On 3 May 2022, the Census and Statistics Department (C&SD) released its advance estimates on Gross Domestic Product (GDP) for the first quarter of 2022.
According to the advance estimates, GDP decreased by 4.0% in real terms in the first quarter of 2022 from a year earlier, compared with the increase of 4.7% in the fourth quarter of 2021. All of this is due to the weak performance in both domestic and external demand. Indeed, the private consumption expenditure had decreased by 5.4%.
More information about the first quarter of 2022:
- Gross domestic fixed capital formation decreased by 8.3%
- Goods exportation in the national accounts’ terms declined by 4.5%
- Goods importation in the national accounts’ terms dropped by 5.9%
- The export of services fell by 2.8%
- The import of services also decreased by 2.8%
It is important to note that the last quarter of 2021 has actually very positive numbers. It is very unfortunate to see the influence of the 5th wave on the domestic market, but also there was pressure due to moderating global demand.
Let’s hope to see a better Hong Kong soon!
NB: On a seasonally adjusted quarter-to-quarter comparison basis, GDP decreased by 2.9% in real terms in the first quarter of 2022 when compared with the fourth quarter of 2021.
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