Near 20-year high interest rates take a toll on GDP growth: As projected by our Consensus, sequential GDP growth lost...
Government Consumption in Hong Kong
The economy of Hong Kong recorded an average growth rate of 3.7% in government consumption in the decade to 2024. In 2024, government consumption growth was 0.9%.
Hong Kong Government Consumption Chart
Note: This chart displays Government Consumption (ann. var. %) for Hong Kong from 2014 to 2024.
Source: Macrobond.
Hong Kong Government Consumption Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Government Consumption (ann. var. %) | 7.9 | 5.9 | 8.0 | -3.9 | 0.9 |
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 government consumption projections for the next ten years from a panel of 10 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 government consumption forecast available for Hong Kong government consumption.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Hong Kong government consumption projections.
Want to get access to the full dataset of Hong Kong government consumption forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
-
Brazil: Economic growth taps on the brakes in Q2 -
Hungary: GDP ticks up in the second quarter Economy remains subdued: According to a second release, annual GDP growth edged up to 0.1% in the second quarter, above... -
Lithuania: Economic growth remains resilient in Q2 Growth slows but remains among Euro area’s fastest: The economy grew 3.1% year on year in the second quarter, down... -
Canada: Economy records sharpest contraction since Q2 2020 in Q2 GDP reading: GDP contracted 1.6% in seasonally adjusted annualized rate terms (SAAR) in the second quarter, contrasting the 2.0% expansion... -
Australia: GDP growth accelerates in Q2 GDP reading: GDP growth improved to 0.6% on a seasonally adjusted quarter on quarter basis in the second quarter from... -
India: GDP growth records bumper reading in April–June GDP reading: Annual GDP growth accelerated for the third consecutive quarter to 7.8% in April–June, up from 7.4% in the... -
Czech Republic: GDP growth decelerates but remains solid in Q2 GDP growth revised upward: GDP growth declined to 0.5% on a seasonally and calendar-adjusted quarter-on-quarter basis in the second quarter...