Hong Kong GDP Annual Growth Rate  1974-2016 | Data | Chart | Calendar

The Hong Kong GDP advanced 0.8 percent year-on-year in the March quarter of 2016, slowing from 1.9 percent expansion in the previous period. It is the weakest growth since the first quarter of 2012, as deterioration in external environment led to a deeper setback in both goods and services trade. The domestic sector also lost some momentum, as the weak global outlook with rising downside risks affected local economic sentiment. This, together with the continued slowdown in inbound tourism, posed a severe drag on retail sales, which saw the largest year-on-year decline since the Asian financial crisis in 1998. On a quarterly basis, the economy contracted 0.4 percent as compared to 0.2 percent growth in the preceding quarter, the biggest fall since 2011. GDP Annual Growth Rate in Hong Kong averaged 5.36 percent from 1974 until 2015, reaching an all time high of 20.70 percent in the fourth quarter of 1976 and a record low of -8.10 percent in the third quarter of 1998. GDP Annual Growth Rate in Hong Kong is reported by the Census and Statistics Department, Hong Kong.

Hong Kong GDP Annual Growth Rate
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Actual Previous Highest Lowest Dates Unit Frequency
0.80 1.90 20.70 -8.10 1974 - 2016 percent Quarterly
In recent years, Hong Kong has become an international hub for business, trade and finance importers willing to access the Chinese market. As such, the largest sector of the economy is services, which accounts for around 93 percent of GDP. Within services, the most important are wholesale and retail trade (25 percent of GDP); public administration and social services (17 percent); finance and insurance (16 percent); real estate and business services (11 percent); ownership of premises (10 percent) and transportation and postal services (6 percent). Information and communications and food and accommodation account for 8 percent. Construction represents 3.5 percent of GDP and electricity, water and gas supply, waste management and manufacturing 3.4 percent. This page provides - Hong Kong GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Hong Kong GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on July of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-11-13 08:30 AM Q3 2.3% 2.8% 1.8% 2.7%
2016-02-24 03:00 AM Q4 1.9% 2.2% 2.0% 2.5%
2016-05-13 08:30 AM Q1 0.8% 1.9% 1.5%
2016-08-12 08:30 AM Q2 0.8% -0.1%
2016-11-11 08:30 AM Q3 0.2%

Hong Kong GDP Growth Weakest in 4 Years


The Hong Kong economy advanced 0.8 percent year-on-year in the March quarter of 2016, slowing from 1.9 percent expansion in the previous period. It is the lowest growth since the first quarter of 2012, as deterioration in external environment led to a deeper setback in both goods and services trade. The domestic sector also lost some momentum, as the weak global outlook with rising downside risks affected local economic sentiment. This, together with the continued slowdown in inbound tourism, posed a severe drag on retail sales, which saw the largest year-on-year decline since the Asian financial crisis in 1998. On a quarterly basis, the economy contracted 0.4 percent as compared to 0.2 percent growth in the preceding quarter, the biggest fall since 2011.

In the first quarter, private expenditure slowed to 0.7 percent, as compared to a 1.8 percent rise in the previous quarter. Government spending rose by 0.3 percent, at the same pace as in previous period. In contrast, gross fixed capital formation contracted 2.3 percent, after 2.4 percent drop in the previous period. Exports of goods were down 5.7 percent, following a 0.9 percent fall in the previous period and exports of services contracted 2.4 percent, inflicted by a sharper drop in visitor arrivals and weaker visitor spending, and by sluggish cargo and trade flows. Imports of services also declined 0.8 percent, as compared to a 1.1 percent drop in the previous three months while imports of goods rose 10 percent. 

On a quarterly basis, the economy contracted 0.4 percent, slowing from 0.2 percent expansion in the December quarter, marking the biggest drop since the second quarter of 2011. Sluggish external and domestic demand, and weak tourism hit the economy, with private consumption falling 0.4 percent, exports of goods and services slumping by 3.9 percent and 1.8 percent respectively, and imports of goods decreasing 4.2 percent. Partially offsetting declines, government spending advanced 0.9 percent and imports of services rose 0.3 percent.

Taking into account the actual growth outturn in the first quarter and the various external uncertainties still faced by the Hong Kong economy, the forecast real GDP growth of 1-2 percent for 2016. 

Census and Statistics Department l Yekaterina Guchshina | yekaterina@tradingeconomics.com
5/13/2016 1:14:40 PM

Hong Kong GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.40 0.20 6.30 -3.40 percent [+]
GDP Annual Growth Rate 0.80 1.90 20.70 -8.10 percent [+]
GDP 309.93 291.23 309.93 1.32 USD Billion [+]
GDP Constant Prices 564788.00 613884.00 613884.00 64887.00 HKD Million [+]
Gross National Product 583639.00 632218.00 632218.00 330747.00 HKD Million [+]
Gross Fixed Capital Formation 113396.00 136815.00 151014.00 15107.00 HKD Million [+]
GDP per capita 36117.10 35596.00 36117.10 4902.70 USD [+]
GDP per capita PPP 53379.74 52609.61 53379.74 26974.39 USD [+]
GDP From Agriculture 308.00 354.00 602.00 308.00 HKD Million [+]
GDP From Construction 24015.00 25408.00 26006.00 13065.00 HKD Million [+]
GDP From Manufacturing 6377.00 7013.00 11028.00 6211.00 HKD Million [+]
GDP From Public Administration 95283.00 98677.00 99209.00 69348.00 HKD Million [+]
GDP From Services 507326.00 560996.00 560996.00 268771.00 HKD Million [+]
GDP From Transport 34704.00 35028.00 35028.00 17352.00 HKD Million [+]
GDP From Utilities 8089.00 8219.00 10860.00 6236.00 HKD Million [+]




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Switzerland 0.70 Mar/16
Iran 0.60 Mar/15
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