Asia’s two bellwether city-state economies, Hong Kong and Singapore, are both headed into recession.
Singapore has already announced that second-quarter gross domestic product fell at an annualized rate of 4 percent over the previous quarter. Following an annualized 4 percent rise in the first quarter, this translates into near zero growth so far this year and only 1.6 percent compared with the same period of 2014.
Hong Kong is due to announce its second-quarter numbers on August 14, which will almost certainly show two successive quarters of contraction and possibly a fall from year-ago performance. Retail sales fell 1.6 percent year–on-year in the first half with the picture worsening in the second quarter and exports to China down 4 percent.
Hong Kong exports to most Asian destinations have been in decline with Vietnam and the Philippines being the only exceptions, reflecting their relatively buoyant conditions. Weak Chinese demand and falling commodity prices are having knock-on effects everywhere. China is also decreasing reliance on imported components. Full story...
Singapore has already announced that second-quarter gross domestic product fell at an annualized rate of 4 percent over the previous quarter. Following an annualized 4 percent rise in the first quarter, this translates into near zero growth so far this year and only 1.6 percent compared with the same period of 2014.
Hong Kong is due to announce its second-quarter numbers on August 14, which will almost certainly show two successive quarters of contraction and possibly a fall from year-ago performance. Retail sales fell 1.6 percent year–on-year in the first half with the picture worsening in the second quarter and exports to China down 4 percent.
Hong Kong exports to most Asian destinations have been in decline with Vietnam and the Philippines being the only exceptions, reflecting their relatively buoyant conditions. Weak Chinese demand and falling commodity prices are having knock-on effects everywhere. China is also decreasing reliance on imported components. Full story...
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