Latest Developments
Gross Domestic Product and its major components (PDF) (Excel)
Latest situation
The Hong Kong economy grew visibly further in the fourth quarter of 2025. According to the advance estimates, real GDP grew by 3.8% over a year earlier in the fourth quarter, picking up from the 3.7% growth in the preceding quarter. On a seasonally adjusted quarter-to-quarter basis, real GDP rose further by 1.0%. For 2025 as a whole, real GDP registered robust growth of 3.5%, an acceleration from the 2.6% growth in 2024 and marking the third consecutive year of expansion. Looking ahead, the Hong Kong economy is expected to maintain good momentum in 2026. Sustained moderate expansion of the global economy, coupled with persistently strong global demand for artificial intelligence-enabled electronic-related products will lend support to Hong Kong’s export performance. Domestically, improving consumer and business sentiment, together with the expected further interest rate cuts in the United States, will benefit consumption and investment activities. While external uncertainties persist given escalating geopolitical tensions and shifting economic, financial and trade policies of individual major economies, the SAR Government’s various measures to develop the economy and diversify markets will provide support to the Hong Kong economy. The revised figures on GDP and more detailed statistics for the fourth quarter and the whole year of 2025, as well as the real GDP growth forecast for 2026 will be released on 25 February 2026 when the 2026-27 Budget is announced.
External sector (PDF) (Excel)
Latest situation
The value of merchandise exports picked up strongly towards the end of 2025, surging by 26.1% in December over a year earlier. For 2025 as a whole, the value of merchandise exports rose visibly by 15.4% to $5,240.3 billion, a historical high. Exports to the Mainland continued to grow visibly, and those to the ASEAN economies showed robust growth. Exports to the United States showed a decent increase, while those to the European Union declined slightly. Analysed by commodity, exports of most major commodities rose markedly, particularly for exports of electrical equipment, machinery and mechanical appliances.
Looking ahead, sustained moderate expansion of the global economy, enhanced economic and trade ties with new markets, coupled with strong demand worldwide for AI-enabled electronic-related products, will support Hong Kong’s merchandise trade performance. The Government will stay vigilant to the developments of various uncertainties.
- Link to press release of external merchandise trade statistics
- Link to press release of volume and price statistics of external merchandise trade
Prices (PDF) (Excel)
Latest situation
Consumer price inflation stayed modest in December. The underlying Composite CPI increased by 1.2% in the month over a year earlier, giving an annual increase of 1.1% for 2025 as a whole, same as the preceding year. Price pressures on various major components remained generally contained.
Looking ahead, overall inflation should stay modest in the near term, as domestic cost and external price pressures are still mild.
Labour market (PDF) (Excel)
Latest situation
The seasonally adjusted unemployment rate stayed at 3.8% in October – December 2025, same as that in the preceding three-month period. The underemployment rate edged up by 0.1 percentage point to 1.7%. Over the same period, the labour force and total employment decreased slightly, and the number of unemployed persons also decreased further.
Looking ahead, the continued growth of the Hong Kong economy and the improvement in local consumption sentiment should help stabilise the labour market. Nonetheless, the employment situations in some sectors may continue to be affected by their challenging business conditions.
- Link to press release of unemployment and underemployment statistics
- Link to press release of statistics on persons engaged and vacancies
- Link to press release of wage and payroll statistics
Retail and other economic indicators (PDF) (Excel)
Latest situation
Retail sales sustained its recovery momentum in November. The value of total retail sales increased notably further by 6.5% over a year earlier. Sales of many broad retail outlet types increased.
Looking ahead, the gradual improvement in local consumption sentiment amid sustained economic growth, coupled with the vibrant growth in inbound visitors, will continue to benefit retail businesses.
Other Economic Indicators
Hong Kong population (PDF) (Excel)
Regional headquarters/offices and external investments (PDF) (Excel)
- Link to press release of annual survey of companies in Hong Kong with parent companies located outside Hong Kong
- Link to press release of Hong Kong's balance of payments and international investment position statistics