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.
When analyzed by the composition of service industries and compared with last year’s period, the net value added of all service activities combined fell by 4.2 percent in real terms in the fourth quarter. In comparison, the decline in the third quarter was 3.3 percent. The deteriorating external environment and tighter financial conditions continued to affect the Hong Kong economy in the fourth quarter. Compared to 2021, the net value added of all service industries combined declined by 3.0 percent in real terms for the year….