Hong Kong’s economy grew by 1.8 percent in the third quarter on a year-on-year basis, according to official figures released.

Growth was slower than the previous two quarters – the second quarter saw a 3.2 percent expansion and first quarter GDP grew by 2.8 percent.

In a statement, the government said growth in exports was down, while private consumption expenditure continued to decline.

Officials said the local economy will continue to grow.

“While global economic uncertainties and trade conflicts may affect Hong Kong’s exports of goods, monetary easing across major central banks and an improved outlook for the mainland economy following the recent introduction of a wide range of stimulus measures would help support sentiment and activities in the domestic market,” the statement said.

The government had projected the economy to grow by 2.5 to 3.5 percent this year.

Samuel Tse, an economist at DBS Bank, said he expects the economy to improve in the fourth quarter.

“I think the economy hasn’t been doing well in the past few quarters. But I think for the fourth quarter, it will be doing a little bit better, given the interest rate cut cycle from the Fed (US Federal Reserve) has already commenced. Mainland China has also started their stimulus packages,” he told.

“So, these will be translating into some positive effects onto the consumption as well as the investment.”