Hong Kong skyline from above

Hong Kong Economy

Hong Kong's economy in numbers:

Nominal GDP of USD 360 billion in 2022.

GDP per capita of USD 48,158 compared to the global average of USD 10,589.

Average real GDP growth of 1.2% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2020, services accounted for 94% of overall GDP, manufacturing 1%, other industrial activity 5%, and agriculture 0%. Looking at GDP by expenditure, private consumption accounted for 65% of GDP in 2021, government consumption 13%, fixed investment 18%, and net exports 4%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 91% of total merchandise exports, mineral fuels 0%, food 1%, ores and metals 2% and agricultural raw materials 0%, with other categories accounting for 6% of the total. In the same period, manufactured products made up 88% of total merchandise imports, mineral fuels 2%, food 4%, ores and metals 2% and agricultural raw materials 0%, with other goods accounting for 4% of the total. Total exports were worth USD 580 billion in 2022, while total imports were USD 630 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 1.2% in the decade to 2022. To read more about GDP growth in Hong Kong, go to our dedicated page.

Fiscal policy:

Hong Kong's fiscal surplus averaged 0.7% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 3.7% in the decade to 2022. For more information on Hong Kong's unemployment click here.

Inflation:

Inflation averaged 2.6% in the decade to 2022. Go to our Hong Kong inflation page for extra insight.

Monetary Policy:

Hong Kong's monetary policy rate ended 2022 at 4.75%, up from 0.50% a decade earlier. See our Hong Kong monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the Hong Kong dollar stayed on the same level vs the U.S. dollar. For more info on the Hong Kong dollar, click here.
Our panelists anticipate year-on-year GDP growth in Q2 to have picked up slightly from Q1’s 2.7%. That said, available data suggests downside risks to this forecast. The PMI survey pointed to worsening private-sector operating conditions in the quarter. Moreover, retail sales fell by double digits in April–May; sales were likely weighed on by poor weather, a strong Hong Kong dollar—due to the currency’s peg to the U.S. dollar—and residents’ growing preference for shopping on the mainland. Furthermore, visitor arrivals growth slowed to a small fraction of the Q1 average in April–May due to a much higher base of comparison; this deceleration suggests that services exports could have lost steam in Q2. More positively, goods exports rose by double digits in the same two-month period, likely spurred by an upturn in the global electronics market.
Projections out to 2033.

52 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 30 expert analysts.

Want to get insight on the economic outlook for Hong Kong in the coming years? FocusEconomics collects projections out to 2033 on 52 economic indicators for Hong Kong from a panel of 30 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Hong Kong economy. To download a sample report on the Hong Kong's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page .

Hong Kong Economic Data

2019 2020 2021 2022 2023
Population (million) 7.5 7.4 7.4 7.5 7.5
GDP (USD bn) 363 345 369 359 381
GDP per capita (USD) 48,280 46,451 49,848 48,003 50,544
GDP (HKD bn) 2,845 2,676 2,868 2,809 2,982
Economic Growth (Nominal GDP, ann. var. %) 0.3 -5.9 7.2 -2.1 6.1
Economic Growth (GDP, ann. var. %) -1.7 -6.5 6.5 -3.7 3.3
Domestic Demand (ann. var. %) -3.5 -6.7 4.1 -2.7 6.1
Private Consumption (ann. var. %) -0.8 -10.6 5.6 -2.2 7.7
Government Consumption (ann. var. %) 5.1 7.9 5.9 8.0 -4.3
Fixed Investment (ann. var. %) -14.9 -11.1 8.3 -7.4 11.1
Exports (G&S, ann. var. %) -6.2 -7.0 16.9 -12.5 -6.6
Imports (G&S, ann. var. %) -7.3 -6.9 15.8 -12.3 -5.4
Retail Sales (ann. var. %) -12.3 -25.5 6.5 -3.3 13.8
Wages (ann. var. %) 3.5 1.4 1.3 2.2 3.6
Unemployment (% of active population, eop) 3.1 6.3 3.8 3.3 2.8
Unemployment (% of active population, aop) 2.9 5.5 5.4 4.4 3.0
Fiscal Balance (% of GDP) -0.4 -8.7 1.0 -4.4 -
Public Debt (% of GDP) 0.3 1.0 1.9 4.3 -
Money (ann. var. of M2 %) 2.8 5.8 4.3 1.6 4.0
Inflation (CPI, ann. var. %, eop) 2.9 -0.9 2.4 2.0 2.4
Inflation (CPI, ann. var. %, aop) 2.9 0.3 1.6 1.9 2.1
Inflation (PPI, ann. var. %, aop) 1.0 2.3 1.2 0.8 1.6
Base Rate (%, eop) 2.49 0.50 0.50 4.75 5.75
91-Day HIBOR (%, eop) 2.43 0.35 0.26 4.99 5.15
10-Year Bond Yield (%, eop) 1.80 0.75 1.50 3.63 3.23
Stock Market (ann. var. of Hang Seng Index, %) 9.1 -3.4 -14.1 -15.5 -13.8
Exchange Rate (HKD per USD, eop) 7.79 7.75 7.80 7.80 7.81
Exchange Rate (HKD per USD, aop) 7.84 7.76 7.77 7.83 7.83
Current Account Balance (USD bn) 21.2 24.1 43.7 36.5 34.9
Current Account Balance (% of GDP) 5.9 7.0 11.8 10.2 9.2
Merchandise Trade Balance (USD bn) -54.2 -43.8 -44.1 -49.8 -59.3
Merchandise Exports (USD bn) 510 507 639 580 534
Merchandise Imports (USD bn) 564 551 683 630 594
Merchandise Exports (ann. var. %) -4.1 -0.5 26.0 -9.3 -7.8
Merchandise Imports (ann. var. %) -6.5 -2.3 24.0 -7.9 -5.7
Foreign Direct Investment (USD bn) 73.7 134.7 140.2 109.7 112.7
International Reserves (USD bn) 441 492 497 424 426
International Reserves (months of imports) 9.4 10.7 8.7 8.1 8.6
External Debt (USD bn) 1,665 1,789 1,877 1,774 1,835
External Debt (% of GDP) 459 518 509 495 482

Free Sample Report

Interested in Hong Kong economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest