Latest Developments

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

Latest situation
The Hong Kong economy demonstrated remarkable resilience in 2025, notwithstanding episodes of heightened global trade tensions that resulted in higher tariffs on many trade flows. Real Gross Domestic Product grew robustly by 3.5% in 2025, faster than the preceding year and marking the third consecutive year of expansion. Growth momentum strengthened progressively over the course of the year. Total exports of goods increased solidly, and exports of services expanded notably. Domestically, private consumption expenditure reverted to a modest increase, and overall investment expenditure posted accelerated growth. The near-term outlook of the Hong Kong economy is cautiously optimistic. The global economy is expected to see steady growth in 2026, and the Chinese Mainland economy is expected to sustain stable, high-quality growth. Further interest rate cuts by the US Federal Reserve would also be supportive of global financial conditions. The positive momentum of the Hong Kong economy is expected to carry onto 2026. External trade is expected to continue to be the key growth driver, and more resilient domestic demand will also lend support to economic growth. Nevertheless, there are prevailing downside risks to the global outlook, including escalation of geopolitical tensions, frequently shifting trade and economic policies of the major economies, uncertainty over the US monetary policy etc. The Hong Kong economy is forecast to grow by 2.5% to 3.5% in 2026. Underlying consumer price inflation should remain mild and is forecast at 1.7% in 2026.


External sector (PDF) (Excel)

Latest situation
Merchandise exports continued to stage a strong performance in March. The value of merchandise exports grew by 35.8% over a year earlier on the back of strong global demand for AI-related electronic products. Exports to most markets and of most major commodities sustained strong growth.
Looking ahead, the heightened geopolitical tensions in the Middle East have led to an upsurge in international energy prices, posing downside risk to the near-term global economic outlook, with potential disruptions to global trade flows and supply chains. Nonetheless, global demand for AI-related electronic products remains robust and should provide staunch support to the performance of Hong Kong’s merchandise exports. The Government will continue to monitor the evolving external environment closely and stay vigilant.


Prices (PDF) (Excel)

Latest situation
Consumer price inflation accelerated somewhat but stayed moderate in March. The underlying Composite CPI rose by 1.6% over a year earlier, up from 1.3% in January and February combined. The acceleration mainly reflected the faster increases in prices of fuel-related components in the month, amid the upsurge in international oil prices due to the Middle East conflict. Meanwhile, price pressures on other components were largely contained.
Looking ahead, elevated international oil prices will likely continue to feed through to the relevant components in consumer prices gradually in the near term, with the final impacts hinging on the evolving situation in the Middle East. Yet, as price pressures from other sources generally stay contained, this should help rein in the potential upward pressure on overall inflation. The Government has introduced short-term targeted measures to address the recent increase in fuel prices, and will continue to monitor the development closely.


Labour market (PDF) (Excel)

Latest situation
The seasonally adjusted unemployment rate edged down further by 0.1 percentage point from the preceding three-month period to 3.7% in January – March 2026. Meanwhile, the underemployment rate also edged down by 0.1 percentage point to 1.6%. Over the same period, the labour force and total employment decreased slightly.
Looking ahead, the sustained growth of the Hong Kong economy should underpin the overall labour market. The Government will continue to closely monitor the developments in geopolitical tensions and assess the potential implications for the labour market.


Retail and other economic indicators (PDF) (Excel)

Latest situation
Retail sales strengthened further in early 2026. Taking January and February together to remove the effect of the different timing of the Chinese New Year compared with last year, the value of total retail sales increased visibly by 11.8% over a year earlier. Sales of most broad types of retail outlet also registered growth.
Looking ahead, the resilient growth momentum in the local economy and the vibrant increase in inbound visitors are expected to support retail businesses. Meanwhile, the Government will continue to closely monitor developments in geopolitical tensions and assess its potential implications for the consumer spending in the local market.


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)