Hong Kong's economy slowed sharply in the third quarter to 2.9 percent from 3.5 percent in the second quarter.
Despite the slowdown, this marks the eighth consecutive quarter of above-trend growth, the government Economist, Andrew Au, said today giving an update on the economic situation in the third quarter.
Taking into account the actual growth of 3.7 percent in the first three quarters and the downside risks in the external environment, economic growth for 2018 as a whole is forecast at 3.2 percent, within the range forecast of 3-4 percent announced in August.
External demand continued to record visible growth for the quarter as a whole alongside further expansion of the global economy, the government said.
Domestic demand held firm. Labor market conditions remained favorable, while consumer price inflation increased slightly.
On a seasonally adjusted quarter-to-quarter comparison, real GDP grew by an anemic 0.1 percent in the third quarter, having declined by 0.2 percent in the previous quarter.
In the second quarter, Hong Kong's economy slowed to 3.5 percent from 4.6 percent growth in the first quarter.