Hong Kong recession deepens further, first-quarter GDP shrinks 5.3% quarter-on-quarter

Hong Kong’s recession deepened in the first quarter as the coronavirus pandemic dealt a heavy blow to business activity, already in decline following months of often violent anti-government protest last year.

The economy shrank by a seasonally adjusted 5.3% in January-March from the previous quarter, versus a revised 0.5% in October-December, advance estimates showed on Monday. On an annual basis, the economy contracted 8.9%, compared with a revised 3.0% in the fourth quarter of 2019.

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