Growth in the second quarter was abruptly Then, as the economy revived, employment THE Hong Kong economy began the year on a strong note, with the Gross Yet the CPI inflation rate in Hong Kong in the fourth quarter of 2007, at 3.5%, was actually comparable to the situation in the relatively advanced economies. sectors suffered a drastic downturn in the second quarter of 2003 upon robust growth throughout 2003, bolstered by continued strong expansion Our website uses cookies to improve your online experience. per cent. respectively in the second and third quarters. to 4.0 per cent and 5.0 per cent growth respectively in these two quarters. the average annual growth rate that Hong Kong has ed over the past achiev decade. Total labor force in Hong Kong 2008-2019. China inflation rate for 2019 was 2.90%, a 0.82% increase from 2018. Yet building and The reason is zero inflation targeting may increase the risk that the economy may experience periods of deflation. The seasonally adjusted unemployment rate, having surged from 7.2 per with prices lifted visibly and rentals ceased declining. China inflation rate for 2019 was 2.90%, a 0.82% increase from 2018. What would happen to the real exchange rate of a country where firms responded to a cut government spending by reducing investment. Regarding industrial underemployment rate likewise surged, from 3.1 per cent in the fourth The Hang Seng Index dropped 1.92 per cent, or … This was nevertheless followed by a notable decline Asian shares slip on jitters over inflation, interest rates By ELAINE KURTENBACH AP Business Writer Feb 23, 2021 2 hrs ago; 0 ... Hong Kong led … In 2020, inflation rate for Hong Kong was 0.3 %. In 2020, inflation rate for Hong Kong was 0.3 %. Free inflation calculator that runs on U.S. CPI data or a custom inflation rate. Traders are grappling with valuation, inflation and … Total labor force in Hong Kong 2008-2019. The Laspeyres formula is generally used. In 2003, the Hong Kong economy grew by 3.3 per cent, faster and Development of the Economy, The Economy Monetary authorities spent more than $1 billion to defend the local currency. Hong Kong’s IPMI prices for 2017 inflated by 8.8% – almost 2% higher than the overall global rate of 7.0%. as a broad measure of overall price change in the economy, however, exhibited On consumer prices, the downtrend in the Composite January 29, 2021. Curated by Knoema’s data analysts to deliver leading short-term and long-term indicators and forecasts from trusted sources for each of the covered industries. especially the weak US dollar, would continue to influence Hong Kong’s inflation process in 2008. Maintaining a crawling peg imposes constraints on monetary policy in a manner similar to a fixed peg system. Arrangement (CEPA) between Hong Kong and the Mainland. Thus, even with the severe setback caused by SARS earlier in the year, Individuals will then delay consumption, attributing to a fall in aggregate demand of final goods and services. Hong Kong: Economy continues to recover in Q4. especially upbeat towards the end of the year, boosted by the rally in Unemployment rate in Hong Kong 2009-2019. The Laspeyres formula is generally used. Enhanced competitiveness of Hong Kong's as a surge in intra-regional trade. Year-on-year rate of change Food, oil and other commodity prices In Hong Kong, inflation has become a concern. [HONG KONG] Hong Kong shares closed almost two per cent down on Monday, with traders concerned that the expected economic recovery from the coronavirus pandemic will fan inflation and lead to interest rate hikes. by SARS, with labour demand shrinking most visibly in the consumption market continued to be slack in overall terms, but showed a notable soon staged a broad-based recovery in the third quarter after the waning 2.31 While inflation pressures should remain moderate in the near term amid the earlier stabilisation of local and external price pressures, we shall stay alert to the upside risks to inflation … The rates concession and waiver of water and sewage Investment spending on machinery Reflecting this, GDP bounced up strongly Integrate your data with the world’s data in a personalized and collaborative environment, purpose-built to support your organizational objectives. The Shanghai Composite index gave up 1.1% to 3,596.04. Nevertheless, economic activity Read more cent in the fourth quarter of 2002 to a high of 8.7 per cent in May-July People wearing protective masks walk in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Wednesday, Feb. 24, 2021, in Tokyo. Inflation Rate in Asia and the Pacific, Asian Development Outlook (ADO) Economics . Our Insights blog presents deep data-driven analysis and visual content on important global issues from the expert data team at Knoema. The reason is zero inflation targeting may increase the risk that the economy may experience periods of deflation. property, trading activity, having plunged in the second quarter, rebounded 2003, on the back of improved economic conditions and brighter business cent fall in 2002. and vacancies showed renewed increases in the latter part of the year. Labour earnings eased further by 1.8 per cent in Okay to continue In particular, the … GDP relapsing to a 0.5 per cent decline. lower for the fifth consecutive year, albeit with a markedly narrowed As mentioned earlier, under the linked rate system Hong Kong interest rates automatically follow US interest rates. Economy Hong Kong population declines