Hong Kong economy shrinks 4.5% yr/yr in Q3, outlook remains weak

HONG KONG : Hong Kong's economy shrank faster in the third quarter, contracting 4.5 per cent from the same period a year earlier, the third straight quarter of downturn, advance government data showed on Monday, as external demand remained weak.

It was the deepest contraction since the second quarter of 2020 when gross domestic product shrank 9.4 per cent as COVID-19 took its toll around the world. It said geopolitical tensions and developments in the pandemic would add downside risks despite easing quarantine rules for inbound visitors. On a quarterly basis, the economy shrank a seasonally adjusted 2.6 per cent in the July-September period, as compared with the 2.9 per cent decline in the first quarter and a 1 per cent growth in second quarter.

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