Published:
Hong Kong's GDP forecast for 2012 cut to 1.2%
That is from 1.5%.
According to Nomura, Hong Kong's GDP grew by a weaker-than-expected 1.3% y-o-y (Consensus: 1.7%) in Q3 from 1.2% in Q2.
Here's more from Nomura:
This downside surprise was largely the result of a weaker-thanexpected contribution from external trade, even as domestic demand remained supported by a stable job market as well as fixed investment and government spending. We expect GDP growth to strengthen in Q4 from a demand pickup in China.
Reflecting the weak Q3 GDP result, we now revise down our 2012 GDP growth forecast to 1.2% from 1.5%, but keep our 2013 forecast unchanged at 2.5%.
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