Full-year GDP shrinks 3.5%, slightly worse than estimatesEconomy contracts 4.2% in 4Q as global demand weakenedFebruary 1, 2023, 8:37 AM UTCUpdated onFebruary 1, 2023, 10:17 AM UTCHong Kong’s economy contracted last year for the third time since 2019 as slowing global demand, rising interest rates and a prolonged exit from isolating Covid curbs weighed heavily on the financial hub. Gross domestic product fell 4.2% in the October-to-December quarter from a year earlier, advanced figures from the Census and Statistics Department showed Wednesday. The drop was worse than economist estimates, though not as severe as the third quarter’s 4.6% decline.
This article was originally published by Bloomberg.
