HONG KONG, Oct 31 — Hong Kong slid into recession for the first time since the global financial crisis in the third quarter, advance estimates showed today, weighed down by increasingly violent anti-government protests and the protracted US-China trade war.
The economy shrank 3.2 per cent in July-September from the preceding period, contracting for a second straight quarter and meeting the technical definition of a recession, according to the preliminary government data.
From a year earlier, the economy contracted 2.9 per cent. The readings were the weakest for the Asian financial hub since 2008/2009.
With no end to the protests in sight, the city’s leader Carrie Lam warned on Tuesday that full-year growth could contract. Retail sales and tourism have plummeted. — Reuters