Hong Kong’s Economy Contracted in 2022 Amid Covid and Slowing Demand

(Bloomberg) — Hong Kong’s economy contracted last year for the third time since 2019 as slowing global demand, rising interest rates and a prolonged exit from isolating Covid curbs weighed heavily on the financial hub.

Gross domestic product fell 4.2% in the October-to-December quarter from a year earlier, advance figures from the Census and Statistics Department showed Wednesday. The drop was worse than economists estimated, though not as severe as the third quarter’s 4.6% decline.