Hong Kong’s economy expanded by 4.3% y/y in Q2. While strong on paper (the economy grew by 3.5% last year), that simply reflects flattering base effects and the impact of last quarter’s bumper growth. In q/q terms, economic activity slowed for the first time since 2022, contracting by 0.6% after a 2.9% q/q expansion in Q1. (See Chart 1.)
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