Hong Kong downgrades full-year GDP growth forecast to 2.5%, after weak third quarter
The government’s previous full-year forecast was for growth of between 2.5 per cent and 3.5 per cent
The latest official data released on Friday showed the full-year forecast was at the lowest point of the government’s previous range of between 2.5 and 3.5 per cent growth.
The latest full-year gross domestic product (GDP) forecast was relatively a safe estimate based on the 2.6 per cent year-on-year expansion in the first three quarters of the year, while the government still expects further growth for the final months.
In the second quarter, GDP grew 3.2 per cent compared with the same period last year, following a 2.8 per cent year-on-year expansion in the first quarter.
“While the external environment has turned more challenging recently, the Hong Kong economy is expected to maintain its growth momentum for the remainder of the year,” a government spokesman said.
He pointed out that geopolitical tensions had already escalated in October ahead of US president-elect Donald Trump taking office next year, as reflected in the country’s decision to impose tariffs on electric vehicles made in China.
