Hong Kong economy contracts 2.9% in fourth quarter [View all]
Source: Marketwatch
Hong Kong's economy shrank 2.9% compared with a year earlier in the fourth quarter, matching the advance estimate released earlier this month, government data showed Wednesday.
Fourth-quarter GDP fell 0.3% on a quarter-on-quarter seasonally adjusted basis, compared with the advance estimate of a 0.4% contraction, government data showed. That was the third-straight quarter it contracted from the quarter before, keeping the economy in a technical recession.
For two quarters, GDP has contracted compared with a year earlier because of local social incidents that "dealt a heavy blow to economic sentiment and consumption- and tourism-related activities," the government said in a statement.
Read more: https://www.marketwatch.com/story/hong-kong-economy-contracts-29-in-fourth-quarter-2020-02-26?mod=mw_latestnews
It bears repeating, Hong Kong is in recession: That was the third-straight quarter it contracted from the quarter before, keeping the economy in a technical recession. Technical recession? No that's the definition of a recession and 2.9% in one quarter is substantial. Hong Kong's economy is contracting. Add Covid-19 to the mix won't help matters any and you can just imagine that there will be a domino affect for job losses and consumer economic hardship.
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