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Hong Kong Q1 GDP growth rate weakest since 2009

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Christian Fernsby ▼ | May 2, 2019
The Hong Kong economy advanced 0.5 percent year-on-year in the first quarter of 2019, slowing from a downwardly revised 1.2 percent expansion in the previous period, an advance estimate showed.
Hong Kong Q1 GDP growth rate weakest since 2009
Asia   It was the weakest growth rate since the third quarter of 2009
It was the weakest growth rate since the third quarter of 2009, when the economy shrank 1.7 percent. Private consumption and government spending eased and fixed investment continued to contract.

Private consumption grew by 0.1 percent, easing from a 2.7 percent expansion in the fourth quarter of 2018; and government spending went up by 4.5 percent, slowing from a 4.9 percent growht in the previous quarter.

Additionally, fixed investment shrank 7.0 percent, after contraction 5.8 percent in the prior period.

Exports of goods dropped 4.2 percent, following a flat reading in the last quarter of 2018 and those of services rose 1.4 percent, lower than a 3.3 percent rise.

Imports of gooods declined 4.6 percent, after expanding 3.3 percent in the previous quarter and those of services fell 1.0 percent, down from a 2.1 percent increase in Q4.

On a quarterly basis, the economy is expected to grow 1.2 percent in the first quarter of the year, rebounding from an upwardly revised 0.5 percent contraction in prior period.

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