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Hong Kong GDP Q4 2021

Hong Kong: GDP growth eases in the fourth quarter

A preliminary estimate showed that economic activity expanded 4.8% year-on-year in the fourth quarter, down from the 5.5% jump tallied in the third quarter.

The slowdown was predominately driven by weaker domestic demand. Government consumption growth eased from 5.0% in Q3 to 4.1% in the fourth quarter. Moreover, private consumption growth moderated to 6.0% (Q3: +6.8%), while gross fixed capital formation growth declined to 0.1% in Q4 (Q3: +13.1%).

On the external front, imports of goods grew 9.7% in Q4 (Q3: +16.9%), while imports of services rose 5.2%, which was down from Q3’s 6.0% increase. Exports of goods growth fell to 13.3% in Q4, down from 14.2% in the third quarter, while exports of services growth accelerated to 5.7% in Q4 (Q3: +5.4%).

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