Hong Kong reports Q1 GDP growth after 2022 contraction


Hong Kong’s economy grew in the first quarter of 2023, the city’s leader said Tuesday, ending a disastrous year-long spell in which the finance hub was effectively closed for business due to pandemic restrictions.

Chief Executive John Lee said the city’s quarterly gross domestic product had grown 2.7 percent on-year, reversing contractions in the previous four quarters, including a 4.1 percent drop in the last stretch of 2022.

“A series of large-scale promotional events have boosted tourism and consumption and improved the economy,” Lee said at a press briefing.

“As the mainland economy continues to grow at a fast pace and local aviation capacity speeds up its recovery.—AFP