© Reuters. FILE PHOTO: A general view of skyline buildings, in Hong Kong, China July 13, 2021. REUTERS/Tyrone Siu
HONG KONG (Reuters) -Hong Kong’s economy contracted by 4% in the first quarter from the same period a year earlier, government data showed on Friday, ending four quarters of recovery as the city imposed its most stringent measures to curb COVID-19.
Growth in the fourth quarter of last year was 4.7%.
On a quarterly basis, the economy contracted by a revised seasonally adjusted 3% for the January-March period.
The government revised down the real gross domestic product forecast for 2022 to 1% to 2%, from an earlier 2% to 3.5%, after taking into account the deteriorating export outlook.
“Looking forward, the worsened global economic prospects may continue to weigh on Hong Kong’s export performance,” the government said in a statement.
It said domestic economic activities should show some revival with the easing COVID outbreak and the gradual relaxation of social distancing measures, while the issue of a new round of consumption vouchers would support to domestic demand.
Meanwhile, Morgan Stanley (NYSE:) estimates 0.5% GDP growth in Hong Kong in 2022 as the economy gradually recovers with the easing social distancing measures, led by private consumption.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
