HK economy falls into recession in 3Q

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HK economy falls into recession in 3Q

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The weak global economy has pushed Hong Kong into a recession.

11 November,2011 02:21 pm

The GDP figures showed a third-quarter contraction, the second straight quarterly decline.The Hong Kong government said Friday that exports dropped off sharply toward the end of the quarter amid an increasingly austere global economic environment.The government said the economy grew 4.3 percent in the third quarter. Thats smaller than the revised 5.1 percent growth in the second quarter, which was itself less than the 7.5 percent expansion notched up in the first quarter.Some economists define a recession as two straight quarters of economic contraction while others say its a significiant decline in across the board economic activity lsting more than a year.