The government announced on Friday that it has revised its full-year economic growth forecast to 2.5 percent, compared with the previous estimated range of 2.5 to 3.5 percent.

Real GDP in the third quarter grew by 1.8 percent year-on-year, slower than the 3.2 percent growth in the previous quarter.

Government economist Adolph Leung said at a press conference that economic growth has been hindered by challenges in the external environment.

"Increased global economic uncertainties and escalation of trade conflicts would affect the performance of our goods exports," he said.

But Leung expressed confidence that the economy will pick up steam, thanks to measures announced by the central and SAR governments to boost market sentiment.

"For the outlook, while the external environment has turned more challenging recently, the Hong Kong economy is expected to maintain its growth momentum for the remainder of the year," he said.

Asked about US President-elect Donald Trump's plan to slap up to 60 percent of tariffs on goods imported from China, Leung said that will have a "detrimental impact".

"It will affect China's exports to the US and also Hong Kong's exports of mainland origin to the US. And I think more than that is that coming along with this kind of trade and economic policy in the US, it will also affect the interest rates outlook."