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. According to the advance estimates, real GDP grew by 3.8% over a year earlier, picking up from the 3.1% growth in the preceding quarter. On a seasonally adjusted quarter-to-quarter basis, 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, together with the persistent stellar demand for electronic-related products of late, should provide further support to Hong Kong’s exports of goods. Continued increase in visitor arrivals and vibrant financial market activities should provide further impetus to exports of services. On the domestic front, the renewed interest rate cuts in the United States since this September are conducive to boosting asset market sentiment. Coupled with a gradual recovery in consumption confidence and also a visible improvement in business sentiment from earlier this year, these developments should lend support to local consumption and investment activity. The Government’s various measures to develop the economy and diversify markets will also provide support. However, external uncertainties, especially those arising from the ongoing impacts of trade barriers on the global economy, international trade and financial conditions still warrant close monitoring. The revised figures on GDP and more detailed statistics for the third quarter of 2025, as well as the revised GDP forecast for 2025, will be released on 14 November 2025.


External sector (PDF) (Excel)

Latest situation
The value of merchandise exports continued to grow visibly by 16.1% in September over a year earlier. Exports to the Mainland and most other Asian markets saw robust growth, and exports to the United States and the European Union also grew moderately. Meanwhile, exports of most major commodities increased, particularly for exports of electrical equipment, machinery and mechanical appliances which continued to see strong growth.
Looking ahead, Hong Kong’s merchandise trade performance should continue to be underpinned by the sustained expansion in the global economy. The Government’s ongoing endeavour in enhancing economic and trade ties with different markets also helps. Yet, the United States’ trade policy will continue to cast uncertainties on the near-term outlook of international trade flows. The Government will monitor the situation closely and stay vigilant.


Prices (PDF) (Excel)

Latest situation
Consumer price inflation remained modest in September. The underlying Composite CPI increased by 1.0% over a year earlier, broadly similar to the increases in recent months. Price pressures across major components were largely stable.
Looking ahead, overall inflation should stay modest in the near term, as domestic cost pressures remain contained and external price pressures are subdued.


Labour market (PDF) (Excel)

Latest situation
The seasonally adjusted unemployment rate went up by 0.2 percentage point over the preceding three-month period to 3.9% in July – September 2025. The underemployment rate remained unchanged at 1.6%. Over the same period, the labour force and total employment edged down slightly.
Looking ahead, the continued expansion of the Hong Kong economy is expected to support job growth. However, the employment situation in some sectors would continue to face challenges during economic restructuring. The increasing external uncertainties could also weigh on corporate hiring sentiment. The Government will continue to closely monitor the labour market situation and facilitate job-seeking through enhancing dissemination of employment information.


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)