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%. 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 … 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. 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 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. 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%. Eric Lam. 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. Structure of Hong Kong GDP: from agriculture, manufacturing, mining and services. Yet, the economy showed signs of stabilisation along with the abated local epidemic situation … License: CC BY-4.0 Line Bar Map. GDP (current US$) - Hong Kong SAR, China. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. Yet, private housing rentals fell further, while price pressures on other major CPI components remained tame. Estimates by world bank since 1960 in nominal terms and since 1990 in ppp terms at current and constant prices. 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. 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. Statistics and historical data on GDP growth rate, per capita PPP, constant prices. 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'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. 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. of Hong Kong. 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). 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.”. 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. In 2020, GDP for Hong Kong was 341.32 billion US dollars. The gross domestic product (GDP) measures of national income and output for a given country's economy. 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. 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. Hong Kong Economy Shows First Signs of Revival Since Protests Began By . Retail sales registered a notable year-on-year increase in March, mainly due to an exceptionally low base of comparison last year. These events took a heavy toll on Hong Kong’s consumption and tourism sectors, impacting both … 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. Projections by IMF. The Government will continue to monitor the situation closely. All those figures published subsequently, after the advance figures, are called "revised figures". For 2020 as a whole, GDP decreased by 6.1% in real terms from 2019. 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. GDP contracted at a milder rate of 3.0% year-on-year in the fourth quarter, after falling 3.6% in the third quarter. Q4's reading marked the joint-best result since Q4 2019. 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. GDP of Hong Kong increased … 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. Hong Kong: GDP plunges at sharpest rate on record in Q1. Population/Hong Kong GDP: 5.812 trillion International Dollars (2020) Gross Domestic Product (PPP in 2017 prices) 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. Direct access to our calendar releases and historical data. Latest situation 1960 - 2019. Hong Kong’s economy posted its fastest growth in more than a decade in the first quarter, though the recovery is very uneven. The GDP value of Hong Kong represents 0.30 percent of the world economy. 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 Government will continue to monitor the situation closely. to press release of Hong Kong's balance of payments and international investment position "Year-on-year rate of change in real GDP of construction sector in Hong Kong from 2013 to 2020." May 15, 2020 . This brings growth for 2019 at … 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. Census and Statistics Department Hong Kong. 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. 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%. The unemployment rate increased really high in the first half of 2020 with a challenging labour market. Hong Kong: Economy continues to recover in Q4. 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 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). Jul.20 -- Tommy Wu, senior economist at Oxford Economics, discusses the prospects for Hong Kong. For the first quarter as a whole, total merchandise trade value surpassed the previous first-quarter high in 2018 by 13.2%. 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