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Thursday, May 02, 2019, 18:04
Hong Kong's economy expands 0.5% in first quarter
By chinadailyasia.com
Thursday, May 02, 2019, 18:04 By chinadailyasia.com

In this June 22, 2016 photo, pedestrians cross a road in the Central district of Hong Kong. (ANTHONY WALLACE / AFP)

HONG KONG - Hong Kong’s economic growth slowed in the first quarter due to slower global growth, trade uncertainties and weaker domestic demand.

The first-quarter gross domestic product grew 0.5 percent compared with a year ago, after a revised expansion of 1.2 percent in the final period of 2018, according to advance estimates from a government press release issued on Thursday.

The moderation in growth was due to the slower growth in both domestic demand and external demand

READ MORE: ADB predicts Hong Kong's economy to grow 2.5% in 2019

The moderation in growth was due to the slower growth in both domestic demand and external demand, according to the press release.

The growth also reflected the high base of comparison in the same quarter of last year, when the economy grew strongly by 4.6 percent.

Total exports of goods weakened, recording a decrease of 4.2 percent in the first quarter. Weak exports of goods was also recorded in many other Asian economies during the same period, according to the press release.

ALSO READ: Trade tensions dent HK's economic outlook for 2019

Exports of services rose by 1.4 percent in the first quarter, slower than the 3.3-percent increase in the previous quarter. However, sustained expansion of inbound tourism continued to provide support, according to the press release.

Overall investment expenditure contracted as business sentiment has turned cautious since the latter part of last year, according to the press release.

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