HK revises down economic forecast to 6-8pc contraction

Hong Kong’s economy shrank by 9 percent in the second quarter compared with a year earlier. 

The second quarter’s pace compares with a decline of 9.1 percent in the previous quarter, and an advance estimate of negative 9 percent.

On a quarterly basis, the economy contracted a seasonally adjusted 0.1 percent for the April-to-June period, after a revised 5.5 percent drop in the first quarter.

The government also revised its forecast for this year to a contraction of 6 percent to 8 percent from an earlier forecast of a 4 percent to 7 percent contraction.