Hong Kong GDP Annual Growth Rate1974-2020 Data | 2021-2022 Forecast | Calendar

The economy of Hong Kong shrank 3.5 percent year-on-year in the third quarter of 2020, slightly more than 3.4 percent in the preliminary estimate and marking the 5th consecutive quarter of falling GDP. Exports of goods resumed moderate growth (3.9 percent vs -2.2 percent) thanks to an improved external trading environment and strong growth in China. In contrast, exports of services continued to plummet (-34.6 percent vs -45.6 percent) as inbound tourism and cross-boundary passenger transport remained frozen, though exports of financial services grew further. In addition, both investment (-11.1 percent vs -21.4 percent) and private spending (-8.2 percent vs -14.2 percent) shrank less and government spending continued to rise at a strong growth (7 percent vs 9.7 percent).

The economy of Hong Kong shrank 3.4% yoy in Q3 2020, extending the recession to the 5th straight quarter, preliminary estimates showed. Still, it is the smallest annual decline in GDP so far this year after record contractions in Q2 and Q1 due to the coronavirus crisis and social unrest in the country. A solid expansion in China, the stabilisation of the local epidemic, and stronger financial market activity all contributed positively. Exports of goods resumed growth (+3.8% vs -2.2%) amid revived demand in major markets especially China. Yet, exports of services continued to plummet (-34.8% vs -45.6%) as inbound tourism remained frozen. Private consumption posted a smaller though still notable decline (-7.7% vs -14.2%). Investment continued to fall visibly (-11.2% vs -21.4%) amid the difficult business environment, though displaying some relative improvement from the preceding quarter. On a quarter-on-quarter basis, the economy expanded 3%, the strongest in 11 years.

The economy of Hong Kong shrank 9% year-on-year in the three months to June of 2020, following an upwardly revised 9.1% contraction in the previous period, a final estimate showed. It was the fourth consecutive contraction as the coronavirus pandemic continued to severely hurt global and local economic activities, following months of anti-government protests. Private consumption dropped by 14.2% (-10.6% in Q1) and gross domestic fixed capital formation fell by 21.4 (-15.8% in Q1). Exports of goods declined 2.4% (vs -9.7% in Q1) and imports went down by 7.1% (vs -11.1% in Q1). On the other hand, government spending grew by 9.8%, faster than an 8.8% expansion in the prior period. On a quarter-on-quarter basis, the GDP shrank only 0.1%. Meanwhile, the government downgraded its full-year economic forecast, the GDP is expected to shrink between 6% and 8% in 2020, compared to its previous projection for a contraction of between 4% and 7%.

The economy of Hong Kong shrank 9% year-on-year in the three months to June of 2020, following an upwardly revised 9.1% drop in the previous period which was the highest on record. The economy contracted for the 4th straight quarter, as the coronavirus pandemic continued to severely hurt global and local economic activities, after a hit of months of anti-government protests. Private consumption fell 14.5%, gross domestic fixed capital formation plunged 20.6%, exports of goods declined 2.1% and imports 6.8%. In contrast, public expenditure went up 9.6%. Looking ahead, the COVID-19 pandemic will remain a key threat to the global economic outlook and the challenging external environment will likely constrain Hong Kong's export performance in the near term while the recent surge in COVID-19 cases in Hing Kong has clouded the outlook for domestic economic activity, a government spokesman said. On a quarter-on-quarter basis, the GDP shrank 0.1%.