Hong Kong in Recession as Economy Shrinks
Hong Kong fell in technical recession after economy shrank for two consecutive quarters.
The domestic economy shrank 3.2% in the third quarter from the previous quarter, according to data released by government today. The gross domestic product drop between July and September followed a 0.4% drop in the second quarter. The GDP in the third quarter was 2.9% lower than the same quarter a year ago, the lowest in a decade.
- Staff Reporter