Recession-bound Hong Kong faces first budget deficit in 15 years

October retail sales show record decline as unemployment rises

20200115 HK protests RTX78F4F.jpg

Office workers hold umbrellas as they attend a pro-democracy protest on Nov. 11 after police fired tear gas at the financial Central district in Hong Kong. © Reuters

NIKKI SUN, Nikkei staff writer

HONG KONG -- The Hong Kong government is on track for first fiscal deficit in 15 years for the 12 months ending in March, as an economic downturn and prolonged anti-government protests take their financial toll.

Showing the depth of the slump in tourism and consumer spending, retail sales suffered a record year-on-year decline of 24.3% in October, according to official statistics released on Monday.

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