Hong Kong's GDP grew by 3.8% year-on-year in the third quarter.

On October 31, the Census and Statistics Department of the Hong Kong Special Administrative Region Government released the preliminary estimate of the Gross Domestic Product (GDP) for the third quarter of 2025. According to the preliminary estimate, the local GDP for the third quarter of 2025 increased by 3.8% in real terms compared to the same period last year, while the growth rate in the second quarter was 3.1%. In terms of the major components of GDP, private consumption expenditure in the third quarter of 2025 increased by 2.1% in real terms compared to the same period last year, while the growth rate in the second quarter was 1.9%. Government consumption expenditure, calculated according to the national economic accounts definition, recorded a 1.6% real increase in the third quarter of 2025 compared to the same period last year, while the growth rate in the second quarter was 2.5%. The total fixed capital formation in the local economy increased by 4.3% in the third quarter of 2025 compared to the same period last year, following a 1.9% increase in the second quarter. Meanwhile, according to the national economic accounts definition, the total value of goods exports increased by 12.2% in real terms compared to the same period last year, while the growth rate in the second quarter was 11.5%. Goods imports increased by 11.7% in real terms in the third quarter of 2025, compared to a 12.6% increase in the second quarter. Service exports increased by 6.1% in real terms in the third quarter of 2025, following an 8.6% increase in the second quarter. Service imports increased by 2.6% in real terms in the third quarter, while the growth rate in the second quarter was 7.3%. The seasonally adjusted local GDP for the third quarter of 2025 increased by 0.7% compared to the second quarter. A government spokesperson stated that Hong Kong's economy performed well in the third quarter of 2025, driven by continued growth in exports and expanding domestic demand. According to the preliminary estimate, the real local GDP increased by 3.8% year-on-year, higher than the 3.1% growth in the previous quarter. After seasonal adjustments, the real local GDP further increased by 0.7% compared to the previous quarter. Analysis shows that strong demand for electronics products and robust regional trade contributed to significant growth in overall goods exports in the third quarter. Service exports also expanded significantly, supported by continued growth in tourism and active cross-border financial activities in the global stock markets. On the domestic front, private consumption expenditure continued to grow, and with economic expansion and stabilization in the residential property market, overall investment spending accelerated. Looking ahead, the Hong Kong economy is expected to continue its steady growth for the remainder of 2025. With global economic growth expected to remain moderate in the short term and strong demand for electronics products, this should further support Hong Kong's goods exports. Increasing tourist arrivals and strong financial market activity should provide further momentum for service exports. On the domestic front, the resurgence of easing measures in the US since September, along with gradually recovering consumer confidence and improved business sentiment compared to earlier in the year, should support local consumption and investment activities. Various government measures to develop the economy and diversify markets will also provide support. However, external uncertainties, especially trade barriers and their continued impact on the global economy, international trade, and financial conditions, need to be closely monitored.