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Hong Kong's GDP slumps 8.9 percent year on year

Christian Fernsby ▼ | May 16, 2020
The Hong Kong government on Friday published revised economic figures for the first quarter of the year.
Hong Kong
GDP   Hong Kong
According to the figures, Hong Kong's GDP slumped 8.9 percent year on year and 5.3 percent quarter on quarter during the January-March period, both the largest for a single quarter ever on record.

Topics: Hong Kong GDP

Tourist arrivals dived 99.9 percent year-on-year in April to 4,125 visitors, Tourism Board data showed.

About 25 percent of retail stores in the city were expected to close by the end of the year, despite fresh government relief measures, according to the Hong Kong Retail Management Association.

The value of total retail sales plunged by 35.0 percent in the quarter compared with the same period in 2019. The volume of retail sales fell by 36.9 percent year-on-year, the largest decline for a single quarter on record.