
Hong Kong Economic Outlook
June 21, 2022
After shrinking at the sharpest pace since 2020 in Q1 2022 due to soaring Covid-19 cases and tough ensuing restrictions, the economy is enjoying a strong rebound in Q2. Covid-19 cases have tumbled since their March peak, allowing for the progressive rollback of restrictions, and the distribution of HKD 5,000 (around USD 635) consumption vouchers to citizens in April is further aiding private spending. Looking at available indicators, retail sales surged year on year in April, while the private-sector PMI rose to an over decade-high in May. However, ongoing quarantine requirements continue to hamper tourism and the city’s international competitiveness. Moreover, in mid-June, testing requirements were reintroduced for entry to bars and clubs in response to a slight uptick in cases, raising the specter of a broader snapback of restrictions ahead.Hong Kong Economic Growth
GDP growth will be tepid this year due to the impact of the pandemic at home and in mainland China. That said, government stimulus spending should provide some support, with a second batch of consumption vouchers to be issued in August. A more restrictive political environment and lingering Covid-19 measures pose risks to long-term competitiveness and investment. The FocusEconomics panel projects the economy to grow 1.0% in 2022, which is down 0.1 percentage points from the previous month’s forecast. In 2023, the panel sees growth at 3.8%.Hong Kong Economy Data
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Hong Kong Facts
Value | Change | Date | |
---|---|---|---|
Bond Yield | 1.82 | 3.38 % | Dec 31 |
Exchange Rate | 7.79 | -0.11 % | Jan 01 |
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Hong Kong Economic News
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Hong Kong: PMI rises to over-decade high in May
June 6, 2022
The IHS Markit Purchasing Managers’ Index (PMI) came in at 54.9 in May, up from April's 51.7.
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Hong Kong: Retail sales rise at quickest pace in six months in April
June 1, 2022
Retail sales expanded 8.1% year-on-year in volume terms in April (March: -16.8% yoy).
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Hong Kong: Inflation plunges to lowest level since January in April
May 23, 2022
Consumer prices increased a seasonally-adjusted 0.10% in April over the previous month, coming in below the 0.30% increase seen in March.
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Hong Kong: GDP records sharpest contraction since Q3 2020 in Q1 2022
May 13, 2022
GDP declined 4.0% year on year in the first quarter, below the 4.7% expansion recorded in the fourth quarter of last year.
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Hong Kong: PMI picks up in April
May 5, 2022
The S&P Global Purchasing Managers’ Index (PMI) jumped to 51.7 in April from March's 42.0.