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HK economy stagnates in 1Q on global weakness

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

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

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

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.