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Hong Kong's Q1 GDP growth slows to 0.5 pct y/y - advance estimate

HONG KONG, May 2 (Reuters) - Hong Kong's economy grew 0.5 percent in the first quarter of 2019 compared with the same period a year earlier, according to advance estimates released by the government on Thursday.

The preliminary reading indicated the economy is slowing from a revised 1.2 percent pace of growth in the previous quarter.

On a quarterly basis, the economy expanded a seasonally adjusted 1.2 percent in January-March, compared with a revised 0.5 percent contraction in the last quarter of 2018.

The port city is heavily reliant on financial services and global trade with China. The Chinese economy has cooled over the past year, weighed down by slowing domestic demand and the Sino-U.S. trade war.

The city's government has forecast the economy will grow 2-3 percent this year, versus 3 percent in 2018. (Reporting by Twinnie Siu and Donny Kwok; Editing by Jacqueline Wong)