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Wednesday, Aug 17, 2022

HK to report quarterly GDP shrank from year earlier

HK to report quarterly GDP shrank from year earlier

Hong Kong will on Monday report a decline in quarterly gross domestic product from a year earlier, even though the economy improved from the previous three months, Financial Secretary Paul Chan Mo-po wrote in his blog on Sunday.
The city’s exports, consumption and investments were all affected in the second quarter by interest-rate increases in the US and Europe, Chan said. The city’s government will “inevitably revise down” its full-year forecast in the middle of next month, amid the deteriorating global economy, according to the financial secretary.

The value of Hong Kong’s overall exports in June fell 6.4% from a year earlier, with shipments to the European and American markets declining, compared with an increase in 2021, according to a statement last week.

“Although the Hong Kong economy is facing many uncertainties, I am still full of confidence in the future development,” Chan said. Hong Kong’s GDP, a comprehensive scorecard of economic health, for the second quarter will be announced on Monday.

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