Hong Kong's quarterly GDP growth slows
Hong Kong's economy expanded at a slower pace in the second quarter than the first three months of the year, the government said on Monday.  Advance government estimates showed that gross domestic product grew 1.5 percent year-on-year in the April-to-June period, down from the revised 2.9 percent expansion in the first quarter.  "Led by inbound tourism and private consumption, the Hong Kong economy continued to recover in the second quarter of 2023, though the momentum softened on the back of the strong rebound in the preceding quarter," a government spokesman said.  "Looking ahead, inbound tourism and private consumption will remain the major drivers of economic growth for the rest of the year." Simon Lee, a senior lecturer at Chinese University Business School, said he was shocked by the lower-than-expected GDP performance, adding that he's not too optimistic about growth over the rest of 2023. "If we see the consumption by tourists, there are still a lot of tourists from mainland China. Renminbi is on the downside, so tourists feel that products in Hong Kong are more expensive. And the spending pattern is quite different from pre-Covid times," he told RTHK.  "Incoming tourists from overseas countries again face challenges, like high ticket prices. We are still recovering our international flights. So I'm not so optimistic about the contribution by the incoming tourists." Lee said he forecasts an annual economic growth of one to two percent this year.