Source: Hong Kong Government special administrative region
The Census and Statistics Department (C&SD) released today (July 31) the advance estimates on Gross Domestic Product (GDP) for the second quarter of 2025.
According to the advance estimates, GDP increased by 3.1% in real terms in the second quarter of 2025 over a year earlier, compared with the increase of 3.0% in the first quarter.
Analysed by major GDP component, private consumption expenditure increased by 1.9% in real terms in the second quarter of 2025 over a year earlier, as against the decrease of 1.2% in the first quarter.
Government consumption expenditure measured in national accounts terms recorded an increase of 2.5% in real terms in the second quarter of 2025 over a year earlier, compared with the increase of 0.9% in the first quarter.
Gross domestic fixed capital formation increased by 2.9% in real terms in the second quarter of 2025 over a year earlier, following the increase of 1.1% in the first quarter.
Over the same period, total exports of goods measured in national accounts terms recorded an increase of 11.5% in real terms over a year earlier, accelerated further from the growth of 8.4% in the first quarter. Imports of goods measured in national accounts terms grew by 12.7% in real terms in the second quarter of 2025, compared with the increase of 7.2% in the first quarter.
Exports of services rose further by 7.5% in real terms in the second quarter of 2025 over a year earlier, after the increase of 6.3% in the first quarter. Imports of services increased by 7.0% in real terms in the second quarter of 2025, compared with the increase of 4.7% in the first quarter.
On a seasonally adjusted quarter-to-quarter comparison basis, GDP increased by 0.4% in real terms in the second quarter of 2025 when compared with the first quarter.
Commentary
A Government spokesman said that the Hong Kong economy continued to expand solidly in the second quarter of 2025, supported by strong exports performance and improved domestic demand. According to the advance estimates, real GDP grew by 3.1% over a year earlier, picking up slightly from the preceding quarter. On a seasonally adjusted quarter-to-quarter basis, real GDP rose further by 0.4%.
Analysed by major expenditure component, total exports of goods saw accelerated growth, as the external demand was resilient and the temporary easing of US tariff measures led to some “rush shipments”. Exports of services continued to expand notably, thanks to strong growth in inbound tourism, further expansion in cross-boundary traffic, and vibrant financial and related business service activities amid the buoyant local stock market. Domestically, private consumption expenditure resumed moderate growth after four consecutive quarters of decline, as supported by the stabilisation in the domestic consumption market. Meanwhile, overall investment expenditure increased further alongside the economic expansion.
The Hong Kong economy exhibited remarkable resilience in the first half of 2025. Looking ahead, steady economic growth in Asia, particularly in the Mainland, combined with the Government’s various measures to bolster consumption sentiment, attract investment, diversify markets, and promote economic growth, will continue to provide steadfast support for various segments of the Hong Kong economy. Nevertheless, uncertainties in the external environment remain elevated. The US’ renewed tariff hikes of late will exert pressure on global trade flows as well as its domestic economic activity and inflation. The uncertain pace of US interest rate cuts will also affect investment sentiment. Moreover, the “rush shipment” effect is expected to fade later this year. Hong Kong’s economic performance going forward will, to a certain extent, depend on how these factors evolve.
The revised figures on GDP and more detailed statistics for the second quarter of 2025, as well as the revised GDP forecast for 2025, will be released on August 15, 2025.
Further information
The year-on-year percentage changes of GDP and selected major expenditure components in real terms from the second quarter of 2024 to the second quarter of 2025 are shown in Table 1.
When more data become available, the C&SD will compile revised figures on GDP. The revised figures on GDP and more detailed statistics for the second quarter of 2025 will be released at the C&SD website (www.censtatd.gov.hk/en/scode250.html) and the Gross Domestic Product by Expenditure Component report (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1030001&scode=250) on August 15, 2025.
For enquiries about statistics on GDP by expenditure component, please contact the National Income Branch (1) of the C&SD (Tel: 2582 5077 or email: gdp-e@censtatd.gov.hk).