By Ronnie Harui
Hong Kong's economy shrank 2.9% compared with a year earlier in the fourth quarter, matching the advance estimate released earlier this month, government data showed Wednesday.
Fourth-quarter GDP fell 0.3% on a quarter-on-quarter seasonally adjusted basis, compared with the advance estimate of a 0.4% contraction, government data showed. That was the third-straight quarter it contracted from the quarter before, keeping the economy in a technical recession.
For two quarters, GDP has contracted compared with a year earlier because of local social incidents that "dealt a heavy blow to economic sentiment and consumption- and tourism-related activities," the government said in a statement.
Hong Kong's 2019 GDP fell 1.2%, matching the advance estimate, marking the first annual decline since 2009, according to the statement.
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