By  on August 15, 2014

HONG KONG (Reuters) — Hong Kong's economy contracted in the June quarter as shoppers cut back on their spending, forcing the government to lower its growth target for the year.

The drop in consumption was driven by a decline in tourist spending largely aggravated by China's spreading anti-graft campaign. A drop in purchases of luxury items such as watches and jewelry, coupled with weak domestic spending, has led to five consecutive monthly declines in retail sales.

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