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            november 14, 2019

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HK Q3 GDP grows 2.9pc amid warning of 'increasing downside risks'


Hong Kong's economy grew 2.9 per cent in the third quarter from a year earlier under the weight of weakened property and stock markets.
Hong Kong's economic growth slowed further in the third quarter and is expected to face additional headwinds, with the government warning of "increasing downside risks" amid trade tensions between Beijing and Washington and higher interest rates, posing broader risks to growth in the Asian financial hub next year.
The GDP growth in Q3 was down from the 3.5 per cent growth rate in the April-June quarter. It was the slowest quarterly growth in two years and marks the second consecutive slowdown from 4.6 per cent growth in the first quarter, which was the city's strongest performance in nearly seven years.
Some economists had estimated third quarter growth at 3.3 per cent and forecast it would further slow to below 3 per cent in the final quarter of this year.
The government estimated full-year growth at 3.2 per cent, which was still within its earlier projection of 3 to 4 per cent for 2018, reports SCMP.

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