Latest Developments

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

Latest situation
The Hong Kong economy expanded solidly in the first quarter of 2025. According to the advance estimates, real GDP grew by 3.1% over a year earlier, picking up from the 2.5% growth in the preceding quarter. On a seasonally adjusted quarter-to-quarter basis, real GDP grew visibly by 2.0%. Looking ahead, as global trade tensions escalated abruptly in early April due to the significant increases in import tariffs imposed by the US, the downside risks surrounding the global economy have heightened visibly. The extremely high levels of trade policy uncertainty will dampen international trade flows and investment sentiment, which in turn overshadow the near-term outlook for the Hong Kong economy. Nonetheless, the sustained steady growth of the Mainland economy, together with the Government’s various measures to promote economic growth and expand into more diversified markets, will lend support to various economic activities in Hong Kong. The revised figures on GDP and more detailed statistics for the first quarter of 2025, as well as the revised GDP forecast for 2025, will be released on 16 May 2025.


External sector (PDF) (Excel)

Latest situation
The value of merchandise exports grew sharply by 18.5% in March over a year earlier. Exports to the Mainland grew strongly, while those to other major Asian economies showed mixed performance. Exports to the United States increased visibly, and those to the European Union registered a marginal increase.
Looking ahead, global trade tensions have escalated abruptly due to the significant increases in tariffs by the United States in early April. This will pose challenges to Hong Kong’s merchandise trade performance. Nevertheless, the steady growth in the Mainland economy, together with Hong Kong’s proactive efforts in enhancing economic and trade ties with different markets, should help buttress trade performance. The Government has been providing support to enterprises through various measures in coping with the external challenges, and will monitor the situation closely.


Prices (PDF) (Excel)

Latest situation
The underlying consumer price inflation stayed modest in March. The underlying Composite CPI increased by 1.0% over a year earlier in March, smaller than the increase of 1.3% in January and February combined. Price pressures on various major components stayed contained in general.
Looking ahead, overall inflation should remain modest in the near term. External price pressures should be broadly in check, though escalating trade conflicts continue to warrant attention. The Government will monitor the situation closely.


Labour market (PDF) (Excel)

Latest situation
The seasonally adjusted unemployment rate stayed low at 3.2% in January – March 2025, same as December 2024 – February 2025. The underemployment rate also remained unchanged at 1.1%. The labour force and total employment declined further to 3 815 500 and 3 692 700 respectively from the preceding three-month period.
Looking ahead, the increasingly uncertain external environment due to escalated trade conflicts may weigh on hiring sentiment in some sectors. Nonetheless, the continued growth of the Mainland economy, supported by the Central Government’s boosting policies, alongside the SAR Government’s various policy measures to continuously promote economic growth and support enterprises, are expected to provide support to labour demand. The SAR Government will stay vigilant and continue to closely monitor the labour market situation.


Retail and other economic indicators (PDF) (Excel)

Latest situation
The value of total retail sales increased further in March 2025 over the preceding month on a seasonally adjusted comparison, and its year-on-year decline continued to narrow. For the first quarter as a whole, the value of total retail sales resumed an increase over the preceding quarter on a seasonally adjusted comparison.
Looking ahead, the sustained steady growth of the Mainland economy, the Government’s proactive efforts to boost the consumption market through promotion of tourism and mega events, as well as the increase in employment earnings will continue to support the retail sector. However, the increased level of uncertainty in the global economic outlook and the ongoing impact of the change in consumption patterns will pose challenges to the sector.


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)