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This year's economic forecast is shrinking by 6.1% year-on-year, and there is no new round of "employment protection" plans yet

2020-11-13T10:50:56.688Z


The government announced today that the third quarter of this year’s economic situation and the latest forecasts of GDP and prices. Government economic adviser Ou Xixiong said that although the third quarter GDP fell by 3.5% year-on-year, it was seasonally adjusted.


Financial News

Author: Zhan Yongyu

2020-11-13 16:55

Last update date: 2020-11-13 18:39

The government today announced the release of the third quarter of this year’s economic situation and the latest forecasts of GDP and prices. Government economic adviser Ou Xixiong said that although the third quarter GDP fell by 3.5% year-on-year, it rebounded by 2.8% quarter-on-quarter after seasonal adjustment. Reverse the five consecutive seasons of contraction.

Among them, goods exports regained a 3.9% year-on-year growth in the third quarter, mainly due to the low base effect last year.

He predicted that the mainland economy will strengthen in the fourth quarter, which will benefit Hong Kong's exports.

But at the same time, it should be noted that the epidemic situation in Europe and the United States has not been controlled, and the blockade order may have a negative impact on Hong Kong's exports.

The government announced today the economic situation in the third quarter of this year.

The latest economic forecast for 2020 shrinks by 6.1%, and the underlying inflation forecast is lowered to 1.3%.

Chief Economist Hou Jiajun said that the export of tourism services has almost disappeared this year, while the decline in transportation and business services is still significant, down 30% year-on-year.

However, financial services saw further growth, with a real year-on-year growth of 3.5% in the third quarter, mainly due to the frequent cross-border financial and IPO fund-raising activities during the period.

At the same time, consumer sentiment improved in the latter part of the third quarter, and the year-on-year decline in private consumption expenditure narrowed and improved compared with the second quarter.

The second round of job protection is about to end. Ou Xixiong pointed out that the unemployment rate has improved from August to October, and there is no plan for a new round of job protection programs. Appropriate measures will be introduced when necessary.

Although many companies may lay off employees in the fourth quarter, he said that Hong Kong people are adaptable and remain optimistic about the unemployment rate in the fourth quarter.

The property market softened slightly in the third quarter, but the public's home ownership index, that is, the ratio of contributions to income, is still higher than the average for the past 20 years.

The current US sanctions on Hong Kong have little impact, and they are not expected to have a negative impact on the economy in the future.

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Hong Kong Economy

Source: hk1

All news articles on 2020-11-13

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