Hong Kong GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

2.4

Units In

1.8

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	4.63 %	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 increased by 2.4% year-on-year in the fourth quarter of 2024, matching preliminary estimates and accelerating from a 1.8% gain in the previous quarter. The upturn was primarily attributed to private consumption (-0.2% vs -1.3% in Q3) and government spending (2% vs 1.7%). Meanwhile, gross fixed capital formation (-0.9% vs 5.7%) tumbled. On net trade, the growth rate for goods exports eased notably (1.3% vs 4%), while services rose at a much faster pace (5.6% vs 2.9%). For imports, the increase in goods and services moderated to 0.4% and 7.8% from 2.8% and 8.9%, respectively. On a seasonally adjusted quarterly basis, the economy advanced 0.8%, rebounding from a 0.1% fall in the third quarter of 2024.