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.