Latest Developments

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

Latest situation
The Hong Kong economy expanded robustly in the first quarter of 2026. According to the advance estimates, real GDP grew by 5.9% over a year earlier in the first quarter, accelerating from the revised 4.0% growth in the preceding quarter (up from the earlier estimate of 3.8%), and marking the strongest quarterly growth in nearly five years. On a seasonally adjusted quarter-to-quarter basis, real GDP rose notably by 2.9%. Looking ahead, Hong Kong’s economic growth outlook remains positive, underpinned by strong global demand for artificial intelligence (AI)-related electronics, sustained growth in visitor arrivals and robust cross-boundary financial activities. Relatively solid business and consumer sentiment is expected to continue supporting domestic demand. However, persistent tensions in the Middle East pose downside risks to the economic outlook. In response, the Government has taken targeted measures to safeguard energy supply stability and mitigate the impacts on affected sectors. The Government will stay vigilant and continue to closely monitor the developments. The revised figures on GDP and more detailed statistics for the first quarter of 2026, as well as the revised GDP forecast for 2026, will be released on 15 May 2026.


External sector (PDF) (Excel)

Latest situation
Merchandise exports continued to stage a strong performance in March. The value of merchandise exports grew by 35.8% over a year earlier on the back of strong global demand for AI-related electronic products. Exports to most markets and of most major commodities sustained strong growth.
Looking ahead, the heightened geopolitical tensions in the Middle East have led to an upsurge in international energy prices, posing downside risk to the near-term global economic outlook, with potential disruptions to global trade flows and supply chains. Nonetheless, global demand for AI-related electronic products remains robust and should provide staunch support to the performance of Hong Kong’s merchandise exports. The Government will continue to monitor the evolving external environment closely and stay vigilant.


Prices (PDF) (Excel)

Latest situation
Consumer price inflation accelerated somewhat but stayed moderate in March. The underlying Composite CPI rose by 1.6% over a year earlier, up from 1.3% in January and February combined. The acceleration mainly reflected the faster increases in prices of fuel-related components in the month, amid the upsurge in international oil prices due to the Middle East conflict. Meanwhile, price pressures on other components were largely contained.
Looking ahead, elevated international oil prices will likely continue to feed through to the relevant components in consumer prices gradually in the near term, with the final impacts hinging on the evolving situation in the Middle East. Yet, as price pressures from other sources generally stay contained, this should help rein in the potential upward pressure on overall inflation. The Government has introduced short-term targeted measures to address the recent increase in fuel prices, and will continue to monitor the development closely.


Labour market (PDF) (Excel)

Latest situation
The seasonally adjusted unemployment rate edged down further by 0.1 percentage point from the preceding three-month period to 3.7% in January – March 2026. Meanwhile, the underemployment rate also edged down by 0.1 percentage point to 1.6%. Over the same period, the labour force and total employment decreased slightly.
Looking ahead, the sustained growth of the Hong Kong economy should underpin the overall labour market. The Government will continue to closely monitor the developments in geopolitical tensions and assess the potential implications for the labour market.


Retail and other economic indicators (PDF) (Excel)

Latest situation
Retail sales continued to strengthen in March. The value of total retail sales increased by 12.8% over a year earlier, with growth in sales of most broad types of retail outlet. Among the various types, sales of motor vehicles showed particularly strong growth, as purchases spiked before the expiry of the first registration tax concessions for electric private cars at end-March.
Looking ahead, the near-term outlook for retail sales is broadly positive, underpinned by recovering local demand, sustained growth in inbound tourism, and a favourable macro-financial environment. The Government will continue to monitor the downside risk arising from the evolving geopolitical tensions, for any potential implications for the consumer spending in the local market.


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)