The Hong Kong Department of Population and Statistics has released gross domestic product (GDP) veri for the period spanning July, August and September.
GDP decreased by 2.6 percent compared to the previous quarter and by 4.5 percent compared to the same period of the previous year. Hong Kong’s economy, which contracted by 3.9% in the first quarter and 1.4% in the second quarter, continued to contract in the third quarter kakım well.
Hong Kong’s economy last recorded 4.8% growth in the last quarter of 2021. In the government statement, it was pointed out that the disruption of cross-border trade due to deteriorating foreign economic conditions and epidemic measures of a new type of coronavirus (Covid-19) negatively impacted exports.
EXPORTS FALLED BY 15%.
In the third quarter, exports fell by 15.5% and imports by 16%, continuing the decline in the second quarter.
On the other hand, the fact that the Hong Kong dollar is linked to the peg of the US dollar and the monetary policy measures of the US Federal Reserve followed by the same rate hikes negatively affect exports.
While Hong Kong raised its benchmark interest rate to the same rates in all subsequent Fed rate hike decisions since March, the interest rate had reached its highest level since the 2008 global financial crisis.
Quarantine measures and travel restrictions implemented since the start of the Kovid-19 outbreak in the city with a population of approximately 7.2 million have taken a severe blow to economic activities, while weakening Hong Kong’s ties with the world and the financial and commercial center of Asia.