Hong Kong Q3 GDP shrinks 3.2%, confirms contraction

Christian Fernsby ▼ | November 15, 2019

Hong Kong Special Administrative Region (HKSAR) confirmed on Friday its economy plunged into its first recession in a decade in the third quarter, weighed down by increasingly violent protests and external uncertainties.

China Hong Kong government

The economy shrank by a seasonally adjusted 3.2 percent in July-September from the previous quarter, in line with a preliminary reading, revised government data showed.

Topics: Hong Kong

Gross Domestic Product (GDP) contracted for the second consecutive quarter, meeting the technical definition of a recession. This is the first annual contraction since 2009.

GDP will contract 1.3 percent in 2019 from the previous year, the government said. ■