Economics
Hong Kong’s Economy Contracts Record 6.1% in Pandemic Year
- First half to remain difficult; growth still expected in 2021
- Revised GDP figures and 2021 forecast due with Feb. 24 budget
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Hong Kong’s economy shrank by a record in 2020, with the global pandemic dragging down output in a city already reeling from massive political upheaval.
Gross domestic product fell 3% in the fourth quarter from a year earlier, resulting in a full-year decline of 6.1%, according to advance estimates from the Hong Kong Census and Statistics Department Friday. The median estimate in a Bloomberg survey of economists was for a 2.1% contraction in the fourth quarter and 6% for the whole of 2020.