3% -3%
2021-05-03 08:30 AM YoY Adv Q1 7.8% -2.8% -2%
2021-05-14 08:50 AM YoY Final Q1 7.9% -2.8% 7.8%
2021-07-30 08:30 AM YoY Adv Q2 7.5% 8% 6.1%
2021-08-13 08:30 AM YoY Final Q2 8% 7.5%
2021-11-01 08:30 AM YoY Adv Q3
2021-11-12 08:30 AM YoY Final Q3


News Stream
Hong Kong Economic Growth Robust at 7.5% in Q2
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".
2021-07-30
Hong Kong Economy Expands the Most in 10 Years
The economy of Hong Kong expanded 7.9 percent year-on-year in the first quarter of 2020, ending a six-quarter recession and above preliminary figures of a 7.8 percent jump. It was the fastest increase in economic output since the quarter ended March of 2010, amid a sharp recovery in global demand, although economic activity remained below pre-pandemic levels. Shipments of goods surged 30.2 percent (vs 5.5 percent in Q4), mostly to China, the US and the EU, while exports of services fell 8.1 percent (vs -28.8 percent). At the same time, purchases of goods from abroad jumped 22.7 percent (vs 6.7 percent), while imports of services slew -12.9 percent (vs -33.9 percent). Additionally, government spending went up 6.8 percent (vs 6.1 percent), private consumption rebounded to 1.6 percent (vs -6.9 percent), and gross fixed capital formation rose 4.5 percent (vs 3.6 percent). The government of Hong Kong confirmed its forecasts that the economy will grow by 3.5% to 5.5% in the current year.
2021-05-14
Hong Kong Economy Rebounds Strongly
The economy of Hong Kong grew 7.8 percent year-on-year during the first three months of 2021, rebounding from a downwardly revised 2.8 percent decline in the prior period, advance estimates showed. It was the fastest pace of expansion since the first quarter of 2010, mainly attributed to the strong performance of external trade and baseline effects. Accordingly, total exports of goods surged 30.3 percent (vs 5.5 percent in Q4), while imports climbed a slower 23.3% (vs 6.7% percent). At the same time, private consumption rose 1.6 percent (vs -6.9 percent), government spending jumped 6.7 percent (vs 6.1 percent), and gross fixed capital formation went up 4.5 percent (vs 3.6 percent). The economic recovery was uneven and overall economic activity remained below pre-pandemic levels, as restrictions continue to weigh on consumer-facing businesses, mainly in the tourism industry, according to the government of Hong Kong.
2021-05-03
Hong Kong Extends Recession for 6th Quarter
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.
2021-02-24

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.