version is the 1993 SNA, which was previously adopted by Hong Kong in the compilation of GDP statistics. Figure 2 — Global ranking of Hong Kong's container port and airport, 2001-2019 . Hong Kong gdp for 2017 was $341.24B, a 6.36% increase from 2016. For 2020, an inflation rate of 0.3% was calculated. Hong Kong GDP Per Capita 1960-2021 | MacroTrends An item that cost 100 Dollar in 1982 was so charged . * Govt expects fiscal reserves at HK$1,161.6 billion by end-March 2019 ECONOMY * 2018 GDP up . Economic Structure (in terms of GDP composition, 2017) Agriculture: 0.1% Industry: 7.6% Services: 92.3% Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol . Consumers are sophisticated and enjoy cosmopolitan food and beverage tastes. GDP (current US$) - Hong Kong SAR, China. 0%. In 2019, Hong Kong's economy shrank 1.2%. Percent of GDP, Annual, Not Seasonally Adjusted 2002 to 2009 (2016-04-18) Constant GDP per capita for Hong Kong SAR, China. The 2008 SNA is intended for use by all economies in the world for the compilation of GDP statistics. This statistic shows the share of gross domestic product (GDP) in Hong Kong in 2019, by sector. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. . GDP growth averaged a strong 4% from 1989 to 2008. Hong Kong recession deepens as virus outbreak darkens ... Hong Kong returned to the mainland in 1997 and would be granted autonomy until 2047. Trade in merchandise and commercial services 28 . PDF Hong Kong's Recent Economic Situation Merchandise Trade statistics data for Hong Kong, China (HKG) including exports and imports, applied tariffs, top exporting and importing countries, effectively applied and MFN tariff along with most exported and imported product groups, along with development indicators such as GDP, GNI per capita, trade balance and trade as percentage of GDP for Most Recent Year. GDP From Services in Hong Kong decreased to 600418 HKD Million in the second quarter of 2021 from 611149 HKD Million in the first quarter of 2021. For example, Hong Kong's Exports rank is higher than 96.28% of the countries in the dataset. industry: 7.6% (2017 est.) As consumers become more aware of the risk stemming from the pandemic, global life premiums are estimated to grow 3.8 percent in 2021 and 4.0 percent in 2022. Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of reexports, is about four times GDP. (2019) Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol . Definition: This entry shows where production takes place in an economy. Fax: 852 2878 7260. In the IMD World Digital Competitiveness Ranking 2020 published by the IMD World Competitiveness Centre , Hong Kong ranked second in Asia and fifth in the world. 2016. Inside the Greater Bay Area, the three cities reporting the greatest GDP are Hong Kong, Shenzhen, and Guangzhou, with each contributing more than US$300 billion in 2017. . During the global financial crisis in 2009 and the Asian financial turmoil in 1998, the city posted quarterly declines in GDP, respectively, of 7.8% and 8.3%. The Hong Kong government adopted several temporary fiscal policy support measures in response to the crisis that it may discontinue if . In 2019, the port and related sector generated HK$14.0 billion VA, accounting for 0.5% of Hong Kong's GDP. , decreasing by 35.6 per cent from 2019. - 5 - 2019 Gross Domestic Product Census and Statistics Department, Hong Kong Special Administrative Region Highlights • , comprising trading and logistics, financial services, professional and Line Bar Map. The data on GDP by country from the World Bank presented on this page covers the period for the last half of the century. Shenzhen-Hong Kong Express Rail Link - further enabling cross-border commuting, working and living. The following are highlights of Hong Kong's budget for the 2019/20 fiscal year starting in April. Dollars, Annual, Not Seasonally Adjusted 1961 to 2020 (Nov 2) Number of Bank . This compares with the . - 5 - 2018 Gross Domestic Product Census and Statistics Department, Hong Kong Special Administrative Region Aggregates. The Hong Kong economy contracted by 2.9% (1) year-on-year in the third quarter of 2019, representing an abrupt deterioration from its mild growth of 0.5% in the first half of the year. Hong Kong gdp per capita for 2020 was $46,324, a 4.2% decline from 2019. CUHK Releases Hong Kong Quality of Life Index 2019 . World Bank national accounts data, and OECD National Accounts data files. HONG KONG 2019 WASTE STATISTICS At a Glance Municipal Solid Waste (MSW) 29% Recovered for Recycling 71 % Disposed of at landfills Per Capita Disposal Rate of MSW . China. Due (2018) Tourism Expenditure of Inbound Tourism. 