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). source: Census and Statistics Department, Hong Kong
GDP Annual Growth Rate in Hong Kong averaged 4.87 percent from 1974 until 2020, 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 December of 2020.
GDP Annual Growth Rate in Hong Kong is expected to be 1.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Hong Kong to stand at 2.80 in 12 months time. In the long-term, the Hong Kong GDP Annual Growth Rate is projected to trend around 2.50 percent in 2021 and 2.80 percent in 2022, according to our econometric models.