Hong Kong Q3 GDP down 3.4% y-o-y, grows 3% q-o-q

[HONG KONG] Hong Kong's economy contracted 3.4 per cent in the third quarter compared with a year earlier, the government said on Friday, as the coronavirus pandemic hammered consumer spending, trade and tourism.

But on a quarterly, seasonally adjusted basis, the economy grew by 3 per cent, compared with a 0.1 per cent contraction in the previous three months, advance estimates showed.

It is the fifth consecutive quarter of year-on-year contractions for the city, which was hit hard by anti-government protests last year and more recently by the global health crisis and geopolitical tension.

The decline in gross domestic product slowed from a 9 per cent contraction in April-June, after a revised 9.1 per cent contraction in January-March, which was the worst quarterly drop since records began in 1974.

REUTERS