Hong Kong's Q1 GDP shrinks 4% y/y

HONG KONG : Hong Kong's economy shrank 4 per cent in the first quarter from the same period a year earlier, government data showed on Friday, ending four quarters of recovery as the city imposed its most stringent measures to curb an outbreak of COVID-19.

The data compares with a growth of 4.7 per cent in the fourth quarter. On a quarterly basis, the economy contracted by a revised seasonally adjusted 3 per cent for the January-March period.

(This story refiles to link to alerts, add dropped per cent in headline)