Hong Kong falls into first recession in 10 years

Hong Kong police in teargas war with protesters on Monday

Hong Kong police in teargas war with protesters on Monday

Hong Kong police in teargas war with protesters on Monday

Hong Kong slid into recession for the first time in a decade in the third quarter, weighed down by increasingly violent anti-government protests and the protracted U.S.-China trade war.

The economy shrank 3.2% in July-September from the preceding period, contracting for a second straight quarter and meeting the technical definition of a recession, according to preliminary government data on Thursday.

From a year earlier, gross domestic product (GDP) contracted 2.9%. The readings were the weakest for the Asian financial hub since the global financial crisis in 2008/2009.

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The government also revised down second-quarter GDP data to 0.4% year-on-year, from 0.6%, and a contraction of 0.5% quarter on quarter, versus 0.3% previously.

“Domestic demand worsened significantly,” the government said in a statement.

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