Hong Kong’s economy contracted sharply in Q3. GDP surprised significantly to the downside, with growth of 0.4% q/q in Q2 more than reversed by a 1.1% q/q fall in Q3 (Bloomberg median: +0.2%, CE: -0.2%). In y/y terms, growth collapsed from a downwardly revised 3.2% in Q2 to just 1.8% in Q3. (See Chart 1.) This leaves the economy just 1.6% larger than it was at the end of last year, and still smaller than it was in 2019, a sign that Hong Kong has so far failed to achieve a meaningful post-pandemic recovery.
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