Hong Kong recession deepens further, first-quarter GDP shrinks 5.3%Hong Kong recession deepens further, first-quarter GDP shrinks 5.3%
FILE PHOTO: Containers are seen inside a container terminal at Kwai Chung district in Hong Kong

HONG KONG (Reuters) – Hong Kong’s recession deepened in the first quarter as the coronavirus pandemic dealt a heavy blow to business activity, already in decline following months of often violent anti-government protest last year.

The economy shrank by a seasonally adjusted 5.3% in January-March from the previous quarter, versus a revised 0.5% in October-December, advance estimates showed on Monday. On an annual basis, the economy contracted 8.9%, compared with a revised 3.0% in the fourth quarter of 2019.

(Reporting by Donny Kwok and Twinnie Siu; Editing by Clarence Fernandez)