Hong Kong slipped into recession in the third quarter as the global economic slowdown took its toll on the financail hub.
Hong Kong's gross domestic product fell 0.5 percent from the previous quarter on a seasonally adjusted basis, following a fall of 1.4 percent in the second quarter, the Census and Statistics Department said in a statement.
The standard definition for recession is two consecutive quarters of falling GDP.
Italy follows Germany into recession
Italy's economy contracted by 0.5 percent in the third quarter, data showed on Friday, certifying that the euro zone's third largest economy, like its larger peer Germany, has been in recession since the spring.
The 0.5 percent fall in gross domestic product -- a bigger drop than expected and the steepest decline since the end of 1998 -- followed a 0.4 percent drop between April and June (revised from an originally reported -0.3 percent).
Italy thus met the technical definition of recession -- two consecutive quarters of negative growth -- for the first tine since the start of 2005. Official statistics agency ISTAT reported GDP was down 0.9 percent year-on-year, following a 0.2 percent drop in the previous three months (revised from -0.1 percent).
Hong Kong's gross domestic product fell 0.5 percent from the previous quarter on a seasonally adjusted basis, following a fall of 1.4 percent in the second quarter, the Census and Statistics Department said in a statement.
The standard definition for recession is two consecutive quarters of falling GDP.
Italy follows Germany into recession
Italy's economy contracted by 0.5 percent in the third quarter, data showed on Friday, certifying that the euro zone's third largest economy, like its larger peer Germany, has been in recession since the spring.
The 0.5 percent fall in gross domestic product -- a bigger drop than expected and the steepest decline since the end of 1998 -- followed a 0.4 percent drop between April and June (revised from an originally reported -0.3 percent).
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