Hong Kong Q1 GDP Growth at Over 1-Year High

2025-05-02 08:48 By Czyrill Jean Coloma 1 min. read

Hong Kong’s economy expanded by 3.1% year-on-year in the first quarter of 2025, accelerating from an upwardly revised 2.5% gain in the previous three-month period, preliminary estimates showed.

This marked the strongest growth since the fourth quarter of 2023, leveraging a recovery in tourism and a surge in exports ahead of Donald Trump’s sweeping tariff hikes.

Official data revealed a surge in visitor numbers at the start of 2025, providing a significant boost to Hong Kong’s retail and catering sectors.

In terms of net external demand, exports of goods soared (8.7% vs 1.3% in Q4), as did imports (7.4% vs 0.4%).

Additionally, gross fixed capital formation recovered (2.8% vs -0.7%).

Meanwhile, household consumption continued to decline (-1.2% vs -0.2%) and government spending eased (1.2% vs 2.1%).

On a seasonally adjusted quarterly basis, the economy advanced by 2%, the most pronounced growth in two years and accelerating from an upwardly revised 0.9% gain in the previous period.



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