Hong Kong recession eases slightly as GDP contracts 9% in Q2

HONG KONG (China Daily/ANN): Hong Kong’s economy shrank by 9 per cent in the second quarter from a year earlier as the coronavirus pandemic and social unrest extend the city’s first recession in a decade.

The decline in gross domestic product eased slightly from a revised 9.1 per cent contraction in January-March, which was the worst quarterly drop since records began in 1974. Moody’s Analytics had expected a contraction of 11.9 per cent, Capital Economics 10.5 per cent, Bank of East Asia 9 percent and ING 8 per cent.