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Hong Kong GDP per capita (USD)

GDP drops at a slower pace in Q4

GDP fell at a softer pace of 4.2% year on year in the fourth quarter, after a 4.6% contraction in the third quarter. Overall, the economy contracted by 3.5% in 2022 after the 6.4% expansion logged in 2021.

The smaller contraction reflected a broad-based improvement in domestic demand. Private consumption increased 1.7% in the final quarter, which contrasted the third quarter’s 0.4% contraction. Household consumption grew due to a lower unemployment rate, looser Covid-19 curbs and government stimulus. Government consumption accelerated to a 9.1% increase in Q4 (Q3: +5.3% yoy). Meanwhile, fixed investment contracted at a softer rate of 11.2% in Q4, from the 14.4% decrease recorded in the previous quarter.

On the external front, exports of services increased 2.3% on an annual basis in the final quarter, which was above the third quarter’s 4.2% contraction. In addition, imports of services bounced back, growing 2.1% in Q4 (Q3: -3.2% yoy).

Meanwhile, on a seasonally adjusted quarter-on-quarter basis, GDP posted a flat reading in Q4, improving from the previous quarter’s 2.6% fall.

In Q1 2023, the economy should rebound due to the removal of quarantine requirements for visitors, a brighter economic outlook for China and the relaxation of restrictions for cross-boundary truck movements. That said, softer growth in advanced economies will keep exports depressed.

Hong Kong GDP per capita (USD) Data

2017 2018 2019 2020 2021
GDP per capita (USD) 46 48 48 46 49

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