Hong Kong falls into recession

Hong KongThe weak global economy has pushed Hong Kong into a recession with GDP figures showing a third-quarter contraction, the second straight quarterly decline.
The Hong Kong government said that exports dropped off sharply towards the end of the quarter "amid an increasingly austere global economic environment".

The government said the economy grew 4.3% in the third quarter, smaller than the revised 5.1% growth in the second quarter, which was itself less than the 7.5% expansion notched up in the first quarter.
Some economists define a recession as two straight quarters of economic contraction while others say it is a significant decline in across-the-board economic activity lasting more than a year.
© 2011 Press Association
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