HONG KONG: Hong Kong's economy shrank 9 per cent in the second quarter compared with a year earlier, the government said on Friday (Aug 14), as ...
HONG KONG: Hong Kong's economy shrank 9 per cent in the second quarter compared with a year earlier, the government said on Friday , as the coronavirus pandemic continued to severely hit the city.
The second quarter's pace compares with a decline of 9.1 per cent in the previous quarter, and an advance estimate of negative 9 per cent.On a quarterly basis, the economy contracted a seasonally adjusted 0.1 per cent for the April-to-June period, after a revised 5.5 per cent drop in the first quarter.
The government also revised its forecast for this year to a contraction of 6 per cent to 8 per cent from an earlier forecast of a 4 per cent to 7 per cent contraction.
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