HONG KONG: Hong Kong's economic growth slowed in the second quarter from a year earlier, advance government data showed on Monday , with the momentum softening after a strong rebound in the preceding quarter.
"The weaker-than-expected Q2 economic performance was probably attributable to higher interest rates and a further slowdown in the global economy," said Thomas Shik, chief economist at Hang Seng Bank. "The improving economic situation and prospects should bode well for domestic demand, though tight financial conditions may impose constraints," the spokesman added.
StanChart said in a research note that mainland tourist arrivals still had some way to go before normalising. "A recovery in consumption and tourism should help more than offset such a negative effect, just like what the Q2 data showed," Shik added.
Source: Financial Digest (financialdigest.net)
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