The city's economy shrank 3.2% in the July-September period compared with the quarter before, according to figures from the Hong Kong Census and Statistics Department on Thursday. This marked a stark deterioration from the second quarter's 0.4% decline in gross domestic product and puts the city officially in recession for the first time in a decade
New data has confirmed that months of anti-government protests have tipped the economy of Hong Kong, already under pressure from China's slowdown and its trade conflict with the U.S., into recession.
The city's economy shrank 3.2% in the July-September period compared with the quarter before, according to figures from the Hong Kong Census and Statistics Department on Thursday. This marked a stark deterioration from the second quarter's 0.4% decline in gross domestic product and puts the city officially in recession for the first time in a decade
"The increasingly violent reality since June is hurting Hong Kong's economy," Chief Executive Carrie Lam said in a speech on Wednesday, a day after noting that output for the year is also likely to contract.
Indeed, the third-quarter contraction means overall economic output between January and September dropped 0.7% from the 2018 level. Investment, private consumption and exports of goods and services are all on the decline.
"It is a distressing time for Hong Kong trade and business," Lam said. "The continuing unrest has crippled our retail trade as well as catering, transport and numerous other businesses associated with the tourism industry."
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