Hong Kong’s economy increased 1.8% year-on-year in the third quarter of 2024, matching preliminary estimates but sharply cooling from a 3.2% growth in the previous period. This marked the weakest expansion since the second quarter of 2023, driven by the easing growth in government spending (2.1% vs 2.2% in Q2) and gross fixed capital formation (3.7% vs 4.1%). Meanwhile, private consumption (-1.3% vs -1.6%) decreased at a softer pace. On net trade, the growth rate for goods exports eased (4% vs 7.5%), while services rose at a faster pace (2.4% vs 1.1%). For imports, the increase in goods and services moderated to 2.8% and 8.2% from 3.4% and 12.3%, respectively. On a seasonally adjusted quarterly basis, the country's GDP shrank 1.1%, the first contraction in two years and following a 0.3% gain in the preceding period. source: Census and Statistics Department, Hong Kong

The Gross Domestic Product (GDP) in Hong Kong expanded 1.80 percent in the third quarter of 2024 over the same quarter of the previous year. GDP Annual Growth Rate in Hong Kong averaged 4.63 percent from 1974 until 2024, reaching an all time high of 20.50 percent in the fourth quarter of 1976 and a record low of -9.40 percent in the first quarter of 2020. This page provides - Hong Kong GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Hong Kong GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on January of 2025.

The Gross Domestic Product (GDP) in Hong Kong expanded 1.80 percent in the third quarter of 2024 over the same quarter of the previous year. GDP Annual Growth Rate in Hong Kong is expected to be 1.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-10-31 08:30 AM YoY Adv Q3 1.8% 3.2% 3.1% 3.2%
2024-11-15 08:30 AM YoY Final Q3 1.8% 3.2% 1.8%
2025-02-03 08:30 AM YoY Adv Q4 1.8% 1.9%


Related Last Previous Unit Reference
Full Year GDP Growth 3.30 -3.70 percent Dec 2023
GDP Growth Rate YoY 1.80 3.30 percent Sep 2024
GDP Constant Prices 747941.00 715986.00 HKD Million Sep 2024
GDP from Agriculture 297.00 352.00 HKD Million Sep 2024
GDP from Construction 29886.00 35564.00 HKD Million Sep 2024
GDP from Manufacturing 7229.00 7142.00 HKD Million Sep 2024
GDP from Public Administration 159423.00 155519.00 HKD Million Sep 2024
GDP from Services 685856.00 642960.00 HKD Million Sep 2024
GDP from Transport 72489.00 60538.00 HKD Million Sep 2024
GDP from Utilities 9994.00 8791.00 HKD Million Sep 2024
GDP Growth Rate -1.10 0.30 percent Sep 2024
Gross Fixed Capital Formation 135222.00 126837.00 HKD Million Sep 2024
Gross National Product 843762.00 801700.00 HKD Million Sep 2024

Hong Kong GDP Annual Growth Rate
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.
Actual Previous Highest Lowest Dates Unit Frequency
1.80 3.30 20.50 -9.40 1974 - 2024 percent Quarterly
NSA, 2022


News Stream
Hong Kong GDP Growth Confirmed at 1.8% in Q3
Hong Kong’s economy grew 1.8% year-on-year in the third quarter of 2024, matching preliminary estimates but sharply cooling from a 3.2% growth in the previous period. This marked the weakest expansion since the second quarter of 2023, driven by the easing growth in government spending (2.1% vs 2.2% in Q2) and gross fixed capital formation (3.7% vs 4.1%). Meanwhile, private consumption (-1.3% vs -1.6%) decreased at a softer pace. On net trade, the growth rate for goods exports eased (4% vs 7.5%), while services rose at a faster pace (2.4% vs 1.1%). For imports, the increase in goods and services moderated to 2.8% and 8.2% from 3.4% and 12.3%, respectively. On a seasonally adjusted quarterly basis, the country's GDP shrank 1.1%, the first contraction in two years and following a 0.3% gain in the preceding period.
2024-11-15
Hong Kong GDP Growth Slows More Than Expected
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.
2024-10-31
Hong Kong GDP Growth Confirmed at 3.3% in Q2
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.
2024-08-16