InfoAnda - HK enters recession for first time in 5 years

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: HK enters recession for first time in 5 years By DIKKY SINN,Associated Press Writer AP - 1 hour 38 minutes ago HONG KONG - Hong Kong's economy slid into recession for the first time in five years, contracting in the third quarter as global economic woes and the financial crisis hurt exports and spending. The territory's economic growth contracted by 0.5 percent in the July-September quarter on a seasonally adjusted basis, government economist Helen Chan said Friday at a news conference. That marks the second consecutive quarter of contraction after the economy shrank 1.4 recent in the second quarter. "This implies that Hong Kong has entered into a technical recession for the first time since the SARS period in 2003," Goldman Sachs economists said in a note, referring the period when fears of severe acute respiratory syndrome devastated the region's tourism industry. Non-adjusted, Hong Kong's gross domestic product for the July-September quarter grew by 1.7 percent compared to the year-ago period. That was a decline from the previous quarter, when GDP grew at 4.2 percent. "The global financial turmoil has derailed the economic upturn that Hong Kong has enjoyed over the past four years," Chan said. Chan said she expected more headwinds ahead for the territory's economy. "The external environment will be rather difficult in the quarters ahead, so a slowdown in the Hong Kong economy will be inevitable," she said. The government also has lowered its forecast of GDP growth for all of 2008 from 4-5 percent to 3-3.5 percent. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Natixis sees opportunity in China renewables sectorReuters - 1 hour 19 minutes ago HK enters recession for first time in 5 yearsAP - 1 hour 38 minutes ago China says it might work with IMF on global crisisAP - Saturday, November 15 China Shenhua says 2008 total export quota at 24 mln tonnesReuters - Saturday, November 15 Related Articles: Business Reports: RBS to cut 3,000 jobs globallyAP - 1 hour 6 minutes ago Boeing engineers seek strike authorization voteAP - 1 hour 6 minutes ago Natixis sees opportunity in China renewables sectorReuters - 1 hour 19 minutes ago Thailand's Italian Thai turns to big net loss in Q3Reuters - 1 hour 22 minutes ago India cbank loans to govt 52.6 bln rupees wk to Nov 7Reuters - 1 hour 23 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Britney Spears's son hospitalized: statement Earth would be heading to a freeze without CO2 emissions China mulls crackdown on lip-synching Bin Laden is isolated, focused on his own security: CIA View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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