Hong Kong GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

1.8

Units In

3.3

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	4.64 %	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 1.8% year-on-year in the third quarter of 2024, sharply cooling from a downwardly revised 3.2% growth in the previous period and slowing more than the expected 3.1%, preliminary estimates showed. The slowdown was driven by the easing growth in fixed investments (3.7% vs 4.1% in Q2) and government spending (2.1% vs 2.2%). Additionally, private consumption continued to decline (-1.4% vs -1.6%). On net trade, the growth rate for goods exports moderated (3.9% vs 7.5%), while services grew at a faster pace (2.4% vs 1.1%). For imports, the increase in goods and services slowed to 2.6% and 8.2% from 3.4% and 12.3%, respectively. On a seasonally adjusted quarterly basis, the economy shrank 1.1%, the first contraction in two years and following a downwardly revised 0.3% expansion in the prior quarter.