HONG KONG—Hong Kong’s economy contracted 1.3 percent in the second quarter from the same period a year earlier, government data showed on Friday, following a weak performance in external trade during the period.
It was the second straight quarter of year-on-year contraction for the Asian financial hub’s gross domestic product (GDP).
Seasonally adjusted GDP was 1 percent higher in the second quarter than three months earlier, however.
Rising inflation, cooling global demand and weak consumer sentiment in the trade-reliant city remain significant risks for the recovery, analysts say.
The second quarter’s annual growth pace compared with a decline of 3.9 percent in the previous quarter. The advance estimate for the second quarter had been a 1.4 percent contraction….