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, advanced figures from the Census and Statistics Department showed Wednesday. That was worse than the median estimate of a 2.9% contraction in a Bloomberg survey of economists, and compared to a 4.5% decline in the third quarter.
