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 expanded 2.4% year-on-year in the fourth quarter of 2024, accelerating from an upwardly revised 1.9% gain in the previous period and slightly exceeding the market expectations of 2.3% growth, preliminary estimates showed. The acceleration was mainly attributed to private consumption (-0.2% vs -1.3% in Q3) and government spending (1.9% vs 1.7%). Meanwhile, gross domestic fixed capital formation (0.9% vs 5.7%) tumbled. On net external demand, exports of goods rose 1.2% (vs 4%), while imports of goods increased at a much slower pace of 0.1% (vs 2.8%) in Q4 2024. On a seasonally adjusted quarterly basis, the economy advanced 0.8%, rebounding from a downwardly revised 0.1% fall in the third quarter of 2024.