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Hong Kong economy stagnates in 1st quarter as global uncertainty weighs down Asian trade hub

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(Globalpost/GlobalPost)

HONG KONG - Hong Kong's economy stagnated in the first quarter as the highly trade-dependent Asian financial centre was held back by an unsteady global economy.

Economic data released Friday showed that the southern Chinese city's economy grew a meagre 0.2 per cent in the first three months of the year when compared with the previous quarter.

On a year-on-year basis, GDP grew 2.8 per cent, unchanged from the previous period. The government said exports grew 8.8 per cent.

Export numbers also held up thanks to "solid growth" in mainland China and other Asian markets.

But the government said that advanced economies remained weak, with exports to major markets including the U.S., the European Union and Japan all posting declines during the first quarter.

http://www.globalpost.com/dispatch/news/the-canadian-press/130512/hong-kong-economy-stagnates-1st-quarter-global-uncertainty-w