Hong Kong’s GDP Shrinks in Q1/22 and Lowers Growth Forecast for 2022

The Hong Kong government announced that Hong Kong’s economy contracted by 4% in the first quarter of 2022 compared to the same period last year. This marks the end of four consecutive quarters of recovery due to Hong Kong taking strict measures to control the spread of COVID-19.

The Hong Kong economy grew by 4.7% in the fourth quarter of 2021, QoQ. In the first quarter of 2022, Hong Kong’s economy contracted by 3%, seasonally adjusted.

The government has lowered its forecast for real gross domestic product (GDP) growth in 2022 to between 1% and 2% from between 2% and 3.5% previously, as it expects exports to decline.

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