Current Account in Hong Kong
Hong Kong - Current Account
In the final quarter of the year, economic activity declined at the sharpest rate in over a decade. Plunging fixed investment and a frail external sector led the contraction, while private consumption dropped at a slightly softer pace in Q4 but remained depressed nonetheless. Turning to the first quarter, the economy is expected to remain battered amid the coronavirus outbreak which has paralyzed Chinese economic activity. The manufacturing PMI was stuck in negative territory in January despite reaching a six-month high; employment levels continued to tick down; and inflation is expected to intensify due to the coronavirus outbreak. Meanwhile, in politics, pro-democracy protests have seemingly taken a back seat as of late due to fears of the coronavirus spreading in Hong Kong, exacerbating uncertainty over a resolution to the current political turmoil.Hong Kong - Current Account Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Current Account (% of GDP) | 1.4 | 3.3 | 4.0 | 4.6 | 4.3 |
Hong Kong Current Account Chart
Source: Census and Statistics Department Hong Kong and FocusEconomics calculations.
Hong Kong Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.82 | 3.38 % | Dec 31 |
| Exchange Rate | 7.79 | -0.11 % | Jan 01 |
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Economic News
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Hong Kong: Retail sales plunge at the sharpest rate on record in February
March 31, 2020
Retail sales by volume declined 46.7% year-on-year in February, sharper than January’s revised 23.1% plunge (previously reported: -23.0% year-on-year).
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Hong Kong: Manufacturing PMI plunges to record low in February
March 4, 2020
The IHS Markit Purchasing Managers’ Index (PMI) plunged to 33.1 in February (January: 46.8), and remained markedly below the 50-threhold that indicates an improvement in the private sector economy over the previous month.
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Hong Kong: Retail sales continue to contract in January
March 2, 2020
Retail sales by volume declined 23.0% year-on-year in January, sharper than December’s revised 21.1% plunge (previously reported: -21.0% year-on-year).
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Hong Kong: Second release confirms GDP contracted at sharpest rate in a decade in Q4
February 26, 2020
The revised GDP reading confirmed the economy contracted at the sharpest pace since June 2009 in the fourth quarter, as political turmoil continued to extinguish economic activity.
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Hong Kong: Inflation sinks lower at outset of the year
February 20, 2020
Inflation dropped to 1.4% in January from 2.9% in December.
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