Further Slowdown for Hong Kong’s Economy in Q1
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New figures released by Hong Kong’s government suggest the city’s economy has seen a further slowdown through the first quarter. New stats show Hong Kong’s GDP grew by 0.8-percent year-on-year through the first 3-months. This is a 4-year low in term of quarterly growth.
Hong Kong’s exports dropped 3.6-percent through Q1. Unemployment in the city has jumped by one-percent to sit at 3.4-percent.
Hong Kong Financial Secretary Tsang Chun-wah admits the outlook for Hong Kong’s economy this year doesn’t appear promising.
“The global economy is full of risks in 2016. With such an external environment, Hong Kong’s economy will be facing a downward pressure. As we can tell from the latest data, our exports, tourism industry, retail sectors and many other sectors have all been affected.”
Housing prices in Hong Kong are down some 12-percent after hitting a peak in September.
A slowdown in exports, coupled with a slowdown in spending from mainland tourists, has been dragging down Hong Kong’s economic fortunes over the past year.
The city’s retail sector has borne the brunt of the slowdown.
Questions & Answers
Q.What was Hong Kong's economic growth rate in the first quarter?
What was Hong Kong's economic growth rate in the first quarter?
Hong Kong’s GDP grew by 0.8-percent year-on-year through the first three months of the year. This is a 4-year low in terms of quarterly growth for the city's economy.
Q.What is the current unemployment rate in Hong Kong?
What is the current unemployment rate in Hong Kong?
Unemployment in Hong Kong has risen by one percent, now sitting at 3.4-percent. This increase reflects the broader economic slowdown experienced in the city.
Q.Which sectors have been particularly affected by the slowdown?
Which sectors have been particularly affected by the slowdown?
The city's exports, tourism industry, and retail sectors have all been impacted by the economic slowdown. The retail sector, in particular, has borne the brunt of the downturn.
Q.What is the current state of housing prices in Hong Kong?
What is the current state of housing prices in Hong Kong?
Housing prices in Hong Kong are down by approximately 12-percent. This decline follows a peak in prices that was observed in September of the previous year.