Current Account in Hong Kong
Hong Kong - Current AccountThe economy likely remained hamstrung in the second quarter, after contracting at the steepest pace on record in the first quarter. Lockdown restrictions were gradually lifted since April–May; however, boding ill for private consumption, the unemployment rate spiked in May to the highest level since September 2005, while retail sales plummeted by over a third in the same month. Furthermore, although the manufacturing PMI posted the best reading since March 2018 in June, it still indicated deteriorating conditions for the 27th consecutive month, while business confidence was anemic in Q2. On the political front, the anti-subversion law China imposed on Hong Kong in June is stoking major economic uncertainty. Consequently, in mid-July the Trump administration banned exports of sensitive technologies and Hong Kong will now face the same scrutiny as mainland China—which will likely hamper the external sector and business investment ahead.
Hong Kong - Current Account Data
|Current Account (% of GDP)||3.3||4.0||4.6||3.7||6.2|
5 years of economic forecasts for more than 30 economic indicators.
Hong Kong Current Account Chart
Source: Census and Statistics Department Hong Kong and FocusEconomics calculations.
Hong Kong Facts
|Bond Yield||1.82||3.38 %||Dec 31|
|Exchange Rate||7.79||-0.11 %||Jan 01|
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August 5, 2020
The IHS Markit Hong Kong SAR Purchasing Managers’ Index (PMI) fell to 44.5 in July, after rising to 49.6 in June from 43.9 in May.
July 30, 2020
Retail sales fell 25.4% compared to the same month a year earlier in June, which was markedly softer than May's 34.0% decrease.
July 29, 2020
The economy contracted 9.0% in year-on-year seasonally-adjusted (yoysa) terms in the second quarter, resulting in the second fastest contraction since current records began—only marginally slower than Q1’s 9.1% decline—according to advance estimates.
July 21, 2020
Consumer prices were unchanged in June over the last month, matching the flat result seen in May.
July 1, 2020
On 30 June, the new security law for Hong Kong came into force, which will increase Beijing’s hold over the territory.