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HK 1Q Real GDP Contracts 4% YoY, Cuts Annual Growth Forecast to 1-2%: Govt
The Government released today (May 13) the First Quarter Economic Report 2022, together with the revised figures on Gross Domestic Product (GDP) for the first quarter of 2022. The ...
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HK 1Q Real GDP Contracts 4% YoY, Cuts Annual Growth Forecast to 1-2%: Govt
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2022/05/13 16:35
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The Government released today (May 13) the First Quarter Economic Report 2022, together with the revised figures on Gross Domestic Product (GDP) for the first quarter of 2022. The Government Economist, Adolph Leung, described the economic situation in the first quarter of 2022 and the latest GDP and price forecasts for 2022.

The Hong Kong economy saw a marked deterioration in the first quarter of 2022. Externally, slower global demand growth and epidemic-induced cross-boundary transportation disruptions posed significant drags to exports. Domestically, the fifth wave of local epidemic and resultant restrictive measures weighed heavily on a wide range of economic activities as well as economic sentiment. Real GDP contracted by 4% from a year earlier, reversing the growth trend in the previous four quarters. On a seasonally adjusted quarter-to-quarter comparison, real GDP fell by 3%.

Given the worse-than-expected performance in the first quarter, and taking into account the deteriorating export outlook on the one hand but the expected gradual revival of local economic activities on the other, the real GDP growth forecast for 2022 is revised down to 1%-2%, from 2%-3.5% as announced in the Budget. The Government will continue to closely monitor the situation.
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