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Hong Kong's GDP expanded 5% in Q4 2021

Hong Kong’s gross domestic product expanded 5% in the last quarter of 2021 as the city now struggles to bring the Omicron wave under control, according to a survey of 12 economists. For the entire last year, growth is expected at 6.6%, the first annual expansion after two straight years of contraction. Sheana Yue, an economist at Capital Economics, said that a stable virus situation and consumption vouchers probably helped drive a pickup in household spending on the fourth quarter. Yue also stressed that these improvements are likely to reverse this quarter following recent moves such as a ban on dining in restaurants, travel restrictions, and the culling of thousands of pets. Finance Secretary Paul Chan Mo-po has warned the economy will take a hit from Omicron, but will still grow this year.

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