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Financial News: Hong Kong GDP Continues Sharp Fall In Q2

Hong Kong GDP Continues Sharp Fall In Q2

07/29/2020 - 05:34:00 (RTTNews)

(RTTNews) - Hong Kong's economy continued to shrink at a sharp rate in the second quarter as the coronavirus pandemic hurt demand, advance estimates from the Census and Statistics Department showed on Wednesday.

Gross domestic product decreased 9 percent year-on-year after a 9.1 percent slump in the first three months of the year.

In the fourth quarter of 2019, GDP fell 3 percent.

The economy has now shrunk for four consecutive quarters.

The latest decline of GDP was mainly attributable to the continued weak performance in both domestic and external demand, the statistical office said.

Compared to the previous quarter, GDP fell a seasonally adjusted 0.1 percent in the second quarter.

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