2019.08.1605:28:00UTC+00Hong Kong Q2 Growth Revised Down

Hong Kong's economy grew less than previously estimated in the second quarter, revised data from the Census and Statistics Department showed Friday. Gross domestic product expanded 0.5 percent on a yearly basis, instead of 0.6 percent estimated previously. The economy had advanced 0.6 percent in the first quarter and 1.2 percent in the fourth quarter of 2018.

On a quarterly basis, GDP dropped 0.4 percent compared to the initial estimate of -0.3 percent. GDP had advanced 1.3 percent in the first quarter.

The expenditure-side breakdown of GDP showed that private consumption expenditure increased by 1.1 percent and government spending gained 4.2 percent annually. Meanwhile, gross domestic fixed capital formation decreased significantly by 11.6 percent.

Exports of goods logged a decrease of 5.6 percent and imports of goods fell 7 percent. At the same time, exports of services fell 0.2 percent, while imports of services increased 1.6 percent.

On Thursday, the government downgraded its growth outlook for this year to 0-1 percent from 2-3 percent, citing both domestic and international uncertainties.

Financial Secretary Paul Chan had unveiled a stimulus package worth HK$19.1 billion as deepening political unrest and escalation of China-US trade tension are likely to weigh on economic activity.