from Statista.com
— this post authored by Martin Armstrong
After over five months of anti-government protests, Hong Kong is now in recession. According to the Chinese special administrative region’s Financial Secretary, Paul Chan, preliminary estimates for Q3 GDP – due to be published on Thursday – will reveal a second quarter of negative growth in succession. Commenting on the effect of the protests, Chan wrote in a blog post: “The blow to our economy is comprehensive”.
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As well as reduced retail spending, chief among the factors pulling down Hong Kong’s economic output is a sharp fall in tourism, described by Chan as an “emergency”. As this infographic shows, the latest published visitor figures represent a stark drop in visitors from China and the rest of the world. In January, there were a total of 6.8 million visitors and in August, that number was down to 3.6 million.
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