Hong Kong Q3 GDP growth slows as U.S.-China trade row escalates
HONG KONG, NNA - Hong Kong’s economic growth for the July-September quarter decelerated to 2.9 percent on year, as expected, amid slower global growth and the escalating U.S.-China trade dispute.
The growth in the real gross domestic product in the third quarter moderated from the 3.5 percent rise the previous quarter, government data showed Friday.
The average forecast of five economists polled by Reuters was 2.9 percent growth for July-September.
On a seasonally adjusted basis, GDP grew 0.1 percent on quarter after shrinking 0.2 percent in the second quarter.
“Looking ahead, the economic outlook is subject to increasing downside risks,”
government economist Andrew Au said in a statement.
The global economy has lost some momentum and the U.S.-China trade is slowing Hong Kong exports, he said, adding that the trade impact is “likely to become more apparent in the near term.”
In light of the 3.7% GDP growth in the first three quarters of 2018 and increasing external downside risks, the government now expects Hong Kong’s economic growth for 2018 as a whole to be at 3.2%, within the 3% to 4% range projected in August.