Latest Developments
Gross Domestic Product and its major components (PDF) (Excel)
Latest situation
The Hong Kong economy continued to expand solidly in the second quarter of 2025, supported by strong exports performance and improved domestic demand. According to the advance estimates, real GDP grew by 3.1% over a year earlier, picking up slightly from the preceding quarter. On a seasonally adjusted quarter-to-quarter basis, real GDP rose further by 0.4%. The Hong Kong economy exhibited remarkable resilience in the first half of 2025. Looking ahead, steady economic growth in Asia, particularly in the Mainland, combined with the Government’s various measures to bolster consumption sentiment, attract investment, diversify markets, and promote economic growth, will continue to provide steadfast support for various segments of the Hong Kong economy. Nevertheless, uncertainties in the external environment remain elevated. The US’ renewed tariff hikes of late will exert pressure on global trade flows as well as its domestic economic activity and inflation. The uncertain pace of US interest rate cuts will also affect investment sentiment. Moreover, the “rush shipment” effect is expected to fade later this year. Hong Kong’s economic performance going forward will, to a certain extent, depend on how these factors evolve. The revised figures on GDP and more detailed statistics for the second quarter of 2025, as well as the revised GDP forecast for 2025, will be released on 15 August 2025.
External sector (PDF) (Excel)
Latest situation
Merchandise exports performance remained resilient in June. The value of merchandise exports grew noticeably further by 11.9% over a year earlier. Exports to the Mainland and most other Asian markets continued to expand visibly, while those to the United States and the European Union fell.
Looking ahead, the sustained steady growth in various Asian economies in particular the Mainland economy, as well as Hong Kong’s enhanced economic and trade ties with different markets, should continue to support merchandise trade performance. Nonetheless, the outlook of global trade policy is still uncertain. The Government will continue to monitor the situation closely and stay vigilant.
- 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 June. The underlying Composite CPI increased by 1.0% over a year earlier, same as the preceding month. Price pressures on various major components were contained in general.
Looking ahead, overall inflation should remain modest in the near term, as pressures from domestic costs and external prices should stay broadly in check. The Government will monitor the situation closely.
Labour market (PDF) (Excel)
Latest situation
While the unemployment and underemployment rates in April – June 2025 remained the same as those of the preceding three-month period, various industries in Hong Kong are undergoing transition and their respective unemployment rates have different trends. Looking ahead, the trend of unemployment rate will hinge on the overall economic performance. The entry of fresh graduates and school leavers during the summer may impact the overall employment situation. Nevertheless, the continued expansion of the Hong Kong economy should provide support to the labour market.
- Link to press release of unemployment and underemployment statistics
- Link to press release of employment and vacancies statistics
- Link to press release of wage and payroll statistics
Retail and other economic indicators (PDF) (Excel)
Latest situation
Retail sales showed signs of stabilisation in recent months. The value of total retail sales increased further by 0.7% in June 2025 over the year.
Looking ahead, continued increase in employment earnings, buoyant local stock market, coupled with the Government’s proactive efforts in promoting tourism and mega events and also enterprises’ strenuous effort in providing more diversified experiences would provide support to the consumption sentiment in the domestic market and businesses of the retail sector.
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