Gross Domestic Product (GDP) for the 2nd Quarter 2022
Source:DSEC
Household final consumption expenditure in the domestic market and abroad dropped by 6.3% and 4.1% year-on-year respectively, as consumer sentiment was further dampened by the economic downturn and local economic activity was affected by the new confirmed cases of coronavirus infection in the territory in late June. The overall private consumption fell by 6.6% year-on-year.
Government final consumption expenditure shrank by 6.5% year-on-year, attributable to a reduction of 15.7% in net purchases of goods and services by the SAR Government.
Gross fixed capital formation decreased by 29.4% year-on-year, of which construction investment dropped by 41.4% while equipment investment grew by 17.5%. Public construction investment went down by 24.3%, ascribable to a fall in investment in public housing construction; however, equipment investment increased by 47.4%. As regards private investment, construction investment declined by 48.6% owing to reduced investment in casinos, whereas equipment investment showed an uplift of 15.4%.
With merchandise trade being impacted amid the pandemic, coupled with a fall in the total demand, imports and exports of goods reduced by 20.0% and 36.0% year-on-year respectively.