0%. [30] Its economy is slightly larger than Israel's or Ireland's [31] [32] [33] and its GDP per capita at purchasing power parity was the sixth highest globally in 2011. (2018) Tourism Industry Employment. None. Main points * The Hong Kong economy continued to face significant downward pressure, expanding only modestly by 0.5% in the second quarter of 2019 over a year earlier, slightly slower . Similar values. World Economics makes available of world's most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2020, building on the lifetimes work of Angus Maddison. To gauge the latest business opinions regarding the opportunities and challenges in the region, KPMG China, HSBC and the Hong Kong General Chamber of Commerce commissioned a survey of 747 senior executives based in The Hong Kong economy grew by 3.0% for 2018 as a whole, marking the second year of above-trend growth. Hong Kong's economy in the third quarter of 2019 contracted 2.9% over a year earlier, compared with the increase of 0.4% in the second quarter. Line Bar Map. How to interpret the graph: The purpose of this graph is to take a snapshot of a country's economy in comparison to other economies. The inflation rate for consumer prices in Hong Kong moved over the past 38 years between -4.0% and 11.2%. From 2014 onwards, the Percent, Annual, Not Seasonally Adjusted 1991 to 2019 (Jul 1) Central government debt, total (% of GDP) for Hong Kong SAR, China. The majority of GDP in . Also, the GDP per capita rose by 87 times within the same time frame. Hong Kong GDP (Gross Domestic Product) was INT$420.13billion for 2020 in PPP terms. License : CC BY-4.0. World Bank national accounts data, and OECD National Accounts data files. NOTE: The information regarding GDP - composition, by sector of origin - services(%) on this page is re-published from the CIA World Factbook 2019. additional helping measures introduced since August 2019, the Hong Kong economy is forecast to grow by -1 .5% to 0.5% in 2020 . 256,900. Hong Kong. People walk through the Central district of Hong Kong during early evening hours in Aug. 2019. No claims are made regarding the accuracy of GDP - composition, by sector of origin - services(%) information contained here. As of 2018, Hong Kong's GDP Gross Domestic Product (GDP) Gross domestic product (GDP) is a standard measure of a country's economic health and an indicator of its standard of living. ShareThis. This paper analyses the latest development of the Hong Kong economy and provides some preliminary analysis on the outlook for 2020. These economic headwinds Email: RR-HKG@IMF.ORG. NOTE: The information regarding GDP - composition, by sector of origin - agriculture (%) on this page is re-published from the CIA World Factbook 2019. Our Times: The Comic Book for 2019's Hong Kong. On August 15, 2019, the Hong Kong government announced a HK$19.1 billion (US$2.44 billion) relief package of tax and fee reductions, rental reductions, subsidies, and other measures to . 2017. Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of reexports, is about four times GDP. World trade and GDP in early 2019 25 IV. While VA of the It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Photographer . Hong Kong is consistently a net exporter of services. GDP Deflator 1 Forecast on Hong Kong's real GDP growth in 2021 recently made by other selected parties (%) Asian Development Bank (December 2020) 5.1 IMF (October 2020) 3.7 Average forecast by private sector analysts# 4.4 Note : (#) Real GDP growth forecasts by private sector analysts fall between 3.0% and 7.1%. Macau also enjoys a Closer Economic Partnership Arrangement (CEPA) with mainland China. Hong Kong gdp for 2018 was $361.69B, a 5.99% increase from 2017. License : CC BY-4.0. Percent of GDP, Annual, Not Seasonally Adjusted 2002 to 2009 (2016-04-18) Constant GDP per capita for Hong Kong SAR, China. For the full-year 2019, Hong Kong economy fell 1.2% (2018: 2.9%), recording its first contraction since the Global Financial Crisis… GDP (current US$) GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. . The boost to the full-year GDP growth was estimated to be around 0.7 ppt. Hong Kong: 92.3%: 2017: 6 Cayman Islands . As to financial services, Figure 3 — IPO funds raised in Hong Kong, 2009-2019 . The Gross Domestic Product (GDP) in Hong Kong was worth 346.59 billion US dollars in 2020, according