Gross domestic product (GDP) growth in Hong Kong 2001-2028

In 2023, the gross domestic product (GDP) of Hong Kong decreased by around 3.2 percent in real terms compared to the previous year. GDP growth is estimated to reach 2.5 to 3.5 percent in 2024. The quarterly GDP growth rate in Hong Kong stood at 4.3 percent in the third quarter of 2023.

Drivers of growth in Hong Kong

Hong Kong’s economy is dominated by the service sector, which contributes more than 90 percent to the city’s GDP. This is related to Hong Kong’s status as a global financial hub and a service center for trade and investment flows from and into mainland China. Financial services, trading and logistics, professional services, and tourism are key industries in the city, with financial services alone contributing more than 20 percent to the GDP. Over the last decade, financial services displayed the highest sectoral growth rates, while trading and logistics, as well as professional services, provided a significant number of jobs in the city.

Current economic development

The COVID-19 pandemic and consequent travel restrictions had a bad effect on Hong Kong’s economy. However, economic development stumbled already earlier with GDP growth turning negative in 2019. In real terms, the GDP is not expected to regain its 2018 level before 2024. GDP growth in the upcoming years is forecasted to remain slightly below 3 percent on average.