Hong Kong economic growth slows to 1.5% in Q2; gradual recovery seen

HONG KONG – Hong Kong’s economy grew 1.5 per cent in the second quarter from a year ago, slowing from 2.9 per cent in the first quarter, as demand for exports weakened and investment spending fell, official seasonally adjusted data showed on Friday.

Hong Kong has now posted two consecutive quarters of growth but is expanding more slowly than the 3.6 per cent year-on-year forecast by economists polled by Reuters. “Improved labour market conditions and the government’s various measures that boost the momentum of the recovery will provide additional support to private consumption,” Mr Leung said, while noting that financial conditions remained tight.

“Hong Kong’s tourism industry is recovering gradually,” said Mr Dane Cheng, executive director of the Hong Kong Tourism Board . The city saw more than 16 million visitors for the first seven months of 2023, according to HKTB.

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