GDP reading: GDP increased 0.2% in seasonally adjusted month-on-month terms in July, following a 0.1% fall in the previous month...
Economic Growth in Hong Kong
Hong kong's economy recorded an average growth rate of 1.3% in the decade to 2024, compared to the 4.9% average for East & South Asia. In 2024, real GDP growth was 2.5%. For more GDP information, visit our dedicated page.
Hong Kong GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Hong Kong from 2014 to 2024.
Source: Macrobond.
Hong Kong GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -6.5 | 6.5 | -3.7 | 3.2 | 2.5 |
| GDP (USD bn) | 345 | 369 | 359 | 381 | 407 |
| GDP (HKD bn) | 2,676 | 2,868 | 2,809 | 2,983 | 3,175 |
| Economic Growth (Nominal GDP, ann. var. %) | -5.9 | 7.2 | -2.1 | 6.2 | 6.4 |
GDP growth records best result since Q4 2023 in Q2
GDP reading: GDP growth ticked up to 3.1% year on year in the second quarter from 3.0% in the first quarter and marked the best reading since Q4 2023. The Q2 reading was above market expectations. A weaker Hong Kong dollar spurring domestic spending, robust tourist inflows boosting services imports, a strong domestic stock market and export front-loading to the U.S. likely all aided economic activity in Q2.
Broad-based upturn: The upturn reflected improvements in private consumption, public spending, fixed investment and exports. Household spending rebounded 1.9% year-on-year in the second quarter, which marked the best reading since Q4 2023 (Q1: -1.2% yoy). Government spending hit an over two-year high of 2.5% in the second quarter, up from the first quarter's 0.9%. Meanwhile, fixed investment growth accelerated to 2.9% in Q2, following the 1.1% expansion recorded in the prior quarter. On the external front, exports of services growth improved to 7.5% in Q2 (Q1: +6.3% yoy). In addition, imports of services growth picked up to 7.0% in Q2 (Q1: +4.7% yoy). Exports and imports of goods also grew at faster paces.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Hong Kong GDP projections for the next ten years from a panel of 29 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Hong Kong GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Hong Kong GDP projections.
Want to get access to the full dataset of Hong Kong GDP forecasts? Send an email to info@focus-economics.com.
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