Hong Kong falls into first recession in 10 years - gov't estimate

Hong Kong slid into recession for the first time since the global financial crisis in the third quarter, advance estimates showed on Thursday, 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 the preliminary government data.

From a year earlier, the economy contracted 2.9%. 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.

Also Read: UPDATE 2-U.S. House takes hard line on China over Hong Kong, Huawei

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)