GDP in Hong Kong

Hong Kong GDP | Economic News & Forecasts

Hong Kong - GDP

GDP growth loses some steam in the second quarter

A preliminary estimate showed that economic activity expanded 7.6% year-on-year in the second quarter, down from the 8.0% jump tallied in the first quarter.

The slight slowdown was predominately driven by stronger imports (Q2: +20.2% year-on-year; Q1: 18.9% yoy), which weighed on the external sector, while exports grew 18.4% in the second quarter down from Q1’s 24.8% yoy.

On the domestic front, government consumption growth eased from 7.0% in Q1 to 2.8% in the second quarter. However, both private consumption and fixed investment growth gained momentum in the second quarter: Household spending rose 6.8% (Q1: +2.1%), while gross fixed capital formation jumped 23.8% after rising 4.8% in the prior quarter.

Commenting on the latest GDP print, Ho Woei Chen, an economist at UOB, noted:

“Starting in August, the issuance of the HK$5,000 (US$643) in electronic vouchers to permanent residents and eligible immigrants aged 18 and above as announced in 2021/22 Budget will be another positive driver for private consumption recovery. The boost to the full-year GDP growth was estimated to be around 0.7 ppt. While sustained recovery in external demand, improving domestic job market and pent-up domestic demand are positive for Hong Kong’s outlook, the rebound will still be limited by strict COVID-19 safety measures and international travel restrictions as its economy is largely services-oriented.”

Hong Kong - GDP Data

2015   2016   2017   2018   2019  
Economic Growth (GDP, annual variation in %)2.4  2.2  3.8  2.8  -1.2  

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Hong Kong GDP Chart

Hong Kong GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: Census and Statistics Department Hong Kong and FocusEconomics calculations.

Hong Kong Facts

Value Change Date
Bond Yield1.823.38 %Dec 31
Exchange Rate7.79-0.11 %Jan 01

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