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. Chart. The global economic recovery led by the Mainland and the US should continue to support Hong Kong’s export performance in the period ahead. The Government will continue to monitor the situation closely. GDP per capita of Hong Kong in nominal and ppp terms. GDP of Hong Kong increased … 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. In 2020, GDP for Hong Kong was 341.32 billion US dollars. The Government will monitor the situation closely. All those figures published subsequently, after the advance figures, are called "revised figures". 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 Hong Kong: GDP plunges at sharpest rate on record in Q1. 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. Hong Kong retail body predicts coronavirus-linked slump will continue. 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 city's unemployment rate … 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 Govt downgrades 2020 GDP forecast 2020-08-14 HKT 17:34 . Statistics and historical data on GDP growth rate, per capita PPP, constant prices. Yet, the economy showed signs of stabilisation along with the abated local epidemic situation … 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. The unemployment rate increased really high in the first half of 2020 with a challenging labour market. 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). For 2020 as a whole, GDP decreased by 6.1% in real terms from 2019. to press release of Hong Kong's balance of payments and international investment position 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. January 29, 2021. "Year-on-year rate of change in real GDP of construction sector in Hong Kong from 2013 to 2020." Hong Kong’s government downgraded its full-year economic forecast on Friday after a recent flare up in coronavirus cases threatened to further derail … 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. Direct access to our calendar releases and historical data. For the first quarter as a whole, total merchandise trade value surpassed the previous first-quarter high in 2018 by 13.2%. Eric Lam. 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. July 20th, 2020, 8:48 PM PDT Tommy Wu, senior economist at Oxford Economics, discusses the prospects for Hong Kong. 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. In y/y terms, the -2.9% decline in Q4 2019 constitutes the largest quarterly slowdown since the global financial crisis. Population/Hong Kong GDP: 5.812 trillion International Dollars (2020) Gross Domestic Product (PPP in 2017 prices) However, the pandemic development and other risk factors such as China-US relations and geopolitical tensions warrant attention. However, the economic recovery was uneven and overall … 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. - … 1960-2019 Data | 2020-2021 Forecast | Historical | Chart | News. New electoral system rules have effectively excluded the opposition from the formal political process. 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. Latest situation Hong Kong Economy Shows First Signs of Revival Since Protests Began By . GDP (current US$) - Hong Kong SAR, China. When more data become available, the figures will be revised. These events took a heavy toll on Hong Kong’s consumption and tourism sectors, impacting both … Also Show. The GDP value of Hong Kong represents 0.30 percent of the world economy. [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. 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. 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. Latest situation 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. This page provides - Hong Kong … 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. 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. The Trading Economics Application Programming Interface (API) provides direct access to our data. $) 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 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. Census and Statistics Department Hong Kong. Hong Kong’s economy posted its fastest growth in more than a decade in the first quarter, though the recovery is very uneven. Looking ahead, the improving global economic conditions should continue to support Hong Kong’s external segments in the near term. 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 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. 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.”. Latest situation 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. Q4's reading marked the joint-best result since Q4 2019. 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. May 15, 2020 . Retail sales registered a notable year-on-year increase in March, mainly due to an exceptionally low base of comparison last year. 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. In Hong Kong, the first released figures on GDP by expenditure component in respect of a period are called "advance estimates". 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. 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: Economy continues to recover in Q4. The revised economic forecasts for 2021 will be released on 14 May 2021. Download historical data for 20 million indicators using your browser. Exports to many major markets including notably the Mainland registered visible increases. Structure of Hong Kong GDP: from agriculture, manufacturing, mining and services. 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). 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%. 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 … 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. Hong Kong GDP (Gross Domestic Product) was INT$422.21billion for 2020 in PPP terms. 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. * 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. This page provides - Hong Kong GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. The Government will continue to monitor the situation closely. The gross domestic product (GDP) measures of national income and output for a given country's economy. Label. Hong Kong GDP Value was 366 USD Billion in 2021. The underemployment rate decreased by 0.2 percentage point to 3.8%. 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. License: CC BY-4.0 Line Bar Map. In 2019, total visitor arrivals declined by 14.2% over 2018 to 55.91 million, reflecting the impact of the local social incidents. 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. Jul.20 -- Tommy Wu, senior economist at Oxford Economics, discusses the prospects for Hong Kong. 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