Current Account in Hong Kong
Hong Kong - Current Account
The economy declined notably in the third quarter, as widespread protests undercut domestic demand. Private consumption and fixed investment nosedived, while exports were also down markedly. Turning to the fourth quarter, economic conditions likely remain anemic. The private sector PMI continued to freefall in November as business activity fell at the sharpest pace on record. Moreover, in October, retail sales plummeted to an all-time low; tourist arrivals continued to tumble; and unemployment ticked up to the highest rate since September 2017—boding poorly for household spending. In politics, an overwhelming majority of pro-democracy candidates were elected in the local district council elections in late November. On 4 December, the IMF concluded its Article IV visit. The Fund recommended a notable increase in fiscal stimulus to counter the downturn, mainly by addressing housing supply and income inequality.Hong Kong - Current Account Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Current Account (% of GDP) | 1.5 | 1.4 | 3.3 | 4.0 | 4.7 |
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
Hong Kong: PMI picks up slightly, but remains severely depressed in December
January 6, 2020
The IHS Markit Purchasing Managers’ Index (PMI) picked up to 42.1 in December (November: 38.5), but remained well below the 50-threhold that indicates an improvement in the private sector economy over the previous month.
Hong Kong: Retail sales continue to freefall in November
January 3, 2020
Retail sales by volume plummeted 25.4% year-on-year in November, slightly less steep than October’s revised 26.4% plummet (previously reported: -26.2% year-on-year).
Hong Kong: Inflation edges down in November
December 20, 2019
Inflation ticked down to 3.0% in November from 3.1% in October.
Hong Kong: Second release confirms GDP contracted at sharpest rate in a decade in Q3
December 5, 2019
The revised GDP reading confirmed the economy contracted at the sharpest pace since June 2009 in the third quarter, as Hong Kong faced the double whammy of mass protests battering domestic demand and the U.S.-China trade war hampering the external sector.
Hong Kong: PMI sinks to over 15-year low in November as business activity deteriorates at unprecedented rate
December 4, 2019
The IHS Markit Purchasing Managers’ Index (PMI) slipped to 38.5 in November (October: 39.3), marking the worst reading since April 2003.
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