By Ronnie Harui
SINGAPORE--Hong Kong's economy contracted at a slower pace in the third quarter than in the second quarter, partly due to the gradual improvement in domestic and external demand.
Gross domestic product in the third quarter shrank 3.4% in real terms from a year earlier, preliminary data from the government showed Friday. That compared with a 9.0% contraction in the second quarter.
"An improved external environment led by the solid expansion of the mainland economy, some revival in sentiment in the latter part of the quarter amid the stabilization of the local epidemic situation, and stronger financial market activity all contributed," a government spokesman said in a statement.
On a quarter-on-quarter seasonally-adjusted basis, gross domestic product grew 3.0% in real terms in the third quarter, according to data from Hong Kong's Census and Statistics Department.
Write to Ronnie Harui at ronnie.harui@wsj.com
(END) Dow Jones Newswires
10-30-20 0502ET
