HK skirts recession in Q3
Source: Bloomberg News |
November 12, 2011, Saturday
|
Print Edition
Print Edition
HONG Kong's economy grew 0.1 percent in the third quarter from the previous three months as low unemployment and tourists from the Chinese mainland boosted consumption while Europe's crisis dragged on exports.
The figure released by the government yesterday compared with a revised 0.4 percent contraction in the three months ended June and the median estimate of no change in a Bloomberg News survey of 15 economists.
Asian policymakers are weighing steps to support growth as Europe's debt crisis may engulf Italy and trigger a global slump.
Yesterday's data showed Hong Kong skirting a technical recession, defined as two straight quarters of contraction. Chief Executive Donald Tsang warned this week in New York that there's a 50 percent chance the global economy will shrink next year.
"There may be some fiscal measures, like tax rebates in the next budget," said Joseph Lau, an economist at Societe Generale SA in Hong Kong. "However, there's no silver bullet here. It will be a case of riding this out."
The gross domestic product grew 4.3 percent from a year earlier, down from a revised 5.3 percent gain in the April-June quarter, the government said. Officials lowered their estimate for the full-year growth to 5 percent from 5-6 percent in an August estimate.
The figure released by the government yesterday compared with a revised 0.4 percent contraction in the three months ended June and the median estimate of no change in a Bloomberg News survey of 15 economists.
Asian policymakers are weighing steps to support growth as Europe's debt crisis may engulf Italy and trigger a global slump.
Yesterday's data showed Hong Kong skirting a technical recession, defined as two straight quarters of contraction. Chief Executive Donald Tsang warned this week in New York that there's a 50 percent chance the global economy will shrink next year.
"There may be some fiscal measures, like tax rebates in the next budget," said Joseph Lau, an economist at Societe Generale SA in Hong Kong. "However, there's no silver bullet here. It will be a case of riding this out."
The gross domestic product grew 4.3 percent from a year earlier, down from a revised 5.3 percent gain in the April-June quarter, the government said. Officials lowered their estimate for the full-year growth to 5 percent from 5-6 percent in an August estimate.
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