The economy shrank by 3.2% in July-September from the previous quarter on a seasonally adjusted basis, revised government data showed, in line with a preliminary reading.
From a year earlier, the economy contracted 2.9%, also in line with the preliminary reading. The readings were the weakest since the global crisis. It revised down its forecast for full-year growth to a contraction of 1.3% versus an earlier estimate of 0-1% growth. That would mark the first annual decline since 2009.
Tourists are cancelling bookings, retailers are reeling from a sharp drop in sales and the stock market is faltering, adding to pressure the city is feeling from China’s economic slowdown and the prolonged Sino-U.S. trade dispute. Parts of the city were paralyzed for a fifth day on Friday. Transportation disruptions have become common and some shopping malls and other businesses are shuttering early as the unrest escalates.Hong Kong is one of the world’s most important financial hubs with total banking, fund and wealth management assets worth more than US$6 trillion.
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