The Hong Kong government announced the economic growth in the second quarter and lowered the forecast of the total local product (GDP) forecast for the whole year.
According to the official website of the Hong Kong Government Statistics Office on Friday (August 12), the Hong Kong economy has improved in the second quarter, but its degree is not as expected.In essence, the total local production value declines by 1.3%, and the quarterly rebound is 1.0%. In 2022, the economic growth forecast is revised down -0.5%to 0.5%.
Data show that the total local GDP in Hong Kong fell 1.3%in the second quarter of 2022 compared with the same period of the previous year, while the first quarter fell 3.9%; after seasonal adjustmentGDP, in the second quarter of 2022, a substantial increase of 1.0%compared with the first quarter; according to the analysis of the main components of local GDP, private consumption expenditure rose slightly slightly by 0.1%in the second quarter of 2022 and the same period of the previous year.And the first quarter fell 5.8%.
According to Sing Tao.com, the Hong Kong government explained that the negative factors of various peripherals deteriorated sharply, especially global inflation, and many major central banks increased their efforts to tighten monetary policy and severely weakened global growth.Looking forward to the future, the significant deterioration of the peripheral environment will seriously affect the export performance of Hong Kong, but the recent adjustment of passenger quarantine and detection arrangements for visiting Hong Kong should help the output of service.
The government said that as long as the epidemic is controlled, local economic activities should be further restored, but the tightening of financial conditions may suppress demand.
The annual GDP growth forecast announced by the Hong Kong government in the fiscal budget at the beginning of the year is 2%to 3.5%.Gradually recovered, and it was revised to 1%to 2%in May; this time it was the second time it was revised this year.
