HKSAR economy slides
Print Edition
THE Hong Kong economy fell 1.2 percent year-on-year in 2019, the first annual contraction over the past decade, as the months-long unrest and chaos dealt a crushing blow to a wide range of industries from tourism to catering.
Hong Kong’s GDP declined 2.9 percent from a year ago in the fourth quarter, worsening slightly from the 2.8-percent drop in the third quarter, according to advance estimates of the Census and Statistics Department of the Hong Kong Special Administrative Region government yesterday.
The HKSAR government said the decline in GDP was mainly attributable to the weak performance in both domestic and external demand.
In 2019, private consumption decreased 1.1 percent, and government consumption increased 5.1 percent. Investment dropped 12.2 percent, and goods exports and imports fell 4.7 percent and 7.4 percent, respectively. Exports and imports of services went down 10.4 percent and 2.3 percent, respectively.
A government spokesman said local unrest during the past quarter took a heavy toll on economic activities, with inbound tourism suffering a setback and consumer sentiment being dampened.
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