Hong Kong economy slows further

Hong Kong’s economy slowed again in the third quarter because of the weak global economy.

The Hong Kong government said today that exports to the major US and European markets dropped off sharply toward the end of the August-October quarter “amid an increasingly austere global economic environment”.

Government economists said the effects of “sluggish final demand” were seen in many other Asian markets.

Hong Kong’s economy grew 4.3% in the third quarter compared with the same period last year. That is smaller than the revised 5.1% growth in the second quarter, which was itself less than the 7.5% expansion notched up in the first quarter.