Hong Kong Q1 GDP shrinks more than expected on Covid curbs

Hong Kong's economy contracted in the first quarter of this year as the city imposed its most stringent restrictions to curb an outbreak of Covid-19 that has battered business, led to an exodus of people and overshadowed the outlook for growth.

The financial centre's economy shrank four percent in the first quarter from a year earlier, breaking four quarters of growth, amid weak performance in both domestic and external demand, the government said.