Economists are downgrading their forecasts for Hong Kong’s economic growth this year following worse-than-expected data for the second quarter.

DBS Group Holdings lowered its forecast for gross domestic product growth in 2023 to 4.8% from 6.5%, citing weak trade figures and tepid investment sentiment, according to a note on Tuesday.

United Overseas Bank Ltd. slashed its estimate to 4.2% from 5.5%, while Capital Economics Ltd. expects growth of 5.5% this year, down from a previous projection of 6.5%.

Official data on Monday showed Hong Kong’s post-pandemic boom has run out of steam, with GDP expanding 1.5% in the second quarter from a year ago, far weaker than the 3.5% estimated by economists.

After contracting in three of the past four years, the economy was expected to rebound strongly this year as consumer spending and tourism recovered with the city’s reopening. However, growth is now being hampered by a slowdown in the global economy and China’s faltering recovery, which has cut demand for Hong Kong’s exports.