Hong Kong revises annual growth forecast
The government on Friday said it expects the SAR's economy to grow by between 4 and 5 percent for the year, after confirming that GDP expanded more slowly in the second quarter than in the first.  It had previously targeted growth in the range of between 3.5 and 5.5 percent this year. GDP grew by 1.5 percent in the three months to June, down from 2.9 percent in the first quarter.  The government economist, Adolph Leung, said the second-quarter performance wasn’t too bad, thanks to a recovery in the tourism industry and an increase in private consumption.  Looking ahead, Leung said he believes the economy will continue to pick up and hit the government’s updated growth forecast.  “As transportation and handling capacity continue to recover, visitor arrivals should increase further,” he said.  “The improving economic situation and prospect should bode well for domestic demand.”  But authorities still expect the weak external demand for goods to put pressure pressure on the city’s export performance.