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Economy

Hong Kong GDP shrinks 8.9% in worst decline on record

Economic outlook remains dim despite expected relaxing of some restrictions

HONG KONG -- Hong Kong posted its biggest-ever quarterly economic contraction on Monday, as the coronavirus pandemic dealt a blow to the Asian financial hub following months of social unrest.

First-quarter gross domestic product dropped 8.9% compared with the same period a year earlier, according to an advance government reading, falling short of market expectations and marking the city's steepest GDP decline on record.

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