to official data from the World Bank. While sustained recovery in external demand, improving domestic job market and pent-up domestic demand are positive for Hong Kong's outlook, the rebound will still be limited by strict COVID-19 safety measures and international travel restrictions as its economy is . Hong Kong's GDP for 2020. Yet, this was slower than 3.8% the growth in 2017. The Mainland economy expanded by 6.1% in 2019, down from a growth rate of 6.7% in the previous year, reflecting the softening of trade activity and a drop in exports demand, which held down growth in industrial production and manufacturing investment. Over the past ten years, Hong Kong China, India, Mexico Tổng sản phẩm quốc nội (GDP) của Hồng Kông vào năm 2020 là 346,59 tỷ USD theo số liệu mới nhất từ Ngân hàng thế giới. None. Highest values. Hong Kong's economy contracted for the first time in a decade in 2019 as violent anti-government protests and trade tariffs between Washington and Beijing took more steam out of the economy in the . However, with the slowdown in growth in Hong Kong SAR and Mainland China, credit growth has moderated to 6.3 percent in September 2019, from a peak of 21.4 percent in October 2017. Hong Kong GDP - composition by sector. Gross Domestic Product (GDP) is the monetary market value of all final goods and services made within a country during a specific period. Hong Kong's total emissions in 2019 were 8 430 tonnes of SO 2, 77 620 tonnes of NOx, 3 480 tonnes of RSP, 2 630 tonnes of FSP, 21 130 tonnes of VOC and 60 440 tonnes of CO. Housing prices, which rose for the first five months of 2019 amid expectations of monetary easing in the U.S, also declined by about 4 percent between May and September. I. Gross Domestic Product (GDP) Real GDP -1.5 to 0.5 Nominal GDP 0.5 to 2.5 Per capita GDP in real terms -2.2 to -0.2 Including unsettled foreign exchange contracts, the foreign currency reserve assets of Hong Kong at the end of August . Published by C. Textor , Sep 10, 2021. Hong Kong Tourism in GDP. Figure 11: Hong Kong - Composition of the Legislative Council, 2019 Figure 12: Hong Kong - Historical GDP Growth (%), 2009-2019e Figure 13: Hong Kong - GDP and GDP Growth Rate (US$ Billion/%), 2014-2024f Figure 14: Hong Kong - GDP Composition by Sector (%), 2018e Figure 15: Hong Kong - Agricultural Output (HK$ Bn/%), 2013-2018e GDP helps to provide a snapshot of a country's economy and can be calculated using expenditures, production, or incomes. Figure 3 shows how much of Hong Kong's GDP is directly at stake if visitor arrivals between August and December 2019 drop by 10, 30, 50, or even 80 percent. Economy. In 2020, amid the COVID-19 pandemic, Hong Kong's GDP recorded the sharpest fall in history, with nominal GDP dropping by 5.4%. Balance of Payments Hong Kong recorded a BoP surplus of $25.8 billion (as a ratio of 3.9% to GDP) in the first quarter of 2020, as against a deficit of $10.3 billion (as a ratio of 1.4% to GDP) in the fourth quarter of 2019. The Hong Kong Monetary Authority (HKMA) announced today (Friday) that the official foreign currency reserve assets of Hong Kong amounted to US$432.8 billion as at the end of August 2019 (end-July 2019: US$448.4 billion) (Annex). MCQ 4) Which one can CORRECTLY describe the GDP of China in 2020: a) China is the world's 2nd largest economy based on the value of nominal GDP b) China is the world's 1st largest economy based on the value of PPP GDP c) China is ranking in the world's top 10 based on the value of per capital GDP d) China accounts for more than half of . Overview In 2019 China was the number 2 economy in the world in terms of GDP (current US$), the number 1 in total exports, the number 2 in total imports, the number 71 economy in terms of GDP per capita (current US$) and the number 29 most complex economy according to the Economic Complexity Index (ECI). It is the largest employer of the maritime and port industry. HK$ 260 billion. Also, GDP can be used to compare the productivity levels between different countries. Recent economic situation 2. Percent, Annual, Not Seasonally Adjusted 1991 to 2019 (Jul 1) Central government debt, total (% of GDP) for Hong Kong SAR, China. Composition of MSW Disposed of at Landfills in 2019 Food Waste 30% Paper24% Plastics21% Glass2% Metals2% Others20% That year, the service sector in total accounted for approximately 93.4 percent of the GDP in Hong . Daisy Wong, Communications Officer. Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Hong Kong economic outlook .