Hong Kong’s economy shrank by 9 percent in the second quarter compared with a year earlier. The second quarter’s pace compares with a decline of 9.1 percent in the previous quarter, and an advance estimate of negative 9 percent. On a quarterly basis, the economy contracted a seasonally adjusted 0.1 percent for the April-to-June period, after a revised 5.5 percent drop in the first quarter. The government also revised its forecast for this year to a contraction of 6 percent to 8 percent from an earlier forecast of a 4 percent to 7 percent contraction.

Source: The Standard August 14, 2020 09:22 UTC