The global economic recovery led by the Mainland and the US should continue to support Hong Kong’s export performance in the period ahead. Hong Kong’s economy posted its fastest growth in more than a decade in the first quarter, though the recovery is very uneven. For the first quarter as a whole, total merchandise trade value surpassed the previous first-quarter high in 2018 by 13.2%. It is worth noting that Hong Kong posted the largest-ever quarterly economic contraction of 8.9% in the first quarter of 2020 (Chan, 2020). - … Hong Kong GDP (Gross Domestic Product) was INT$422.21billion for 2020 in PPP terms. The Government will monitor the situation closely. The Gross Domestic Product (GDP) in Hong Kong was worth 366.03 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. Chart. Latest situation The GDP value of Hong Kong represents 0.30 percent of the world economy. Antipathy towards the government is widespread, but the risk of further disruptive protests has been reduced by the threat of prosecution under the national security law. Hong Kong’s economy contracted by 3.0% year-on-year in real terms in the fourth quarter of 2020, after a fall of 3.6% (year-on-year) in the preceding quarter. Looking ahead, the improving global economic conditions should continue to support Hong Kong’s external segments in the near term. Meanwhile, total employment went up slightly by 4 000 over the preceding three-month period to 3 614 100, and the number of unemployed persons decreased slightly by 1 800 to 259 800. Latest situation GDP in Hong Kong averaged 112.52 USD Billion from 1960 until 2019, reaching an all time high of 366.03 USD Billion in 2019 and a record low of 1.32 … When more data become available, the figures will be revised. GDP From Manufacturing in Hong Kong decreased to 6568 HKD Million in the fourth quarter of 2020 from 6715 HKD Million in the third quarter of 2020. This page provides - Hong Kong GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Overall, the Hong Kong economy contracted 1.2% year -on-year due to weak domestic and external demand amid the social unrest, and the US-China trade tensions. May 15, 2020 . Nevertheless, if the local epidemic situation continues to be contained, the operating environment for consumer-facing economic sectors may improve and this should help ease the pressure on the labour market. The Hong Kong economy saw a visible recovery in the first quarter of 2021, with real GDP growing appreciably by 7.8% year-on-year, mainly led by the very strong growth of exports of goods. Hong Kong’s government downgraded its full-year economic forecast on Friday after a recent flare up in coronavirus cases threatened to further derail … In particular, tourism remained in the doldrums, and private consumption expenditure grew only modestly over a year earlier even against an exceptionally low base of comparison. $) Nominal PPP; 2020: 341.32: 439.46: 2021: 364.68: 465.64: 2022: 388.66: 490.03: 2023: 408.91: 512.82: 2024: 430.03: 537.16: 2025: 452.87: 563.48 In 2020, GDP for Hong Kong was 341.32 billion US dollars. Download historical data for 20 million indicators using your browser. Accordingly, we update our 2020 annual real GDP growth forecast to -5.8%, from -7.0% previously to reflect the stronger-than-expected Q3 data.”. Hong Kong retail body predicts coronavirus-linked slump will continue. Hong Kong Economy Shows First Signs of Revival Since Protests Began By . The GDP in Hong Kong was approximately $366.03 billion in 2019; however, it is expected to be slightly lower in 2020 (Trading Economics, 2020). The gross domestic product (GDP) measures of national income and output for a given country's economy. Estimates by world bank since 1960 in nominal terms and since 1990 in ppp terms at current and constant prices. Latest situation This page provides - Hong Kong … For the first quarter as a whole, retail sales volume rose by 7.2% over a year earlier, but was still far below that in the first quarter of 2019 by 32.5%. The value of merchandise exports continued to grow strongly on a year-on-year basis in March on the back of a sharp rebound in global demand. Share this story Govt downgrades 2020 GDP forecast. The revised economic forecasts for 2021 will be released on 14 May 2021. As the pace of recovery is uneven across sectors and inbound tourism remains in the doldrums, the labour market may still face challenges in the near term. GDP Growth Rate in Hong Kong averaged 0.85 percent from 1990 until 2021, reaching an all time high of 6.10 percent in the third quarter of 2003 and a record low of -5.60 percent in the first quarter of 2020. The Trading Economics Application Programming Interface (API) provides direct access to our data. In brief. These events took a heavy toll on Hong Kong’s consumption and tourism sectors, impacting both … Statistics and historical data on GDP growth rate, per capita