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Hong Kong's economy grew less-than-estimated in the second quarter as anti-government demonstrations started to weigh on economic activity. Gross domestic product expanded 0.5 percent on a yearly basis, instead of 0.6 percent estimated previously, revised data from the Census and Statistics Department showed Friday.
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 a 0.3 percent fall. Output grew 1.3 percent in the first quarter. Another quarter of contraction will lead to a technical recession.
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 on Thursday unveiled a stimulus package worth HK$19.1 billion as deepening political unrest and escalation of China-US trade tension dampens tourism and the property market.
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.
According to the Purchasing Managers' survey, Hong Kong's private sector contracted the most in a decade on a sharp decline in new orders, output and business confidence in July. The ongoing US-China trade disputes and large-scale political unrest dampened demand for Hong Kong's goods and services.
