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Financial News: Hong Kong Economy Contracts Further As Estimated In

Hong Kong Economy Contracts Further As Estimated In Q3

11/11/2022 - 05:28:00 (RTTNews)

(RTTNews) - The Hong Kong economy contracted for the third successive quarter in the three months ended September, as initially estimated, latest data from the Census and Statistics Department showed Friday.

Gross domestic product contracted 4.5 percent year-over-year in the third quarter, following a 1.3 percent fall in the second quarter. That was in line with flash data published on October 31.

Further, this was the worst contraction since the second quarter of 2020, when GDP had declined 9.4 percent. The economy entered a recession in the second quarter of this year.

On a seasonally adjusted quarter-to-quarter basis, real GDP fell by 2.6 percent, reversing a 1.0 percent expansion in the preceding quarter. The figure also matched the flash report.

On the expenditure-side, private consumption remained unchanged annually in the September quarter, the same as that in the June quarter.

Gross fixed capital formation declined sharply by 14.3 percent over the year. Meanwhile, government spending grew 5.1 percent, revised up from 4.3 percent, but much slower than the 13.0 percent rise in the second quarter.

Total exports of goods fell 15.6 percent from a year ago, and imports plunged by 16.1 percent.

Exports from Hong Kong were severely affected by the worsening external environment and disruptions to cross-border land cargo flows.

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