Hong Kong GDP Growth Rate

The Gross Domestic Product (GDP) in Hong Kong expanded 1.10 percent in the fourth quarter of 2013 over the previous quarter. GDP Growth Rate in Hong Kong is reported by the Census and Statistics Department, Hong Kong. GDP Growth Rate in Hong Kong averaged 0.97 Percent from 1990 until 2013, reaching an all time high of 6.30 Percent in the third quarter of 2003 and a record low of -3.50 Percent in the first quarter of 2009. Hong Kong has an export oriented economy and in spite of small size is the 9th largest trading entity in the world. Since 2000, the economy grew at an average of 0.99 percent quarter-on-quarter, boosted by international trade. Indeed, as Hong Kong became a platform between Chinese companies and importers from all around the world, the value of goods and services exchanged reached four times the GDP. Yet, the high reliance on exports and tight housing supply conditions are the main treats to future growth. This page provides - Hong Kong GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-23

Actual Previous Highest Lowest Forecast Dates Unit Frequency
1.10 0.70 6.30 -3.50 0.25 | 2014/03 1990 - 2013 Percent Quarterly

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Hong Kong GDP Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-05-10 09:30 AM Hong Kong
GDP Growth Rate QoQ
Q1 2013 0.20% 1.40% (R) 0.40%
2013-08-16 09:30 AM Hong Kong
GDP Growth Rate QoQ
Q2 2013 0.8% 0.2% 0.5% -2.92%
2013-11-15 08:30 AM Hong Kong
GDP Growth Rate QoQ
Q3 2013 0.5% 0.7% (R) 0.8% 2.58%
2014-02-26 03:00 AM Hong Kong
GDP Growth Rate QoQ
Q4 2013 1.1% 0.7% (R) 0.9% 0.72%
2014-05-01 09:30 AM Hong Kong
GDP Growth Rate QoQ
Q1 2014 1.1% 0.25%
2014-08-01 09:30 AM Hong Kong
GDP Growth Rate QoQ
Q2 2014 0.9%
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GDP Last Previous Highest Lowest Forecast Unit
GDP Growth Rate 1.10 2013-12-31 0.70 6.30 -3.50 0.25 2014-03-31 Percent [+]
GDP Annual Growth Rate 3.00 2013-12-31 2.80 20.70 -8.10 3.75 2014-03-31 Percent [+]
GDP per capita 32741.76 2012-12-31 32636.03 32741.76 3079.77 33413.87 2014-06-30 USD [+]
GDP per capita PPP 44770.11 2012-12-31 44625.54 44770.11 14117.76 45689.13 2014-06-30 USD [+]
GDP Constant Prices 541592.00 2013-11-15 512378.00 541592.00 59854.00 517484.78 2014-06-30 HKD Million [+]
Gross Fixed Capital Formation 136974.00 2013-11-15 128020.00 136974.00 14174.00 133924.40 2014-03-31 HKD Million [+]
Gross National Product 556889.00 2013-11-15 526374.00 556889.00 303627.00 549648.72 2014-03-31 HKD Million [+]
GDP 263.26 2012-12-31 248.73 263.26 1.32 279.07 2014-06-30 USD Billion [+]
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Hong Kong Economy Advances 1.1% QoQ in Q4

In the fourth quarter of 2013, Hong Kong’s GDP expanded at its fastest pace in the last four quarters at 1.1 percent on a quarter-on-quarter seasonally adjusted basis

Except for exports of goods, all main expenditure components recorded highest growth rates in Q4 than in Q3.

Imports of goods recorded the highest growth rate (2.5 percent qoq), followed by exports of services (2.3 percent) and sales of goods (2.1 percent). 

Private consumption recovered from last quarter contraction and rose 1.7 percent, while government expenditure advanced 1.1 percent. 

From January to December, the GDP growth rate accelerated to 2.9 percent from 1.5 percent in 2012. For 2013 as a whole, private consumption increased by 4.2 percent; gross fixed capital formation by 3.3 percent and government consumption by 2.7 percent. Total exports of goods and imports of goods recorded increases of 6.7 percent and 7.6 percent in real terms respectively over 2012.

