RTTNews reports that the advance estimates from the Census and Statistics Department showed that the Hong Kong economy grew at a slower pace in the third quarter due to the base effect and the stronger-than-expected economic performance in the first half of the year.
GDP grew 5.4 percent year-on-year, slower than the 7.6 percent expansion in the second quarter. This was also weaker than the economists' forecast of 5.8 percent. Quarter-on-quarter, GDP grew only 0.1 percent in the third quarter.
Hong Kong's economy largely treaded water last quarter, with weaker exports and investment meaning the rebound from the second quarter's downturn was much more tepid than expected, Sheana Yue, an economist at Capital Economics, said. The pace of recovery is likely to remain muted until mainland tourists return.