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.
After accelerating in yearly and quarterly terms in Q3, the economy should have picked up further in Q4; a likely recovery in goods trade, lower taxes on property and the stock market, and a recovery in tourism will have supported growth. Looking at available data, visitor arrivals were 8% above their pre-pandemic levels in Q4, albeit still below the figure for the corresponding quarter in 2018–before 2019’s sociopolitical unrest. In addition, merchandise exports rose in October–November following 17 consecutive months of contraction, and PMI data suggested improving private-sector operating conditions in November–December. That said, soft economic conditions in mainland China and the growing numbers of Hong Kongers crossing over to the mainland to shop—rather than spend their money locally—have likely held back momentum somewhat.
Projections out to 2033.

46 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 29 expert analysts.

Want to get insight on the economic outlook for Hong Kong in the coming years? FocusEconomics collects projections out to 2033 on 46 economic indicators for Hong Kong from a panel of 29 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

2018 2019 2020 2021 2022
Population (million) 7.5 7.5 7.4 7.4 7.5
GDP (USD bn) 362 363 345 369 359
GDP per capita (USD) 48,314 48,280 46,451 49,848 48,005
GDP (HKD bn) 2,835 2,845 2,676 2,868 2,809
Economic Growth (Nominal GDP, ann. var. %) 6.6 0.3 -5.9 7.2 -2.1
Economic Growth (GDP, ann. var. %) 2.8 -1.7 -6.5 6.5 -3.7
Domestic Demand (ann. var. %) 4.4 -3.6 -6.6 3.8 -2.5
Private Consumption (ann. var. %) 5.3 -0.8 -10.6 5.6 -2.2
Government Consumption (ann. var. %) 4.2 5.1 7.9 5.9 8.0
Fixed Investment (ann. var. %) 1.7 -14.9 -11.1 8.3 -7.4
Exports (G&S, ann. var. %) 3.7 -6.2 -7.1 16.9 -12.5
Imports (G&S, ann. var. %) 4.5 -7.2 -7.0 15.8 -12.2
Retail Sales (ann. var. %) 7.6 -12.3 -25.5 6.5 -3.3
Wages (ann. var. %) 4.0 3.5 1.4 1.3 2.2
Unemployment (% of active population, eop) 2.7 3.1 6.3 3.8 3.3
Unemployment (% of active population, aop) 2.8 2.9 5.5 5.4 4.4
Fiscal Balance (% of GDP) 2.4 -0.4 -8.7 1.0 -4.4
Public Debt (% of GDP) 0.1 0.3 1.0 1.9 4.3
Money (ann. var. of M2 %) 4.3 2.8 5.8 4.3 1.6
Inflation (CPI, ann. var. %, eop) 2.5 2.9 -0.9 2.4 2.0
Inflation (CPI, ann. var. %, aop) 2.4 2.9 0.3 1.6 1.9
Inflation (PPI, ann. var. %, aop) 2.0 1.0 2.3 1.2 0.8
Base Rate (%, eop) 2.75 2.49 0.50 0.50 4.75
91-Day HIBOR (%, eop) 2.33 2.43 0.35 0.26 4.99
10-Year Bond Yield (%, eop) 2.05 1.80 0.75 1.50 3.63
Stock Market (ann. var. of Hang Seng Index, %) -13.6 9.1 -3.4 -14.1 -15.5
Exchange Rate (HKD per USD, eop) 7.83 7.79 7.75 7.80 7.80
Exchange Rate (HKD per USD, aop) 7.84 7.84 7.76 7.77 7.83
Current Account Balance (USD bn) 13.5 21.2 24.1 43.7 36.5
Current Account Balance (% of GDP) 3.7 5.9 7.0 11.8 10.2
Merchandise Trade Balance (USD bn) -71.7 -54.2 -43.8 -44.1 -49.8
Merchandise Exports (USD bn) 531 510 507 639 580
Merchandise Imports (USD bn) 603 564 551 683 630
Merchandise Exports (ann. var. %) 6.7 -4.1 -0.5 26.0 -9.3
Merchandise Imports (ann. var. %) 7.7 -6.5 -2.3 24.0 -7.9
Foreign Direct Investment (USD bn) 104.2 73.7 134.7 140.2 117.7
International Reserves (USD bn) 425 441 492 497 424
International Reserves (months of imports) 8.5 9.4 10.7 8.7 8.1
External Debt (USD bn) 1,694 1,665 1,789 1,877 1,774
External Debt (% of GDP) 468 459 518 509 495

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