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Hong Kong’s economy contracts record 6.1% in pandemic year

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Hong Kong’s economy shrank by a record in 2020, with the global pandemic dragging down output in a city already reeling from massive political upheaval.Gross domestic product fell 3% in the fourth quarter from a year earlier, resulting in a full-year decline of 6.1%, according to advance estimates from the Hong Kong Census and Statistics Department Friday.

The median estimate in a Bloomberg survey of economists was for a 2.1% contraction in the fourth quarter and 6% for the whole of 2020.Hong Kong hasn’t posted back-to-back annual contractions in data going back to at least 1962.

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