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Hong Kong’s GDP drops in Q2

Hong Kong has reported a decline in quarterly gross domestic product (GDP) from a year earlier, even though the economy improved from the previous three months. The value of Hong Kong’s overall exports in June fell 6.4% from a year earlier, with shipments to the European and American markets declining, compared with an increase in 2021. Financial Secretary Paul Chan Mo-po said the city’s exports, consumption, and investments were all affected in Q2 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. Although the Hong Kong economy is facing many uncertainties, Chan said he is still full of confidence in the future development.

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