Hong Kong's GDP falls 9 pct in Q2

The government of Hong Kong Special Administrative Region (HKSAR) said its overall gross domestic product (GDP) decreased by 9.0 percent in real terms in the second quarter of 2020 from a year earlier.

The Census and Statistics Department of the HKSAR government on Monday released the preliminary figures of chain volume measures of GDP by economic activity for the second quarter of 2020.

According to the preliminary figures, net output in respect of all the services activities taken together dropped by 8.9 percent in real terms in the second quarter of 2020 from a year earlier, similar to the 9.0-percent decrease in the first quarter.

In the April-June quarter, the net output of a number of services sectors continued to drop visibly from a year earlier. The COVID-19 pandemic continued to inflict severe impacts on global and local economic activities. Industries related to consumption and tourism were seriously disrupted. Furthermore, the decline of transportation sector remained noticeable amid scant passenger traffic and subdued cargo flows.

But net output in the information and communications sector increased by 0.6 percent in real terms in the second quarter of 2020 over a year earlier. And net output in the financing and insurance sector increased by 2.8 percent, similar to the 2.7-percent rise in the first quarter.