Hong Kong GDP Annual Growth Rate

Last Release

Mar 31, 2025

Actual

3.1

Units In

2.4

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
20.5 Dec 1976	-9.1 Mar 2020	4.62 %	1974-2025	N/A

In recent years, Hong Kong has become an international hub for business, trade and finance importers willing to access the Chinese market. As such, the largest sector of the economy is services, which accounts for around 93 percent of GDP. Within services, the most important are wholesale and retail trade (25 percent of GDP); public administration and social services (17 percent); finance and insurance (16 percent); real estate and business services (11 percent); ownership of premises (10 percent) and transportation and postal services (6 percent). Information and communications and food and accommodation account for 8 percent. Construction represents 3.5 percent of GDP and electricity, water and gas supply, waste management and manufacturing 3.4 percent.

Latest Updates

Hong Kong’s economy expanded by 3.1% year-on-year in Q1 2025, in line with preliminary estimates and accelerating from an upwardly revised 2.5% growth in Q4 2024. The pickup was largely driven by strong external demand, particularly in the exports of goods and services, as businesses front-loaded shipments in anticipation of imminent US tariff hikes. External trade showed notable strength, with goods exports surging by 8.4% (up from 1.3% in Q4) and imports rising by 7.1% (vs 0.4% previously). Gross domestic fixed capital formation also returned to positive territory, growing by 2.8% after contracting by 0.7% in the prior quarter. However, private consumption continued to decline, falling by 1.1% (vs -0.2%), reflecting subdued domestic sentiment. Government spending also softened, rising by 1.2% compared to 2.1% in Q4. On a seasonally adjusted quarterly basis, GDP grew by 1.9%, the fastest pace in two years and an acceleration from the previous quarter’s upwardly revised 0.9% gain.