Hawaii’s economy ended 2018 on a poorer footing than 2017. Across a number of dimensions, the year saw a flattening out or outright decline in activity. Tourism challenges were not limited to the aftermath of flood and fire, but also reflected weakening in some key markets and a falloff in spending. At home, population growth has been negative for the past two years, weighing on demand. Deceleration is now well established in the Islands, posing significant downside risks to our forecast of continuing modest growth.
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