Hong Kong’s economic growth slows to 3 percent in 2018

Traffic is seen between office buildings in downtown Hong Kong
Traffic is seen between office buildings at sunset in downtown Hong Kong, China June 29, 2017. Picture taken June 29, 2017. REUTERS/Bobby Yip

February 27, 2019

HONG KONG (Reuters) – Hong Kong’s economy grew 3 percent in 2018, the government said on Wednesday, slightly slower than its forecast, as a bruising trade war between Washington and Beijing weighs and poses greater risks to the city this year.

Financial Secretary Paul Chan, in his budget speech, forecast growth of 2-3 percent for this year.

The government said the fourth quarter expanded 1.3 percent from a year earlier.

Chan had said in a blog post this month the economy grew less than 1.5 percent in the fourth quarter against 2.9 percent growth in the previous three months. Some economists had estimated 2 percent annual growth, while the government had forecast 3.2 percent.

(Reporting by Anne Marie Roantree and Twinnie Siu; Editing by Jacqueline Wong)

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