Key information about Hong Kong SAR (China) Government Debt: % of GDP

• Hong Kong SAR (China) Government debt accounted for 49.1 % of the country's Nominal GDP in Mar 2024, compared with the ratio of 50.2 % in the previous year.
• Hong Kong SAR (China) government debt to GDP ratio data is updated yearly, available from Mar 2003 to Mar 2024.
• The data reached an all-time high of 50.2 % in Mar 2023 and a record low of 27.3 % in Mar 2003.

CEIC calculates Government Debt as % of Nominal GDP from annual Government Debt and quarterly Nominal GDP. The Treasury provides Government Debt in local currency. Census and Statistics Department provides Nominal GDP in local currency. Government Debt covers Provision for pensions, Bonds and Notes issued and Other Liabilities. Government Debt as % of Nominal GDP is in annual frequency, ending in March of each year.


Related information about Hong Kong SAR (China) Government Debt: % of GDP

• In the latest reports, Hong Kong SAR (China) National Government Debt reached 190.1 USD bn in Mar 2024.
• The country's Nominal GDP reached 91.4 USD bn in Mar 2023.

Hong Kong recorded a Government Budget deficit equal to 2.50 percent of the country's Gross Domestic Product in 2024. This dataset provides - Hong Kong Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Hong Kong SAR (China) Private Debt: % of Nominal GDP

• Hong Kong SAR (China) Private Debt accounted for 195.76 % of its Nominal GDP in Dec 2024, compared with a ratio of 198.84 % in the previous quarter
• Hong Kong SAR (China) Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Dec 1973 to Dec 2024, with an average share of 122.27 %
• The data reached an all-time high of 226.63 % in Jun 2021 and a record low of 41.72 % in Dec 1976

CEIC calculates quarterly Private Debt as % of Nominal GDP from quarterly Private Debt and quarterly Nominal GDP. Private Debt is calculated by subtracting Domestic Loans to Financial Corporations and Stockbrokers from Total Domestic Loans. Hong Kong Monetary Authority provides Private Debt in local currency. Census and Statistics Department provides Nominal GDP in local currency. Private Debt includes Government sector, excluding Exchange Fund. Private Debt prior to Q4 2018 excludes Working Capital Loans.

This statistic shows the share of social welfare spending in recurrent government expenditure in Hong Kong from 2011/12 to 2022/22. In 2021/22, the estimated share of social welfare in the total expenditure of Hong Kong's government was around **** percent.

In 2024, the total gross domestic product (GDP) of the Guangdong - Hong Kong - Macao Greater Bay Area amounted to more than *** trillion U.S. dollars. That year, the GDP of the city of Shenzhen alone amounted to around *** billion U.S. dollars, ranking first among cities in the Greater Bay Area. The Greater Bay Area in China The Guangdong - Hong Kong - Macao Greater Bay Area is an economic zone comprised of the two special administrative regions Hong Kong and Macao and nine cities of Guangdong province in mainland China, namely Shenzhen, Guangzhou, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen, and Zhaoqing. The concept of the Greater Bay Area has been formulated by the Chinese government to further integrate Macao and Hong Kong into the Chinese mainland and to boost the economy of the cities in the Pearl River Delta. In the 1980s and 1990s, the Pearl River Delta had been one of the prime regions for economic development, but in recent years it has lost ground to the Yangtze River Delta in East China, the largest of the economic macro-regions in China. A development plan for the Greater Bay Area, which was initiated in 2017 and further elaborated thereafter, aims at developing the region into the world's largest and economically most successful Bay Area. GDP development in the Greater Bay Area In 2022, the GDP of the Greater Bay Area cities was still affected by the coronavirus pandemic and decreased slightly in U.S. dollar terms compared to the previous year. However, the development was uneven, with some of the cities on the mainland experiencing strong economic growth, while GDP growth in Hong Kong and Macau still suffered significantly from the pandemic. In 2024, per capita GDP in the Greater Bay Area ranged at about ****** U.S. dollars, which was one of the highest values in China. However, per capita GDP in Hong Kong and Macao is still considerably higher then in the neighboring cities on the mainland.

In the third quarter of 2024, household debt in the United States amounted to over 71.66 percent of its GDP. It can be generally observed that U.S. households are more indebted by the end of the year than in any other quarter. The debt of households peaked in the last quarter of 2020, reaching the highest value since 2013. Debt to GDP ratio As it can be observed here, the household debt to GDP ratio decreased overall in the recent years. The steady growth of the gross domestic product in the United States could be a factor explaining this tendency. If the volume of debt grows at a slower pace than the GDP, the debt to GDP ratio would decrease. In addition to that, the overall value of mortgage debt in the U.S., which is the most significant component of the household debt, decreased from 2012 to the third quarter of 2014, but it has rebounded since then. Public debt in the U.S. Public debt in the United States, which is the amount of money borrowed by the government to finance budget deficits, has been increasing almost every single year. Not only that, but according to that forecast it is also expected to keep increasing during the coming years. The major holders of American government debt, as of December 2023, were Federal Reserve and government accounts and foreign and international holders. The ratio of national debt to GDP of the United States was higher than that of other major economies, but lower than that of Japan. Some of the lowest debt to GDP ratios were observed in Hong Kong SAR, Kuwait, and Turkmenistan.