Hong Kong GDP Annual Growth Rate 1974-2014 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in Hong Kong expanded 1.80 percent in the second quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in Hong Kong averaged 5.46 Percent from 1974 until 2014, 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

Actual Previous Highest Lowest Dates Unit Frequency
1.80 2.60 20.70 -8.10 1974 - 2014 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. Content for - Hong Kong GDP Annual Growth Rate - was last refreshed on Tuesday, October 21, 2014.

Hong Kong Economy Slows in Q2

Hong Kong GDP expanded 1.8 percent year-on-year in the second quarter of 2014, from 2.6 percent in the first three months of 2014, marking the slowest growth since the third quarter of 2012.

The weak performance was mainly weighed down by a fall-off in tourist spending and a concurrent slowdown in domestic demand. 

Total exports of goods staged a modest pick-up in the second quarter, rising by 2.3% year-on-year in real terms, up from 0.5% in the preceding quarter, though the improvement over the period was brought about mainly by a notable rebound in June. Against this, however, exports of services slackened visibly to a 2.3% year-on-year decline in real terms, upon a double-digit plunge in exports of travel services, though other items showed some relative improvement. This marked the first decline since the second quarter of 2009.

Domestic demand also saw some growth slowdown. Private consumption grew only slightly by 1.2% year-on-year in the second quarter, after two quarters of subdued economic growth. Investment expenditure relapsed to a 5.6% decline, upon a distinct fall in machinery and equipment acquisition, the latter partly affected by an exceptionally high base of comparison a year ago.

The labour market held generally stable. The seasonally adjusted unemployment rate edged up to 3.2% in the second quarter, from 3.1% in the first quarter. Wages and earnings rose further, while average employment earnings for grassroots workers sustained real improvement. While overall employment and income conditions remained favourable in the second quarter, the slowdown in the tourism sector of late and its potential impact on the labour market going forward need to be closely monitored.

The local stock market rallied in recent period, as sentiment improved upon a reviving Mainland economy and the Federal Reserve's reiteration of its accommodative monetary stance. The residential property market firmed up again, with trading activity rebounding in the second quarter from the lows and prices bouncing back successively.

On a seasonally adjusted quarter-to-quarter comparison, real GDP dipped by 0.1% in the second quarter, after a 0.3% growth in the preceding quarter

Constatd | anna@tradingeconomics.com
8/15/2014 10:32:15 AM

Recent Releases

Hong Kong Economy Decelerates in Q1
Hong Kong GDP advanced 2.5 percent year-on-year in the first three months of 2014, slower than a revised 2.9 percent expansion in the preceding quarter, as exports to major advanced markets slackened sharply at the start of the year. Published on 2014-05-16

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. Published on 2014-02-26

Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2013-11-15 08:30 AM Hong Kong
GDP Growth Rate YoY
Q3 2013 2.9% 3.2% (R) 3.6%
2014-02-26 03:00 AM Hong Kong
GDP Growth Rate YoY
Q4 2013 3.0% 2.8% (R) 3.1% 3.5%
2014-05-16 09:30 AM Hong Kong
GDP Growth Rate YoY
Q1 2014 2.5% 2.9% (R) 2.75%
2014-08-15 09:30 AM Hong Kong
GDP Growth Rate YoY
Q2 2014 1.8% 2.6% (R) 1.9% 2.87%
2014-11-14 08:30 AM Hong Kong
GDP Growth Rate YoY
Q3 2014 1.8% 1.5%

Hong Kong GDP Last Previous Highest Lowest Unit
GDP 274.01 262.63 274.01 1.32 USD Billion [+]
GDP Growth Rate -0.10 0.30 6.30 -3.40 Percent [+]
GDP Annual Growth Rate 1.80 2.60 20.70 -8.10 Percent [+]
GDP Constant Prices 517849.00 561064.00 561064.00 59854.00 HKD Million [+]
Gross National Product 518514.00 576845.00 576845.00 303627.00 HKD Million [+]
GDP per capita 33534.28 32728.79 33534.28 3079.77 USD [+]
Gross Fixed Capital Formation 129928.00 119100.00 145686.00 14174.00 HKD Million [+]
GDP per capita PPP 51508.86 50271.63 51508.86 26981.75 USD [+]