PPP, constant prices. The Government will continue to monitor the situation closely. However, the economic recovery was uneven and overall … However, the economic recovery was uneven and overall economic activity was still below the pre-recession level, as the pandemic and social distancing requirements continued to weigh on certain economic segments, particularly those involving consumer-facing activities. All those figures published subsequently, after the advance figures, are called "revised figures". Eric Lam. * The Hong Kong economy remained very weak in the second quarter of 2020, as the COVID-19 pandemic continued to deal heavy blows to global and local economic activities. Structure of Hong Kong GDP: from agriculture, manufacturing, mining and services. For 2020 as a whole, GDP decreased by 6.1% in real terms from 2019. In 2018, it contributed to around 4.5% of Hong Kong’s GDP and employed around 257 000 persons, accounting for about 6.6% of total employment. Yet, the economy showed signs of stabilisation along with the abated local epidemic situation … of Hong Kong. The economy declined at the steepest pace since current records began in the first quarter, with GDP plunging 8.9% in annual terms (Q4: -3.0% year-on-year). On a seasonally adjusted quarter to quarter comparison, real GDP rose visibly by 5.3%, much faster than the 0.5% increase in the preceding quarter. Label. 2021 Projected Real GDP (% Change) : 4.3; 2021 Projected Consumer Prices (% Change): 1.4; Country Population: 7.474 million; Article IV/Country Report: December 30, 2019 Projections by IMF. Population/Hong Kong GDP: 5.812 trillion International Dollars (2020) Gross Domestic Product (PPP in 2017 prices) The unemployment rate (not seasonally adjusted) edged down by 0.1 percentage point from December 2020 – February 2021 to 6.7% in January – March 2021, and after seasonal adjustment it fell by 0.4 percentage point to 6.8%. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. Hong Kong was ranked as the world's 2nd freest economy in the Index of Economic Freedom of The Heritage Foundation in 2020 after Singapore. The underemployment rate decreased by 0.2 percentage point to 3.8%. Also Show. We expect Hong Kong’s seasonally adjusted q-o-q real GDP growth to slow to 1.0% in Q4, while y-o-y growth could rise further to -1.9%. Looking ahead, overall price pressures should stay mild in the near term, as global and local economic activities have yet to fully recover from the earlier deep recession. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. Latest situation World Bank national accounts data, and OECD National Accounts data files. GDP Annual Growth Rate in Hong Kong averaged 4.83 percent from 1974 until 2020, reaching an all time high of 20.70 percent in the fourth quarter of 1976 and a record low of -9.10 percent in the first quarter of 2020. GDP contracted at a milder rate of 3.0% year-on-year in the fourth quarter, after falling 3.6% in the third quarter. The value of total merchandise trade in March reached $845.2 billion, exceeding the $800 billion mark for the third time in the past four months. February 24, … The Hong Kong economy saw a visible recovery in the first quarter of 2021, with real GDP growing appreciably by 7.8% year-on-year, mainly led by the very strong growth of exports of goods. Hong Kong's first-quarter gross domestic product dropped 8.9% compared with the same period a year earlier, marking the city's steepest GDP decline on record. 1960-2019 Data | 2020-2021 Forecast | Historical | Chart | News. Link to press release of Gross Domestic Product, Link to press release of external merchandise trade statistics, Link to press release of volume and price statistics of external merchandise trade, Link to press release of Consumer Price Indices, Link to press release of unemployment and underemployment statistics, Link to press release of employment and vacancies statistics, Link to press release of wage and payroll statistics, Link to press release of retail sales statistics, Link to press release of Year-end population for 2020, Link to press release of annual survey of companies in Hong Kong with parent companies located Govt downgrades 2020 GDP forecast 2020-08-14 HKT 17:34 . It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. "Year-on-year rate of change in real GDP of construction sector in Hong Kong from 2013 to 2020." [43] [47] The index measures restrictions on business, trade, investment, finance, property rights and labour, and considers the impact of corruption, government size and monetary controls in 183 economies. License: CC BY-4.0 Line Bar Map. In y/y terms, the -2.9% decline in Q4 2019 constitutes the largest quarterly slowdown since the global financial crisis. The labour market was under notable pressure in the first quarter of 2021, but the situation stabilised in the latter part of the quarter as the fourth wave