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HK marks third consecutive quarter of contraction

Hong Kong’s gross domestic product (GDP) is projected to have dropped 0.8% in the July-to-September period from a year earlier. It would mark the third consecutive quarter of contraction. The city’s economy has been under strain for months from rising global inflation, a slowdown in China due to Covid Zero, and a talent exodus from more than two years of local virus restrictions and political turmoil. Tightening monetary policy has also taken its toll on the city’s growth. Full-year GDP in Hong Kong is expected to contract for the third time since 2019. The last three months of the year may see a stronger recovery, as they’ll more fully account for the effects of the end of hotel quarantine. The city is also hosting some key events aimed at signalling Hong Kong is open to the international community again.

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