HONG KONG (AFP) — Hong Kong slipped into recession in the third quarter as the global economic slowdown took its toll on the financial hub, government figures showed Friday.
Hong Kong's gross domestic product fell 0.5 percent from the previous quarter on a seasonally adjusted basis, following a fall of 1.4 percent in the second quarter, the Census and Statistics Department said in a statement.
"The growth of the Hong Kong economy slowed notably further in the third quarter, as the external sector slackened amid the faltering global demand," government economist Helen Chan said in the statement.
"And as domestic demand towards the end of the quarter was severely hit by the outbreak of the global financial tsunami that caused significant jitters in the local asset markets."
The standard definition for recession is two consecutive quarters of falling GDP.
Hong Kong joins Singapore, Germany, New Zealand and Italy in reporting a technical recession as the global slowdown bites into economies across the world.
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Source:AFP
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