World GDP

The world economy grew by 2.8% in the last quarter of 2016 compared with a year earlier, according to our estimates. The contributors to global growth have shifted over the past two decades. China’s economy may be slowing—it expanded by less than 7% in the fourth quarter of 2016—but it still accounts for over two-fifths of global growth. America was the main propellor of the world economy 20 years ago, accounting for 30% of the total. It is now behind China and India in third place, contributing a mere 11%. Hong Kong was a bright spot in the fourth quarter of last year: growth in service exports helped the economy expand by 3.1% year on year, up from 2% in the previous quarter.