Latest Developments

Gross Domestic Product and its major components (PDF) (Excel)

Latest situation
The Hong Kong economy demonstrated remarkable resilience in 2025, notwithstanding episodes of heightened global trade tensions that resulted in higher tariffs on many trade flows. Real Gross Domestic Product grew robustly by 3.5% in 2025, faster than the preceding year and marking the third consecutive year of expansion. Growth momentum strengthened progressively over the course of the year. Total exports of goods increased solidly, and exports of services expanded notably. Domestically, private consumption expenditure reverted to a modest increase, and overall investment expenditure posted accelerated growth. The near-term outlook of the Hong Kong economy is cautiously optimistic. The global economy is expected to see steady growth in 2026, and the Chinese Mainland economy is expected to sustain stable, high-quality growth. Further interest rate cuts by the US Federal Reserve would also be supportive of global financial conditions. The positive momentum of the Hong Kong economy is expected to carry onto 2026. External trade is expected to continue to be the key growth driver, and more resilient domestic demand will also lend support to economic growth. Nevertheless, there are prevailing downside risks to the global outlook, including escalation of geopolitical tensions, frequently shifting trade and economic policies of the major economies, uncertainty over the US monetary policy etc. The Hong Kong economy is forecast to grow by 2.5% to 3.5% in 2026. Underlying consumer price inflation should remain mild and is forecast at 1.7% in 2026.


External sector (PDF) (Excel)

Latest situation
Merchandise exports continued to show strong performance in early 2026. Taking the first two months of 2026 together to remove the effect of the different timing of the Chinese New Year compared with last year, the value of merchandise exports surged by 29.6% over a year earlier. Exports to most markets and of most major commodities continued to increase markedly.
Looking ahead, global demand for AI-related electronic products should remain vibrant, rendering support to Hong Kong’s merchandise trade performance. Yet, uncertainty surrounding the global economic outlook has increased markedly of late amid the heightened geopolitical tensions in the Middle East. Shifts in trade policies among major advanced economies have also posed another source of lingering uncertainty. The Government will continue to monitor the developments closely and remain vigilant.


Prices (PDF) (Excel)

Latest situation
Consumer price inflation stayed modest in early 2026. Taking January and February together to remove the fluctuation to the year-on-year comparison due to the different timing of the Chinese New Year compared with last year, the underlying Composite CPI increased by 1.3% over a year earlier, slightly higher than the increase of 1.2% in December 2025. Price pressures on various major components remained broadly in check.
Looking ahead, as international oil prices have surged since end-February amid the heightened geopolitical tensions, the import price pressures for specific fuel-related items have increased. The Government is monitoring the external developments closely and will respond as appropriate to safeguard price stability.


Labour market (PDF) (Excel)

Latest situation
The seasonally adjusted unemployment rate edged down by 0.1 percentage point from the preceding three-month period to 3.8% in December 2025 – February 2026. Meanwhile, the underemployment rate remained unchanged at 1.7%. Over the same period, the labour force and total employment decreased slightly. The number of unemployed persons also decreased.
Looking ahead, the sustained growth momentum of the Hong Kong economy should continue to support the overall labour market, though employment situations in some local sectors may still face challenges due to their business performances. The Government will stay vigilant to the development of various external uncertainties, closely monitoring for any implication on corporate hiring sentiment in relevant sectors.


Retail and other economic indicators (PDF) (Excel)

Latest situation
The value of total retail sales continued to grow solidly by 5.5% in January over a year earlier. The recovery momentum of the retail sector sustained, notwithstanding that the year-on-year comparison in January this year was weighed against a higher base due to the early arrival of Chinese New Year last year. On a seasonally adjusted comparison, the value of total retail sales increased visibly in January over the preceding month.
Looking ahead, the robust economic growth momentum and the sustained growth in inbound visitors will continue to underpin local consumption, thereby benefiting retail businesses.


Other Economic Indicators


Hong Kong population (PDF) (Excel)


Regional headquarters/offices and external investments (PDF) (Excel)


Asset market, exchange rates and interest rates (PDF) (Excel)