May 15, 2020 / 8:23 AM / 10 days ago

Hong Kong Q1 GDP shrinks 8.9% y/y in worst recession on record

HONG KONG, May 15 (Reuters) - Hong Kong’s economy shrank 8.9% in the first quarter compared with a year earlier, the government said on Friday, as the coronavirus pandemic dealt a heavy blow to the city following months of social unrest.

It is the third straight quarter of year-on-year contractions for the Asian financial hub, and its worst quarterly drop since records began in 1974.

The first quarter’s pace compares with a decline of 3.0% in the previous quarter, and an advance estimate of negative 8.9%.

On a quarterly basis, the economy contracted a seasonally adjusted 5.3% for the January-to-March period, after a revised 0.5% drop in the fourth quarter of 2019.

The government also reiterated its forecast for this year of a 4% to 7% contraction for Hong Kong’s economy. (Reporting by Twinnie Siu; Editing by Alex Richardson)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below