Latest Developments

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

Latest situation
The Hong Kong economy staged a robust performance in the third quarter of 2025, driven by a continued surge in exports and sustained expansion in domestic demand. Real Gross Domestic Product (GDP) grew by 3.8% over a year earlier in the third quarter, picking up visibly from the 3.1% growth in the preceding quarter. On a seasonally adjusted quarter-to-quarter comparison, real GDP rose further by 0.7%. Looking ahead, the Hong Kong economy should see further solid growth for the rest of 2025. Sustained moderate growth of the global economy in the near term, coupled with easing China-US trade tensions of late and persistent demand for electronic-related products should lend support to Hong Kong’s exports of goods. Continued increases in inbound tourism and vibrant financial market activities should provide further impetus to exports of services. Domestically, the renewed US interest rate cuts since September are conducive to asset market sentiment. Together with the gradual recovery in consumption confidence and steadfast improvement in business sentiment, these developments should help bolster consumption and investment activities. The Government’s various measures to develop the economy and diversify markets will also provide support. Nevertheless, external uncertainties arising from the lingering impacts of trade barriers, the pace of US interest rate cuts, and the potential moderation in goods export growth due to fluctuations in external demand warrant close monitoring. Taking into account the actual outturn of 3.3% in the first three quarters of the year and the near-term outlook, the real GDP growth forecast for 2025 as a whole is revised up to 3.2%, from 2%-3% in the August round of review. The forecasts for the underlying and headline consumer price inflation rates for 2025 are revised down to 1.2% and 1.5% respectively, from 1.5% and 1.8% in the August round of review.


External sector (PDF) (Excel)

Latest situation
The value of merchandise exports grew markedly further by 17.5% in October over a year earlier. Exports to most major markets saw robust growth. Analysed by commodity, exports of most major commodities increased, particularly for exports of electrical equipment, machinery and mechanical appliances which sustained strong growth.
Looking ahead, sustained moderate growth of the global economy, coupled with easing in external trade policy uncertainty recently and persistent demand for electronic-related products, should be conducive to Hong Kong’s merchandise trade growth in the near term. The Government’s ongoing effort to enhance Hong Kong’s economic and trade ties with different markets will also continue to provide support. Yet, the lingering impacts of trade barriers still warrant attention. The Government will stay vigilant.


Prices (PDF) (Excel)

Latest situation
Consumer price inflation stayed low in October. The underlying Composite CPI increased by 1.0% over a year earlier, same as the increase in the preceding month. Price pressures on various major components continued to be in check.
Looking ahead, overall inflation should stay muted in the near term, as domestic cost pressures are mild and external price pressures are subdued.


Labour market (PDF) (Excel)

Latest situation
The seasonally adjusted unemployment rate edged down by 0.1 percentage point over the preceding three-month period to 3.8% in August – October 2025. The underemployment rate remained unchanged at 1.6%. Over the same period, the labour force and total employment decreased slightly, while the number of unemployed persons also decreased.
Looking ahead, the solid expansion of the Hong Kong economy, along with the steadfast improvement in business sentiment and the gradual recovery in consumption confidence, should provide support to the labour market. However, the employment situations of some sectors would continue to face challenges from economic restructuring.


Retail and other economic indicators (PDF) (Excel)

Latest situation
The retail sector continued to recover in September. The value of total retail sales increased by 5.9% over a year earlier, accelerating further from the increase in the preceding month. Most broad retail outlet types registered varying degrees of growth in sales.
Looking ahead, improving local consumer sentiment and sustained growth in inbound tourism should continue to render support to 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)