Census and Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com
2/26/2014 11:28:55 AM

RECENT RELEASES

Hong Kong Economy Advances 0.5% QoQ in Q3
In the third quarter of 2013, Hong Kong quarter-on-quarter GDP growth slowed to a seasonally adjusted 0.5 percent, from 0.7 percent in the second quarter, hurt by a drop in private consumption and exports of services. Published on 2013-11-15

Hong Kong GDP Growth Up to 0.8% QoQ in Q2
On a seasonally adjusted quarter-to-quarter comparison basis, the GDP expanded 0.8 percent in the second quarter of 2013, up from 0.2 percent growth in the first three months of 2013, boosted by higher government spending and exports of services. Published on 2013-08-16


GDP Growth Rate | Notes
The GDP Growth Rate shows a percentage change in the seasonally adjusted GDP value in the certain quarter, compared to the previous quarter. Because of climatic conditions and holidays, the intensity of the production varies throughout the year. This makes a direct comparison of two consecutive quarters difficult. In order to adjust for these conditions, many countries calculate the quarterly GDP using so called seasonally adjusted method. The Gross Domestic Product can be determined using three different approaches: the product, the income, and the expenditure technique, which should give the same result. In sum, the product technique sums the outputs of every class of enterprise. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.


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Hong Kong Unemployment Rate Unchanged in March  
Hong Kong’ seasonally adjusted jobless rate remained steady at 3.1 percent for the third consecutive period in January to March of 2014, down from 3.5 percent a year earlier.
Hong Kong Inflation Rate Unchanged in March  
Hong Kong annual consumer prices rose 3.9 percent in March of 2014, the same rate recorded in February. In the first quarter of 2014, the inflation rate rose by 4.2 percent over a year earlier. The corresponding increase after netting out the effects of all Government's one-off relief measures was 3.8 percent.
Hong Kong Trade Deficit Widens 58% YoY in February  
Hong Kong’s trade deficit increased sharply to HKD 53.7 billion in February of 2014 as exports fell by an annual 1.3 percent. Yet, taking January and February as a whole to neutralize the distortion caused by the difference in timing of the Lunar New Year holidays, export performance in the first two months of 2014 was rather sluggish.
Hong Kong Inflation Rate Slows to 9-Month Low  
In February of 2014, Hong Kong’s inflation rate eased to 3.9 percent, down from 4.6 percent in the previous month. The smaller increase was mainly due to the difference in the timing of the Lunar New Year, which fell in late January and early February this year but in mid-February last year, resulting in smaller increase in prices for package tours and meals bought away from home. Cost of private housing rentals also slowed.
Hong Kong Unemployment Rate Stable at 3.1%  
In the period December of 2013 - February of 2014, Hong Kong jobless rate remained unchanged at a 16-year low 3.1 percent. Total employment declined from its historic high, as business activities returned to a more normal level after its peak in Lunar New Year.
Hong Kong Economy Advances 1.1% QoQ in Q4  
In the fourth quarter of 2013, Hong Kong’s GDP expanded at its fastest pace in the last four quarters at 1.1 percent on a quarter-on-quarter seasonally adjusted basis
Hong Kong GDP Growth Accelerates in Q4  
In the fourth quarter of 2013, Hong Kong's economy expanded at a faster 3 percent over a year earlier, up from a downward revised 2.8 percent in the previous three-month period. In 2014, the economy is expected to grow between 3 to 4 percent, better than a 2.9 percent expansion in 2013.
Hong Kong Trade Deficit Narrows Sharply in January  
In January of 2014, Hong Kong’s trade deficit decreased 63 percent over a month earlier to HKD 19.8 billion, due to a fall in imports. A year earlier the trade deficit reached HKD 27.5 billion, as the Chinese New Year fell in late January and early February in 2014 but in mid-February in 2013.
Hong Kong Inflation Rate Accelerates in January  
In January of 2014, Hong Kong’s annual inflation rate rose 4.6 percent, the highest rate in the last four months, due mainly to the difference in timing of the Lunar New Year, which fell in late January and early February this year, but in mid-February last year.
Hong Kong Unemployment Rate Edges Down in January  
The seasonally adjusted unemployment rate decreased from 3.2 percent in October - December 2013 to 3.1 percent in November 2013 - January 2014. It is the lowest jobless rate in almost 16 years, as total employment hit a fresh new high due to the Lunar New Year, while the number of unemployed persons declined for the fifth consecutive month.
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Hong Kong Unemployment Rate Unchanged in March  
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Hong Kong Inflation Rate Unchanged in March  
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