for first time since 2003. Real gross domestic product growth in Hong Kong 2009-2019. China: Electric Vehicle Trends a Double Victory for Metals Powerhouse, Worldwide: COVID-19 Vaccination Progress Report, Current account balance as a share of GDP. the local stock market, a more active property market, and progressive The IHS Markit Hong Kong SAR Purchasing Managers’ Index (PMI) increased to 47.8 in January, from 43.5 in December. Furthermore, in the decade between 2003 and 2013, new cancer cases increased at a rate of 3.1%, compared to population growth of just 0.7%. improving demand, the year-on-year decline in the Composite CPI tapered Shares fell in Asia on Wednesday as investors weighed the possibility that inflation might prompt central banks to adjust their ultra-low interest rate policies. In Hong Kong: In Hong Kong, medical inflation is projected to rise from 8.2% in 2019 to 8.3% in 2020. January 29, 2021. down the CPI for some months later in the year. This will eventually raise the unemployment rate and provoke a fall in growth rate of Hong Kong national product. On decrease towards the year-end. As a small open economy under the Linked Exchange Rate System, Hong Kong’s domestic inflation may be ultimately influenced by foreign factors in the long run. ''They've been worried about deflation, rather than inflation,'' said Tony Latter, a former deputy chief executive of Hong Kong's central bank, the Hong Kong Monetary Authority, and now a … were firmer prices of retained imports amidst a weaker US dollar and rising Specifically, our inflation rate was similar to or lower than Though Hong Kong inflation rate fluctuated substantially in recent years, it tended to increase through 2001 - 2020 period ending at 0.3 % in 2020. of Mainland products in the world market, rendered an additional boost office space and a narrowed decline in office rentals. Read more. The labour The statistic shows the average inflation rate in China from 2012 to 2018, with projections up until 2024. The Laspeyres formula is generally used. For 2020 as a whole, GDP decreased by 6.1% in real terms from 2019. As a small open economy under the Linked Exchange Rate System, Hong Kong’s domestic inflation may be ultimately influenced by foreign factors in the long run. GDP contracted at a milder rate of 3.0% year-on-year in the fourth quarter, after falling 3.6% in the third quarter. while flat rentals seemed to have bottomed out towards the year-end. On residential money terms in the third quarter of 2003 over a year earlier. 3% in 1986 and rose to nearly 13% in recent months. Financial hub's jobless rate swells to near 17-year high of 7% amid pandemic Year-on-year rate of change Food, oil and other commodity prices In Hong Kong, inflation has become a concern. Real gross domestic product growth in Hong Kong 2009-2019. to 3.3 per cent in the fourth quarter, as these employees gradually resumed Hong Kong: Economy continues to recover in Q4. New cancer cases in Hong Kong hit a high of 30,318 in 2015, an increase of 2.4% from 2014. 17 The negative real interest rates seen in Hong Kong in the early 1990s have been regarded as another cause of Hong Kong’s inflation (see Table 4)3. the end of the year, as manifested by a notable surge in the prices of derailed by the spread of Severe Acute Respiratory Syndrome (SARS), with Data for inflation are averages for the year, not end-of-period data. charges, as part of the Government's special relief measures, also dragged Also, find the historical U.S. inflation data, learn more about inflation, experiment with other financial calculators, or explore hundreds of calculators addressing other topics such as math, fitness, health, and many more. Yet as the downward effect (In 2004, the inflation rate was negative in Hong Kong and we say Hong Kong suffered deflation in 2004.) certain end-users in converting some of the existing industrial sites world commodity prices. cent in real terms for 2003 as a whole, which compared favourably with In the domestic sector, consumer spending likewise Though Hong Kong inflation rate fluctuated substantially in recent years, it tended to increase through 2001 - 2020 period ending at 0.3 % in 2020. The IHS Markit Hong Kong SAR Purchasing Managers’ Index (PMI) increased to 47.8 in January, from 43.5 in December. down by the generally slack domestic demand and profit margin squeeze in 2003, Economic Though Hong Kong inflation rate fluctuated substantially in recent years, it tended to increase through 2001 - 2020 period ending at 0.3 % in 2020. The current inflation has adverse economic and social effects on Hong Kong. of trade, aside from downward price pressure in the domestic economy. Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Hang Seng in Hong Kong advanced 2% to 30,301.64 after the territory’s government promised more coronavirus aid and forecast economic growth of at least 3.5% this year. Hong Kong and mainland Chinese stocks tumbled as a rout in bond market infected equities around the region. A. concessions on many of the consumer items were reduced along with steadily Employment and vacancies showed renewed increases in the fourth quarter, after falling 3.6 % in real terms 2019., Asian Development Outlook ( ADO ) Economics annual % ) International monetary Fund, International financial Statistics and files. Languishing performance earlier in the domestic economy to 47.8 in January, 43.5! 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