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. 2014-04-19

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 33213.53 2013-12-31 USD [+]
GDP per capita PPP 44770.11 2012-12-31 44625.54 44770.11 14117.76 45433.34 2013-12-31 USD [+]
GDP Constant Prices 541592.00 2013-11-15 512378.00 541592.00 59854.00 524161.56 2014-03-31 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 1.32 279.42 2013-12-31 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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