Economy contraction widens in Q3 at 4.5%

In Q2, the economy shrank by 1.3%.

Hong Kong’s economy continued to contract in the third quarter, falling 4.5% YoY, data from the Census and Statistics Department (C&SD) showed.

Last quarter, the market’s gross domestic product (GDP) fell 1.3% YoY. Compared to Q2, the gross domestic product (GDP) fell by 2.6%.

According to C&SD, the decline in GDP was " mainly attributable to the weak performance in external demand during the quarter."

In Q3, total goods exports and imports declined by 15.5% and 16%, respectively. Exports of services fell 3.5%, while imports of services dropped 4%.

The government said the markedly deteriorating external environment will continue to place immense pressure on the city's export performance in the remainder of the year.

Another major GDP component which posted a larger decrease was gross domestic fixed capital formation (14.3% YoY).

On the flip side, private consumption expenditure remained virtually unchanged in real terms, and government consumption expenditure grew 4.3% YoY.

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