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Financial News: Hong Kong Slips Into Recession As Estimated

Hong Kong Slips Into Recession As Estimated

11/15/2019 - 04:56:00 (RTTNews)

(RTTNews) - Hong Kong's economy entered a technical recession for the first time in a decade in the third quarter as local social incidents weighed on tourism and domestic demand, revised data from the Census and Statistics Department, showed Friday.

The economic outlook for 2019 was downgraded citing persistently notable downward pressures.

Gross domestic product shrank 3.2 percent sequentially after falling 0.5 percent in the second quarter. The rate came in line with the estimate released on October 31.

On a yearly basis, GDP fell 2.9 percent in the third quarter, the same as the advance estimate, following a 0.4 percent rise in the preceding quarter.

For the first three quarters of 2019 as a whole, real GDP decreased by 0.6 percent from a year earlier.

The real GDP growth forecast for the year as a whole was revised downwards to -1.3 percent from 0 to 1 percent. This would be the first annual decline since 2009.

"Ending violence and restoring calm are pivotal to the recovery of the economy," the government said. "The Government will continue to closely monitor the situation and introduce measures as necessary to support enterprises and safeguard jobs."

The forecast of underlying consumer price inflation for 2019 as a whole was revised up to 3.0 percent from 2.7 percent. The outlook for inflation was also revised to 2.9 percent from 2.6 percent.

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