Hong Kong in Recession as Economy Shrinks

Hong Kong fell in technical recession after economy shrank for two consecutive quarters. The domestic economy shrank 3.2% in the third quarter from the previous quarter, according to data released by government today. The gross domestic product drop between July and September followed a 0.4% drop in the second quarter.

The GDP in the third quarter was 2.9% lower than the same quarter a year ago, the lowest in a decade.

-Staff Reporter/ACMR News

One Reply to “Hong Kong in Recession as Economy Shrinks”

  1. The world s biggest equity deal this year was to unfold in Hong Kong later this month but has been put on hold. Banks are issuing unprecedented profit warnings, while hotels and restaurants are half-empty. Several global events have been postponed and economists say retail sales could drop by between 20 and 30 per cent this year. Hong Kong is facing its first recession in a decade, with all its growth pillars under significant stress.

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