11 Nov '11, 9am

Hong Kong avoids recession with small Q3 growth: HONG KONG: Hong Kong's economy grew 0.1 per cent in the third q...

HONG KONG: Hong Kong's economy grew 0.1 per cent in the third quarter, narrowly avoiding recession after a revised 0.4 per cent contraction in the previous three months, official figures showed Friday. Year-on-year, the economy grew 4.3 per cent in the third quarter compared to a revised 5.3 per cent in the second, the government said. Government economist Helen Chan said the latest quarterly GDP figures showed the impact of falling exports to the European Union and the United States. "The growth moderation was mainly caused by a sharp fall-off in exports... amid an increasingly austere global economic environment," she said in a statement. Chan later told reporters: "We can't rule out a technical recession in the coming quarters. The growth in the coming one or two quarters will slow due to the uncertainty in the global economy outlook." Total exports of goods fell to a "...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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