GDP in Hong Kong
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 |
Hong Kong GDP 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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The IHS Markit Purchasing Managers’ Index (PMI) fell to 51.7 in September from August's 53.3.
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Consumer prices fell a seasonally-adjusted 0.10% in August over the previous month, mirroring July's reading.
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Retail sales grew 0.9% year-on-year in July (June: +2.9% yoy).
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September 3, 2021
The IHS Markit Manufacturing Purchasing Managers' Index (PMI) increased to 53.3 in August—the best reading since February 2014—after July's 51.3.
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