Hong Kong's economy accelerated in Q1 ahead of tariff storm

Hong Kong's economy grows 3.1 percent in Q1, marks ninth straight gain

Robert Besser
08 May 2025, 07:49 GMT+10

Hong Kong's economy accelerated in Q1 ahead of tariff storm

Hong Kong's economy grew by 3.1 percent in the first quarter of this year compared to the same period last year, according to early government estimates
This marks the ninth quarter in a row of economic growth and was better than the 2.1 percent growth expected by economists in a Reuters poll
In the previous quarters, Hong Kong reported 2.5 percent growth in Q4 2024, 1.9 percent in Q3, 3.0 percent in Q2, and 2.8 percent in Q1 of 2024

HONG KONG: Hong Kong's economy grew by 3.1 percent in the first quarter of this year compared to the same period last year, according to early government estimates.

This marks the ninth quarter in a row of economic growth and was better than the 2.1 percent growth expected by economists in a Reuters poll.

In the previous quarters, Hong Kong reported 2.5 percent growth in Q4 2024, 1.9 percent in Q3, 3.0 percent in Q2, and 2.8 percent in Q1 of 2024. The government said the latest development was helped by strong exports and a rise in tourist arrivals, which supported services. Investment spending also increased.

However, people in Hong Kong spent less on daily goods and services, as many tightened their budgets and crossed the border to shop in mainland China, where prices were lower due to a strong Hong Kong dollar.

On a quarterly basis (compared to the previous quarter), the economy grew 2.0 percent from January to March, up from 0.9 percent from October to December and following a small drop of 0.1 percent between July and September.

Goods exports rose 8.7 percent in the first quarter, much higher than the 1.3 percent growth in the fourth quarter. Imports also increased by 7.4 percent, compared to just 0.4 percent growth in the previous quarter.

However, private consumption dropped by 1.2 percent, showing that households were still cautious with spending.

Looking ahead, the government warned that rising global trade tensions, mainly due to new U.S. tariffs in April, could hurt international trade and business confidence. However, it said strong growth in mainland China may help support Hong Kong's economy in the near future.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Professional Autos.

More Information

null in null

Business

Section

Hong Kong's economy grows 3.1 percent in Q1, marks ninth straight gain

HONG KONG: Hong Kong's economy grew by 3.1 percent in the first quarter of this year compared to the same period last year, according...

U.S. stocks extend gains after FOMC leaving rates untouched

U.S. stock markets, dollar advance on Fed rate decision

NEW YORK, New York - U.S. stocks advanced on Wednesday while the U.S. dollar made across-the-board gains after the Federal Reserve...

JetBlue pilots oppose new US airline partnership plan

JetBlue's plan for domestic partnership faces union backlash

LONG ISLAND CITY, New York: JetBlue Airways' plan to strike a domestic partnership with another U.S. airline is drawing sharp resistance...

Shell beats estimates with $5.58 billion Q1 profit despite 28% drop

Shell profit beats expectations, buybacks kept steady

LONDON, U.K.: Shell reported a better-than-expected first-quarter profit of US$5.58 billion on May 2, down 28 percent from a year earlier...

Thailand cuts 2025 tourist forecast to 36.5 million

Thailand says it expects 36.5 million foreign tourists this year

BANGKOK, Thailand: Thailand's finance ministry has revised its projection for foreign tourist arrivals this year, lowering the estimate...

U.S. stocks in retreat, Nasdaq Composite slides 155 points

U.S. stocks close sharply lower, Dow Jones drops 390 points

NEW YORK, New York - U.S. stock markets retreated on Tuesday, with major indices posting losses amid renewed economic concerns, while...

Engineering

Section

Hong Kong's economy grows 3.1 percent in Q1, marks ninth straight gain

Watch latest videos

News RELEASES

Business

Hong Kong's economy grows 3.1 percent in Q1, marks ninth straight gain

U.S. stocks extend gains after FOMC leaving rates untouched

JetBlue pilots oppose new US airline partnership plan

Shell beats estimates with $5.58 billion Q1 profit despite 28% drop

Thailand cuts 2025 tourist forecast to 36.5 million

U.S. stocks in retreat, Nasdaq Composite slides 155 points

Engineering

China announces fresh policy boost to fuel economic recovery

Kiev attempts new incursion into Russias Kursk

Finnish city welcomes TikTok data center, anticipates major economic boost

CBI Director Praveen Sood gets one year's extension

Water crisis in Pakistan as Khanpur dam level drops, supply may last just 35 days

Devasthali Unveils Phase Two: A 5-Star Hill Station Villa Resort Just 800 Metres from Goa's Hollant Beach

Movie Review

The Incredible Shrinking Man [Blu-Ray]