The economy of Hong Kong expanded 2.8 percent quarter-on-quarter in the third quarter of 2020, slightly less than initial estimates of a 3 percent rise. Still, it is the first quarter of expansion in since early 2019, and the strongest growth rate in 11 years as the economy attempts to rebound from the coronavirus crisis. The near-term outlook will hinge critically on the local COVID-19 situation. Provided that the local epidemic remains well contained, domestic economic activities will likely see further modest improvement in Q4. Latest government forecasts point to a 6.1 percent drop in GDP for 2020. source: Census and Statistics Department, Hong Kong

GDP Growth Rate in Hong Kong averaged 0.82 percent from 1990 until 2020, reaching an all time high of 6.10 percent in the third quarter of 2003 and a record low of -5.50 percent in the first quarter of 2020. This page provides - Hong Kong GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Hong Kong GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.

GDP Growth Rate in Hong Kong is expected to be 1.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Hong Kong to stand at 0.90 in 12 months time. In the long-term, the Hong Kong GDP Growth Rate is projected to trend around 1.00 percent in 2021, according to our econometric models.

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Hong Kong GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.80 -0.10 6.10 -5.50 1990 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-07-29 08:30 AM QoQ Adv Q2 -0.1% -5.3% -0.5%
2020-08-14 08:30 AM QoQ Final Q2 -0.1% -5.3% -0.1% -0.1%
2020-10-30 08:30 AM QoQ Adv Q3 3% -0.1% 1.5%
2020-11-13 08:30 AM QoQ Final Q3 2.8% -0.1% 3% 3%
2021-01-29 08:30 AM QoQ Adv Q4 2.8% 1.1%
2021-02-24 08:30 AM QoQ Final Q4 2.8% 1.1%
2021-05-03 08:30 AM QoQ Adv Q1
2021-05-14 08:30 AM QoQ Final Q1
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Hong Kong GDP Grows Slightly Less than Anticipated
The economy of Hong Kong expanded 2.8 percent quarter-on-quarter in the third quarter of 2020, slightly less than initial estimates of a 3 percent rise. Still, it is the first quarter of expansion in since early 2019, and the strongest growth rate in 11 years as the economy attempts to rebound from the coronavirus crisis. The near-term outlook will hinge critically on the local COVID-19 situation. Provided that the local epidemic remains well contained, domestic economic activities will likely see further modest improvement in Q4. Latest government forecasts point to a 6.1 percent drop in GDP for 2020.
2020-11-13
Hong Kong Quarterly GDP Growth Strongest in 11 Years
The economy of Hong Kong grew 3 on quarter in the three months to September, preliminary estimates showed. It is the first quarter of expansion in since early 2019, and the strongest growth rate in 11 years as the economy attempts to rebound from the coronavirus crisis. Looking ahead, a "continued recovery of the Chinese economy should render support to Hong Kong's exports in the coming few months. Also, global demand and trade flows will further improve if the recovery of the major advanced economies sustains. COVID-19 will remain a major downside risk to the global and local economy until effective vaccines are widely available. The tourism industry is unlikely to see a swift rebound with widespread travel restrictions in place. The evolving China-US relations, heightened geopolitical tensions, and the possibility of a disorderly Brexit also add to uncertainties", a Government spokesman said.
2020-10-30
Hong Kong GDP Contracts 0.1% QoQ in Q2
The economy of Hong Kong contracted 0.1 percent on quarter in the three months to June of 2020, following a record 5.3 percent slump in the previous period, final estimates showed. The coronavirus pandemic was largely under control in May and June, and the recovery in mainland China has helped to partly offset the external headwinds facing Hong Kong's exports of goods. Private consumption decline moderated (-3.8 percent vs -7.2 percent in Q1) while government spending grew (1.8 percent vs 3.5 percent in Q1). Export of goods rose 6.5 percent (vs -9 percent in Q1) while those of services slumped 17 percent (vs -16.3 in Q1). Meantime, imports of goods increased 1.8 percent (vs -6.6 percent in Q1), while those of services plunged 24 percent (vs -20 percent in Q1). Year-on-year, the economy shrank 9 percent, after contracting 9.1 percent in the prior period.
2020-08-14
Hong Kong GDP Shrinks 0.1% QoQ in Q2
The economy of Hong Kong contracted 0.1 percent on quarter in the three months to June of 2020, following a record 5.3 percent plunge in the previous period, preliminary estimates showed. Yet, as the coronavirus pandemic was largely under control in Hong Kong in May and June, and the recovery of the Chinese economy also helped partly offset the external headwinds facing Hong Kong's exports of goods, the overall economic situation showed signs of stabilisation during the quarter. However, the COVID-19 pandemic remains a threat to the economy as it constrains exports while the recent surge in cases in Hong Kong impacts local activities.
2020-07-29

Hong Kong GDP Growth Rate
Hong Kong has an export oriented economy and in spite of small size is the 8th largest trading entity in the world with the value of goods and services exchanged four times the size of GDP. 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.