News ID: 363
Published: 0500 GMT August 16, 2014

Hong Kong GDP contracts

Hong Kong GDP contracts

Hong Kong's economy shrank for the first time in three years in the second quarter as private consumption weakened, prompting the government to cut its full-year growth forecast.

Gross domestic product for the three months ended June 30 contracted 0.1 percent from the first quarter on a seasonally adjusted basis, reversing a 0.3 percent growth in the first quarter, the city's government said.

The mild contraction is in line with the median forecast of five economists polled earlier by The Wall Street Journal and marks the first contraction since a 0.4 percent decline in the second quarter of 2011.

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