Current Account in Hong Kong
Hong Kong - Current AccountAfter 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
|Current Account (% of GDP)||3.3||4.0||4.6||3.7||6.2|
5 years of economic forecasts for more than 30 economic indicators.
Hong Kong Current Account Chart
Source: Census and Statistics Department Hong Kong and FocusEconomics calculations.
Hong Kong Facts
|Bond Yield||1.82||3.38 %||Dec 31|
|Exchange Rate||7.79||-0.11 %||Jan 01|
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January 20, 2023
Inflation edged up to 2.0% in December, above November’s 1.8%, amid faster price rises for food and transport.
January 5, 2023
The S&P Global Purchasing Managers' index (PMI) came in at 49.6 in December, up from November's 48.7.
January 4, 2023
Retail sales plunged 5.3% year on year in November (October: +2.5% yoy), confounding market expectations for an increase.
December 5, 2022
The S&P Global Purchasing Managers' Index (PMI) fell to 48.7 in November from October's 49.3.
December 1, 2022
Retail sales rose 2.4% compared to the same month of the previous year in October, which contrasted September's 1.3% decrease.