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 by 3.1% year-on-year in the first quarter of 2025, accelerating from an upwardly revised 2.5% gain in the previous three-month period, preliminary estimates showed. This marked the strongest growth since the fourth quarter of 2023, leveraging a recovery in tourism and a surge in exports ahead of Donald Trump’s sweeping tariff hikes. Official data revealed a surge in visitor numbers at the start of 2025, providing a significant boost to Hong Kong’s retail and catering sectors. In terms of net external demand, exports of goods soared (8.7% vs 1.3% in Q4), as did imports (7.4% vs 0.4%). Additionally, gross fixed capital formation recovered (2.8% vs -0.7%). Meanwhile, household consumption continued to decline (-1.2% vs -0.2%) and government spending eased (1.2% vs 2.1%). On a seasonally adjusted quarterly basis, the economy advanced by 2%, the most pronounced growth in two years and accelerating from an upwardly revised 0.9% gain in the previous period.