HK Q4 GDP Contracts 4.2% YOY, With Import and Export Trade a Major Drag

Containers and ships at the Kwai Chung Container Terminal in Hong Kong on June 7, 2021. Aleksander Solum/Reuters

On March 20, the Census and Statistics Department (C&SD) of Hong Kong released the preliminary year-on-year net Gross Domestic Product (GDP) figures by economic activity for the fourth quarter of 2022 and the whole year of 2022.

According to the preliminary figures, overall GDP decreased by 4.2 percent year-on-year in the fourth quarter of 2022, compared with a 4.6 percent year-on-year decrease in the third quarter. For 2022 as a whole, GDP decreased by 3.5 percent from 2021.