Hong Kong's GDP grows by 6.4 pct in 2021: advance estimates

HONG KONG -- The Hong Kong Special Administrative Region (HKSAR) government announced Friday that based on advance estimates, Hong Kong's economy grew by 6.4 percent in 2021 over a year earlier.

Analyzed by major gross domestic product (GDP) component, private consumption expenditure, government consumption expenditure, and gross domestic fixed capital formation, increased by 5.7 percent, 4.6 percent, and 10.1 percent respectively over a year earlier, according to a report released by the Census and Statistics Department of the HKSAR government.

For 2021 as a whole, total exports of goods and imports of goods recorded increases of 19 percent and 17.5 percent respectively in real terms over 2020, the report said.

The GDP growth in 2021 reversed the declines in the previous two years, yet it was still about 2 percent below the level in 2018, a government spokesperson said.

The spokesperson said the Hong Kong economy is expected to expand further in 2022, but the growth pace is subject to various uncertainties, especially those relating to the local epidemic development.

The global economic recovery, which should render further support to Hong Kong's exports, is envisaged to slow in 2022, the spokesperson added.