Hong Kong to report quarterly GDP shrank from year earlier: Chan
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HONG Kong will on Monday (Aug 1) report a decline in quarterly gross domestic product (GDP) from a year earlier, even though the economy improved from the previous 3 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 per cent 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. BLOOMBERG
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