May 15, 2020 / 8:24 AM / 12 days ago

Hong Kong Q1 GDP shrinks 8.9% y/y in worst recession on record

HONG KONG, May 15 (Reuters) - Hong Kong’s economy shrank 8.9% in the first quarter compared with a year earlier, the government said on Friday, as the coronavirus pandemic dealt a heavy blow to the city following months of social unrest.

It is the third straight quarter of year-on-year contractions for the Asian financial hub, and its worst quarterly drop since records began in 1974.

The first quarter’s pace compares with a decline of 3.0% in the previous quarter, and an advance estimate of negative 8.9%.

On a quarterly basis, the economy contracted a seasonally adjusted 5.3% for the January-to-March period, after a revised 0.5% drop in the fourth quarter of 2019.

The government also reiterated its forecast for this year of a 4% to 7% contraction for Hong Kong’s economy. (Reporting by Twinnie Siu; Editing by Alex Richardson)

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