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Iris Pang, economist at ING, notes that Hong Kong’s GDP growth was weaker than expected at 3.0% for the whole of 2018 and 1.3%YoY in 4Q18.

Key Quotes

“This was mainly a result of the trade war, which dampened export activities and related jobs in Hong Kong and on the Mainland, with negative feedback into consumption in Hong Kong.”

“Investment only grew by 2.2% in 2018, which was lower than the first three quarters’ average of 4.5%YoY. We believe that this is also a result of the trade war, causing businesses to defer their investment decisions.”