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Hong Kong GDP growth slows in fourth quarter on political unrest
[HONG KONG] Hong Kong's economic growth slowed in the fourth quarter as a sluggish global economy and domestic political unrest weighed on spending.
Gross domestic product rose 0.4 per cent in the three months through December from the previous three months. That fell from a revised down 1.4 per cent expansion in the third quarter.
Pro-democracy demonstrators occupied key streets for more than two months late last year, demanding China rescind its plan to vet candidates for the city's first election of its chief executive set for 2017. Meanwhile, trade was weighed by weakness in Europe and Japan, the government said.
"The occupy movement affected tourism, hotel, catering, retail and transport industries," the government said while releasing its budget today. "Prolonged political bickering is detrimental to public administration and the international image of Hong Kong as a stable, law-abiding and efficient city."