Hong Kong’s economy is expected to grow at a slower pace than initially estimated for 2022, as worse-than-expected first-quarter performance and deteriorating export prospects offset the expected gradual recovery in economic activity.
Estimates for the country’s GDP were revised lower to 1% -2% from 2% -3.5% as announced in the budget, the government said.
Underlying inflation is expected for 222 at 2% (unchanged from the previous estimate).
In the first quarter, Hong Kong’s GDP shrank 4% year-on-year, according to estimates.
On a seasonally adjusted quarterly basis, real GDP shrank 3% compared to estimates for a 2.9% contraction.
Source: Capital
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