Current Account in Hong Kong
Hong Kong - Current Account
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 - Current Account Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Current Account (% of GDP) | 3.3 | 4.0 | 4.6 | 3.7 | 6.2 |
Hong Kong Current Account Chart
Source: Census and Statistics Department Hong Kong and FocusEconomics calculations.
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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Economic News
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Hong Kong: PMI records worst reading since March in August
September 5, 2022
The S&P Global Purchasing Managers’ Index (PMI) came in at 51.2 in August, down from July's 52.3.
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Hong Kong: Retail sales rebound tepidly in July
August 31, 2022
Retail sales expanded 0.9% year on year in July (June: -4.3% yoy).
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Hong Kong: Inflation remains steady in July
August 22, 2022
Inflation held steady at June's 1.9% in July.
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Hong Kong: GDP declines at a softer pace in the second quarter
August 12, 2022
The economy contracted 1.3% on an annual basis in the second quarter.
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Hong Kong: PMI broadly stable in July; points to continued expansion in the private sector
August 1, 2022
The S&P Global Purchasing Managers’ Index (PMI) came in at 52.3 in July, down marginally from June's 52.4.
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