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
The value of merchandise exports posted a sharp rise in January, surging by 33.8% over a year earlier. Exports to most markets and of most major commodities increased visibly. While the low base of comparison last year amid the early arrival of Chinese New Year contributed to the strong year-on-year rise, the underlying growth momentum remained robust. On a seasonally adjusted basis, the value of merchandise exports in the three-month period ending January picked up to increase by 9.4% over the preceding three-month period.
Looking ahead, Hong Kong’s merchandise trade performance will be underpinned by the sustained moderate expansion of the global economy and strong global demand for AI-related electronic products. Meanwhile, the Government will stay vigilant to the trade policy developments in the external environment.
- 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 remained mild in January 2026, with the underlying Composite CPI increased by 1.0% over a year earlier. The deceleration from the preceding month mainly reflected the high base of comparison last year when the Chinese New Year fell in late January in 2025 but in mid-February this year. Price pressures on various major components remained largely contained in general.
Looking ahead, external price pressures should largely stay moderate, while domestic costs may rise somewhat as the Hong Kong economy continues to grow. Nevertheless, overall inflation should stay mild in the near term.
Labour market (PDF) (Excel)
Latest situation
The seasonally adjusted unemployment rate edged up by 0.1 percentage point over the preceding three-month period to 3.9% in November 2025 – January 2026. Meanwhile, the underemployment rate remained unchanged at 1.7%. The labour force was broadly on a par with the level in the preceding three-month period. Over the same period, total employment saw a marginal decrease.
Looking ahead, the sustained growth momentum of the Hong Kong economy should help buttress the overall labour market. Nonetheless, the employment situations in some sectors may continue to be under pressure amid their challenging operating environments.
- Link to press release of unemployment and underemployment statistics
- Link to press release of statistics on persons engaged and vacancies
- Link to press release of wage and payroll statistics
Retail and other economic indicators (PDF) (Excel)
Latest situation
The value of retail sales continued to recover solidly in December, rising further by 6.6% over a year earlier. For 2025 as a whole, total retail sales value resumed modest growth.
Looking ahead, improving local consumption sentiment underpinned by robust economic growth momentum, together with continued vibrant growth in inbound visitors, will continue to be favourable to retail businesses.
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