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Economy

Hong Kong GDP shrinks 1.4% in Q2 as global headwinds hit exports

Financial hub's economy contracts after COVID-driven 3.9% drop in Q1

Hong Kong exports tumbled 8.6% in the April-June period, deteriorating from a 4.5% decline between January and March.   © Reuters

HONG KONG -- Hong Kong's economy contracted by 1.4% in the quarter ended June, government data showed Monday, as exports took a hit while the global financial hub struggled to rev up momentum after its worst virus outbreak.  

The decline in gross domestic product marked the second consecutive quarter of contraction. But it was less severe than a revised 3.9% decline in the January-March period, when an omicron-driven COVID-19 runup slammed the brakes on business activity.

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