Hong Kong’s Q1 GDP shrinks 4 y/y

HONG KONG: Hong Kong’s economy shrank 4 percent in the first quarter from the same period last year, government data showed on Friday, ending four quarters of recovery as the city imposed its strictest measures to contain an outbreak of COVID-19.

The data compares to growth of 4.7 percent in the fourth quarter. On a quarterly basis, the economy contracted a revised, seasonally adjusted 3 percent from January to March.