Financial News: Hong Kong GDP Growth Accelerates In Q1

Hong Kong GDP Growth Accelerates In Q1

05/02/2025 - 07:21:00 (RTTNews)

(RTTNews) - Hong Kong's economy expanded at an accelerated pace in the first quarter of 2025, the advance estimates from the Census and Statistics Department showed Friday.

Gross domestic product advanced 3.1 percent year-over-year in the first quarter, faster than the 2.5 percent growth in the fourth quarter.

On a seasonally adjusted quarter-to-quarter basis, real GDP increased by 2.0 percent versus a 0.9 percent rebound in the December quarter.

On the expenditure side, gross domestic fixed capital formation alone grew 2.8 percent annually, in contrast to a 0.7 percent decrease in the December quarter.

Government consumption expenditure rose 1.2 percent, while household consumption declined further by 1.2 percent. Exports of goods showed a growth of 8.7 percent, while imports of goods climbed by 7.4 percent.

Looking ahead, as global trade tensions escalated abruptly in early April due to the significant increases in import tariffs imposed by the US, the downside risks surrounding the global economy have heightened visibly, which in turn overshadows the near-term outlook for the Hong Kong economy, a government spokesman said.

"Nonetheless, the sustained steady growth of the Mainland economy, together with the Government's various measures to promote economic growth and expand into more diversified markets, will lend support to various economic activities in Hong Kong."

Separate official data showed that the annual decline in retail sales value moderated to 3.5 percent in March from 13.0 percent in February. During the first quarter, the value of total retail sales decreased by 6.5 percent compared with the same period in 2024.

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