Key facts
- Hong Kong's economy grew 3.8% year-on-year in Q3, up from 3.1% in Q2.
- Exports of goods rose 12.1% year-on-year, driven by electronics and regional trade.
- Exports of services increased 6.3% year-on-year, boosted by tourism and financial activities.
- Private consumption expenditure grew 2.1% year-on-year.
- Investment expenditure saw a 4.3% year-on-year increase.
- The unemployment rate rose to 3.9% in Q3.
Hong Kong's economy demonstrated robust performance in the third quarter of 2025, with real Gross Domestic Product (GDP) growing by 3.8% year-on-year. This marks an acceleration from the 3.1% growth recorded in the preceding quarter. On a seasonally adjusted quarter-to-quarter basis, real GDP increased by 0.7%.
The surge in exports, particularly for electronic-related products and buoyant regional trade flows in Asia, significantly propelled total exports of goods, which grew by 12.1% year-on-year in real terms. Exports of services also expanded notably by 6.3% year-on-year, supported by sustained increases in inbound tourism, cross-boundary traffic, and vibrant financial service activities.
Domestically, private consumption expenditure saw a slight pickup, rising by 2.1% year-on-year, reflecting a continued recovery in the local consumption market. Overall investment expenditure accelerated by 4.3% year-on-year, coinciding with the economic expansion and stabilization in the residential property market.
However, the labour market softened, with the seasonally adjusted unemployment rate rising to 3.9% in the third quarter from 3.5% in the previous quarter. The Census and Statistics Department also noted a slight decrease in the diffusion index on business receipts among small and medium-sized enterprises (SMEs) in November 2025, particularly in the logistics and import/export trades sectors, although the outlook for the next month remained elevated.
Despite these domestic strengths, the government warned of persistent external uncertainties, including the war in the Middle East and inflation, which warrant close monitoring. Financial Secretary Paul Chan Mo-po expressed confidence that the economy would achieve its full-year growth target of 3.5% to 4.5%.