Hong Kong's economy in the fourth quarter of 2019 contracted 2.9% from a year earlier, compared with the 2.8% decrease in the third quarter.

The economy also shrank 1.2% for the year as a whole, the first annual decline since 2009.

The Census & Statistics Department announced the findings today as it released the advance estimates on Gross Domestic Product for the fourth quarter of 2019 and the whole year.

According to those estimates, private consumption expenditure decreased 3% in real terms in the fourth quarter of 2019 from a year earlier and dropped 1.1% for the whole year.

Government consumption expenditure grew 6% year-on-year and increased 5.1% over 2018.

Gross domestic fixed capital formation decreased significantly by 16.2% year-on-year and dropped 12.2% from 2018.

Over the same period, total goods exports and imports declined 2.6% and 7.2% from a year earlier. For 2019, total goods exports and imports decreased 4.7% and 7.4%.

Compared with a year earlier, exports of services fell 25% for the fourth quarter while imports decreased 4.9%. For 2019, exports and imports of services decreased 10.4% and 2.3%.

Looking ahead, the Government said the outlook for the economy in 2020 is subject to high uncertainties, including those stemming from the pace of the global economic recovery, US-Mainland trade relations and local social incidents.

It also depends much on the development of the novel coronavirus infection in Hong Kong and Asia, which could further weigh on economic sentiment, consumption and tourism-related activities and even the economic performance of some Asian economies, it added.

The revised GDP figures for the fourth quarter of 2019 and the whole year will be released on February 26.