Hong Kong GDP Annual Growth Rate

The Gross Domestic Product (GDP) in Hong Kong expanded 2.50 percent in the first quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in Hong Kong averaged 5.48 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
2.50 2.90 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.

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.

Year-on-year, private consumption expenditure growth rate slowed to 2.0 percent in the first quarter of 2014, compared with the 3.6 percent growth in the fourth quarter of 2013. 

Gross domestic fixed capital formation increased 3 percent, compared with the 5.3 percent growth in the previous three months. Expenditure on machinery, equipment and intellectual property products increased by 1.4 percent, decelerating from the 17.5 percent surge last quarter. On the other hand, expenditure on building and construction rose 10.2 percent, recovering from a 3.8 percent fall in the previous quarter. 

Merchandise exports of goods grew slightly by 0.5 percent, decelerating from the 5.7 percent increase in the fourth quarter of 2013 and imports growth slowed to 1.2 percent.

In contrast, government consumption accelerated 2.4 percent, compared with a 2 percent growth rate in the fourth quarter of 2013.

On a seasonally adjusted quarter-to-quarter comparison, the GDP grew slightly by 0.2 percent in the first quarter, after a 0.9 percent increase in the preceding three months.

Census and Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com
5/16/2014 1:05:56 PM

Recent Releases

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

Hong Kong Q3 GDP Growth Slows to 2.9% YoY
In the third quarter of 2013, Hong Kong’s economy advanced 2.9 percent over a year earlier, from 3.2 percent in the previous quarter, weighed down by a slowdown in private consumption and investment. Published on 2013-11-15

Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2013-08-16 09:30 AM Hong Kong
GDP Growth Rate YoY
Q2 2013 3.3% 2.9% (R) 2.91%
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 2.5% 2.87%

GDP Last Previous Highest Lowest Unit
GDP 274.01 262.63 274.01 1.32 USD Billion [+]
GDP Growth Rate 0.20 0.90 6.30 -3.40 Percent [+]
GDP Annual Growth Rate 2.50 2.90 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 118586.00 145686.00 145686.00 14174.00 HKD Million [+]
GDP per capita PPP 44770.11 44625.54 44770.11 14117.76 USD [+]

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