Hong Kong finance minister Paul said that GDP is likely to grow during the second quarter at a slower pace compared to the first quarter.
According to Bloomberg News, Chan said the city was facing challenges including tightening global financial conditions, the rising popularity of Shenzhen as a tourist destination and changing consumer behavior regarding cutting back on spending in the evening.
He added that although exports and the financial market will remain under pressure, retail sales and the restaurant sector continue to recover well.
Hong Kong’s gross domestic product grew by 7.2% in the first quarter of the year, the first growth recorded in more than a year, according to the German news agency dpa.
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