Negative growth in Q3 likely: FS

September 28, 2019

Financial Secretary Paul Chan:
The economic data for the third quarter is being collected and compiled by the Census & Statistics Department. At this stage we do not have concrete figures to share, but we have been monitoring the situation very closely.

For example, in tourism and tourism-related industries, such as private consumption, retail, hotel, food and beverage-related industries, the negative impact has been quite strong.

Our initial assessment is that the economic performance for the third quarter would still be very challenging. It is highly likely that we would be registering a quarter-on-quarter negative growth again for the third quarter. If that is the case, then technically we will be in recession. We are monitoring the situation very closely and will see what the Government can do to support our small and medium-sized enterprises and to sustain employment.

Financial Secretary Paul Chan today said it is likely Hong Kong will register a quarter-on-quarter negative growth in the third quarter.

Speaking to reporters in the morning, Mr Chan said the economic data for the quarter is being compiled and noted that the negative impact has been quite strong on tourism-related industries, and food and beverage-related industries.

“Our initial assessment is that the economic performance for the third quarter would still be very challenging.

“It is highly likely that we would be registering a quarter-on-quarter negative growth again for the third quarter. If that is the case, then technically we will be in recession.

“We are monitoring the situation very closely and will see what the Government can do to support our small and medium-sized enterprises and to sustain employment.”