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Hong Kong’s economy grew 0.1% in Q3

Hong Kong’s economy grew 0.1% in Q3Compared with the previous three months of this year, Hong Kong's economy grew 0.1 per cent during the third quarter to the end of September.

Year-on-year growth was recorded at 4.3 per cent in the third quarter, down from a revised 5.3 per cent growth in April-to-June quarter.

The economy managed to report a growth due to low unemployment and more tourists from China, while Eurozone's crisis dragged on its exports.

Officials lowered their full-year growth estimate from their previous estimate of 5-6 per cent to 5 per cent.

Exports dropped in September for the first time in around two years and the government officials newly warned that the trade outlook was "bleak."

Smaller rise in global food & commodity prices may keep inflation at 5.2 per cent for the full year, down from a previous estimate of 5.4 per cent.

As many as 11 million tourists hit Hong Kong during the third quarter, while rate of unemployment remained at a 13-year-low of 3.2 per cent.

Government economist Helen Chan said that the macro risk for Hong Kong's economy has shifted from inflation to growth. On November 8, the Chinese territory's CEO Donald Tsang said that the growth might be as little as 2 per cent in 2012.