Hong Kong's economy in 2019 fell for the first time in 10 years

Moscow, February 3 – “News.Economy.” The Hong Kong economy declined for the first time in a decade in 2019 amid anti-government protests in the city and the trade conflict between the US and China.

Photo: EPA/JEROME FAVRE

, Hong Kong’s GDP in October-December with a seasonally adjusted 0.4 PCT from the previous quarter. According to revised data, in July-September the economy contracted by 3%.

In annual terms the economy contracted in the October-December period by 2.9% compared with a revised fall of 2.8% in the third quarter.

For the entire 2019, real GDP fell 1.2%, the first annual decline since 2009.

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Hong Kong’s Exports in 2019 has set a record destinationrange suspends rail and ferry links with the mainland, due to Hong Kong coronaviruses expressed disagreement with the rating by Moody blower SB June in Hong Kong began mass demonstrations due to the bill on extradition, which escalated into wider anti-government protests. Although the Hong Kong authorities formally withdrew the draft law on extradition, the situation in the city remained tense.

During the protests, particularly affected the tourism, retail trade and hotel business in Hong Kong. The number of tourists who visited the city in November fell by 55.9 per cent in annual terms, the fastest rate since may 2003, when the city suffered from an outbreak of severe acute respiratory syndrome (SARS).

the Political crisis has exacerbated the economic pressure that Hong Kong has already experienced on the background of a trade war between the US and China and the slowdown of the Chinese economy.

According to the latest available data on retail sales in November fell for the 10th month in a row – by 23.6% yoy.

the Outbreak of a new type of coronavirus in China poses a further threat to the economy of Hong Kong.

As reported “Vesti.Economy”, Hong Kong took steps to reduce the flow arriving from mainland China. Meanwhile, the retail sector and tourism of the city largely depends on Chinese tourists. Text: News.Economy