of the local epidemic receded. Jul.20 -- Tommy Wu, senior economist at Oxford Economics, discusses the prospects for Hong Kong. Census and Statistics Department Hong Kong. To attain a stronger revival of the retail trade and a broader-based economic recovery, it is essential for the community to work together to keep the epidemic under control and to actively participate in the COVID-19 vaccination programme. January 29, 2021. With the boost from various government relief measures, business and consumer confidence can hopefully see a broader based improvement later this year should the local epidemic remain contained. The recession is likely to deepen in Q1 2020 Hong Kong’s GDP declined again in Q4 2019, by -0.4% q/q from the previous quarter. GDP of Hong Kong increased … statistics. 1960 - 2019. GDP (billions of $/Int. New electoral system rules have effectively excluded the opposition from the formal political process. Retail sales registered a notable year-on-year increase in March, mainly due to an exceptionally low base of comparison last year. World Economics makes available of world’s most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2020, building on the lifetimes work of Angus Maddison. Hong Kong: GDP plunges at sharpest rate on record in Q1. Yet, private housing rentals fell further, while price pressures on other major CPI components remained tame. The unemployment rate increased really high in the first half of 2020 with a challenging labour market. Hong Kong Q2 GDP Growth Flat at 0.6%: May 17, 2019: 09:26: Hong Kong Q1 GDP Growth at Near 10-Year Low: May 2, 2019: 09:11: Hong Kong Q1 GDP Growth Rate Weakest since 2009 Exports to many major markets including notably the Mainland registered visible increases. Hong Kong GDP Value was 366 USD Billion in 2021. Hong Kong GDP Q1 2020. outside Hong Kong, Link GDP From Manufacturing in Hong Kong averaged 7451.71 HKD Million from 2000 until 2020, reaching an all time high of 10964 HKD Million in the third quarter of 2000 and a record low of 6176 HKD Million in the first quarter of 2009. Direct access to our calendar releases and historical data. Merchandise Trade statistics data for Hong Kong, China (HKG) including exports and imports, applied tariffs, top exporting and importing countries, effectively applied and MFN tariff along with most exported and imported product groups, along with development indicators such as GDP, GNI per capita, trade balance and trade as percentage of GDP for Most Recent Year. Looking ahead, while local consumption sentiment saw some improvement following the gradual relaxation of social distancing measures since mid-February, the near-term outlook for the retail trade is still challenging as inbound tourism remains in the doldrums. Underlying consumer prices reverted to a small year-on-year increase of 0.2% in March, mainly due to a faster increase in food prices. The gross domestic product (GDP) is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. In Hong Kong, the first released figures on GDP by expenditure component in respect of a period are called "advance estimates". Prior to the release of the GDP data Monday, Hong Kong's benchmark Hang Seng Index plunged nearly 4.2%, its ... Hong Kong had reason to hope that 2020 would be better than 2019. In 2019, total visitor arrivals declined by 14.2% over 2018 to 55.91 million, reflecting the impact of the local social incidents. Latest situation On a seasonally adjusted quarter to quarter comparison, real GDP rose visibly by 5.3%, much faster than the 0.5% increase in the preceding quarter. to press release of Hong Kong's balance of payments and international investment position GDP (current US$) - Hong Kong SAR, China. July 20th, 2020, 8:48 PM PDT Tommy Wu, senior economist at Oxford Economics, discusses the prospects for Hong Kong. GDP per capita of Hong Kong in nominal and ppp terms. Hong Kong has become the latest flashpoint in the dispute between the world's biggest economies after Beijing imposed a national security law on the city at the start of July. Q4's reading marked the joint-best result since Q4 2019. The city's unemployment rate … Hong Kong Private Sector Grows for 3rd Month, Hong Kong Retail Sales Extend Gains in March, Hong Kong GDP Growth Quickens to 18-Year High, Hong Kong Inflation Rate Inches Higher in March, Hong Kong Business Sentiment Stabilizes in Q2, Israel State of the Economy Index Rises in March, Brazilian Real Almost Steady at 4-Month High, Baltic Exchange Dry Index Rises for 2nd Day, Mexico Private Investment Retreats Less than Expected. Hong Kong: Economy continues to recover in Q4. This brings growth for 2019 at … Real GDP fell notably by 9.0% year-on-year in the second quarter, following the record decline of 9.1% in the preceding quarter. The Government will continue to monitor the situation closely. 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