Finance

Hong Kong third quarter GDP down three.four% year-on-year, grows three% quarter-on-quarter

hong-kong-third-quarter-gdp-down-three-four-year-on-year-grows-three-quarter-on-quarter

© Reuters. Job seekers wearing face masks fill in forms at the Wan Chai Job Fair, following the coronavirus disease (COVID-19) outbreak, in Hong Kong

HONG KONG (Reuters) – Hong Kong’s economy contracted 3.4% in the third quarter compared with a year earlier, the government said on Friday, as the coronavirus pandemic hammered consumer spending, trade and tourism.

But on a quarterly, seasonally adjusted basis, the economy grew by 3%, compared with a 0.1% contraction in the previous three months, advance estimates showed.

It is the fifth consecutive quarter of year-on-year contractions for the city, which was hit hard by anti-government protests last year and more recently by the global health crisis and geopolitical tension.

The decline in gross domestic product (GDP) slowed from a 9.0% contraction in April-June, after a revised 9.1% contraction in January-March, which was the worst quarterly drop since records began in 1974.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

0 Comments
Share

Steven Gregory