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Hong Kong Economy Contracts Again as Global Headwinds Mount

  • GDP declined 1.4% last quarter, worse than economists expected
  • Government set to revise down its 1%-2% full-year forecast
The Causeway Bay area of Hong Kong. 

The Causeway Bay area of Hong Kong. 

Photographer: Billy H.C. Kwok/Bloomberg
Updated on

Hong Kong’s economy contracted for a second consecutive quarter, with the financial hub facing mounting headwinds as interest rates rise and global trade weakens.

Gross domestic product declined 1.4% in the second quarter from a year earlier, according to advance estimates released by the government on Monday, weaker than economists’ forecasts for a 0.2% decline.