Hong Kong GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

3.3

Units In

2.7

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
20.5 Dec 1976	-9.1 Mar 2020	4.65 %	1974-2024	N/A

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.

Latest Updates

Hong Kong’s economy expanded 3.3% year-on-year in the second quarter of 2024, accelerating from a 2.8% rise in the previous period and consistent with preliminary estimates. The acceleration was primarily driven by a rebound in government spending (2% vs -2.2% in Q1) and a significant increase in fixed investments (6% vs to 0.1%). In contrast, private consumption declined (-1.6% vs 1.2%). In terms of external trade, the growth rate for goods exports accelerated (7.5% vs 6.8%), while services grew at a generally slower pace (1.4% vs 9.4%). For imports, the increase in goods slightly rose (3.4% vs 3.3%), while growth in services moderated (12.4% vs 18%). On a seasonally adjusted quarterly basis, the economy expanded by 0.4%, a sharp slowdown from the 2.5% growth seen in the previous quarter.