Nova Credit Announces Estimated Bankruptcy Rate 0.173% in Q3 2022

The deterioration in the local epidemic situation does not show an obvious impact on the macroeconomic situation. According to the statistics released by the Census and Statistics Department, the latest GDP in Q2 2022 reached HK$ 668,198 million with a year-on-year growth rate of -1.3%, its important component Private Consumption Expenditure (PCE) has increased by 10.37% from HK$ 425,929 million in Q1 2022 to HK$ 470,088 million in Q2 2022 and year-on-year growth rate of 0.09%. The latest announced unemployment rate also shows a decreasing trend from 5.4% in February – April 2022 to 4.3% in May – July 2022.