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Hong Kong's GDP growth slows in Q2, despite predicted uptick


Hong Kong's economy likely grew at a slower rate in Q2 than the previous quarter, according to Financial Secretary Paul Chan. Although economists had predicted a GDP growth acceleration to 3.5% year-on-year, Chan anticipates a slightly slower pace. Despite the deceleration, the city's economy is still expected to improve this year, bolstered by an uptick in consumer spending and gradual improvements in the external environment. The city's economy, heavily impacted by years of pandemic controls and resident exodus, had shown recovery signs in Q1 with border reopenings and increased spending. However, changed consumer habits and the emergence of Shenzhen as a tourist hub may affect Hong Kong's economic outlook. Economists now project Q2 GDP growth of 0.9% quarter-on-quarter, down from 5.3% in Q1.

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