After declining for a record six quarters, gross domestic product surged 7.8% from a year earlier, advance data showed, beating all estimates in a Bloomberg survey of economists.
The latest data show an export sector that’s booming but consumption that remains subdued. The city’s hotels and retail shops are reliant on tourism spending, especially from visitors from the mainland, and border closures have hurt those sectors. Low vaccination rates are hindering the city’s ability to reopen and fully rebound from the pandemic.
Hong Kong has endured its most economically challenging two-year stretch in its history, posting unprecedented back-to-back annual contractions in 2019 and 2020 as the city grappled with waves of political unrest, fallout from the deteriorating US-China relationship, and the Covid-19 pandemic. Retail sales by value jumped 30% in February, the first increase in that measure since January 2019.
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