Hong Kong GDP Growth Confirmed at 3.8% in Q4

Hong Kong’s economy grew by 3.8% year-on-year in the fourth quarter of 2025, following a revised 3.7% expansion in the previous quarter, and matching preliminary estimates. Private consumption rose 2.7%, up from 2.4%, while overall investment surged 10.5%, compared with 3.4%, reflecting stronger consumer confidence and an improved business outlook. In contrast, government spending slowed to 1.4% from 2% in Q3. On the trade front, goods exports climbed 15.5% from 12%, while service exports eased to 4.8% from 6.6%. Meanwhile, goods imports increased 18.4% from 11.7% and service imports rose 3.7% from 2.3%. On a seasonally adjusted quarterly basis, the GDP rose 1% from an upwardly revised 0.9%. For the full year, Hong Kong’s economy expanded 3.5%, up from 2.6% in 2024.

Hong Kong’s economy expanded by 3.8% year-on-year in the fourth quarter of 2025, following a downwardly revised 3.7% growth in the third quarter, preliminary data showed. This was the strongest growth since the fourth quarter of 2023, supported by robust regional trade, sustained growth in inbound tourism and financial service activities. On the expenditure side, increases were seen in private consumption (2.5% vs 2.4% in Q3) and gross fixed capital formation (10.9% vs 3.4%). Government spending also rose, albeit at a slower pace (1.4% vs 2%). Meanwhile, on net trade, export growth (15.5% vs 12%) was outpaced by imports (18.4% vs 11.7%). On a seasonally adjusted quarterly basis, GDP rose by 1% in the December quarter, following an upwardly revised 0.9% increase in the previous period. For 2025 as a whole, GDP grew by 3.5%, accelerating from a 2.6% rise in 2024 and marking the third consecutive year of expansion. That surpassed the government’s forecast of a 3.2% increase.

Hong Kong’s economy grew by 3.8% year-on-year in the third quarter of 2025, matching preliminary estimates and accelerating from a 3.1% expansion in the previous quarter. This marked the strongest growth since the fourth quarter of 2023, driven by robust export performance and steady domestic demand. Goods exports rose 12.1%, supported by strong demand for electronics and easing US-China trade tensions, while service exports rose 6.1%, boosted by rising inbound tourism and strong activity in financial markets. Meanwhile, imports increased at a slower pace, 11.7% for goods and 2.6% for services. On the domestic front, private consumption grew 2.1% (vs 1.9%), government spending rose 1.9% (vs 2.5%), while overall investment climbed 4.3% (vs 1.9%), reflecting a gradual recovery in consumer confidence and steady improvement in business sentiment. On a seasonally adjusted quarterly basis, the GDP advanced by 0.7%, following a 0.4% growth in the preceding period.