Hong Kong skyline from above

Hong Kong GDP Q3 2019

Hong Kong: Second release confirms GDP contracted at sharpest rate in a decade in Q3

The revised GDP reading confirmed the economy contracted at the sharpest pace since June 2009 in the third quarter, as Hong Kong faced the double whammy of mass protests battering domestic demand and the U.S.-China trade war hampering the external sector.

GDP tumbled 2.9% in year-on-year terms, which is unchanged from the preliminary reading, following Q2’s 0.4% expansion. Meanwhile, on a seasonally-adjusted quarter-on-quarter basis, the economy fell an unrevised 3.2% in Q3, which was steeper than Q2’s 0.5%.

The fall in year-on-year GDP in the third quarter was mainly driven by a revised 3.4% decline in private consumption (previously reported: -3.5% yoy; Q2: +1.3 yoy), while fixed investment contracted at an unrevised pace of 16.3% in Q3 (Q2: -10.8% yoy). In contrast, government consumption growth accelerated from 4.0% in Q2 to a revised 5.9% (previously reported: 5.3% yoy).

On the external front, both exports and imports of goods and services contracted at a sharper pace in Q3 relative to Q2. Muted demand from mainland China weighed on exports, while depressed business and consumer sentiment have suppressed import demand in recent months.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Download Fullscreen