Economy, Finance and Trade: Hong Kong, China

September 2025

Hong Kong’s real GDP growth slowed to 2.5% in 2024, below the regional average, though GDP per capita stayed high. Export growth, led by machinery and electronics, rose by 9.1%, offsetting weaker private consumption. Inflation is projected to ease to 1.6% in 2025, with monetary policy kept cautious to balance stability and growth. Despite strong exports in 2024, the outlook has dimmed as global uncertainty deepens and US protectionist tariffs intensify.

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Overview:

The Country Briefings series examine market potential, economic and consumer trends impacting each country and how they are set to change.

Each Country Briefing covers one of these topics:

Economy, Finance and Trade: Understanding the structure, health and potential risks of an economy are important for decision-making within an existing operating environment as well as for expansion strategies. Real GDP growth, inflation and exchange rate fluctuations will directly impact consumer market potential. Import and export trade profiles help gauge how open an economy is to trade and investment, while analysis of government finances can be used to explore macroeconomic stability and susceptibility to economic shocks.

Income and Expenditure: Insights into income, wealth and expenditure of consumers are vital in helping businesses make strategic decisions with regards to which country (or even which region within a country) to enter, which consumer segment to target, which products or services to market, and at which price point. Other factors such as the size and expansion of the middle class and income inequality are also important in helping companies gauge the potential of a country market.

Households: Global shifts in gender, ageing, migration and housing are transforming the size, location,  general make-up as well as income and expenditure of households around the globe, with diverse implications for governments and companies. Households insights can help identify the decision-making processes and consumption tastes of different household groups and types within a country, and assess household appliance and digital readiness that is key for formulating market technology and internet strategies.

Business Dynamics: A stable and competitive business environment is vital to operate efficiently and attract inward investment. Businesses can assess these factors alongside challenges such as corruption, political instability and terrorism, also gain insight into business operating environment and make strategic investment decisions. Transport infrastructure, ICT readiness and labour force dynamics will also identify potential issues with a supply chain and the level of workforce skills.

Commodities: Insights on key sectors directly related to the environmental commodities of a country such as energy, water, pollution, environmental resilience, forest and biodiversity and food and agriculture help businesses to make strategic decisions in relation to environmental and commodities trends, improve brand reputation and ensure long-term operations while ultimately growing the bottom line.

The briefings cover 103 countries and identify topics of crucial interest to planners, marketers and researchers.

Economy, Finance and Trade: Hong Kong, China

HEADLINES

Fragile household spending undermines economic growth momentum
Inflation in Hong Kong declines as demand slows
Hong Kong's exports face headwinds amid rising US-China trade tariffs
Hong Kong's budget deficit and public debt rise despite revenue increase

COUNTRY RISK ANALYSIS

Chart 1 Economic Landscape of Hong Kong 2024-2029
Chart 2 Real GDP Growth in Hong Kong 2010-2029
Chart 3 GDP Size and Growth 2019-2029
Chart 4 Gross Value Added by Sector in Hong Kong 2024
Chart 5 Domestic Demand 2024 and Period Growth 2019-2024
Chart 6 Standardised Business Confidence Index 2019-2026
Chart 7 Productivity 2019/2024
Chart 8 Productivity by Sector in Hong Kong 2024 and CAGR 2019-2024
Chart 9 Monetary Landscape of Hong Kong 2024
Chart 10 Inflation 2019-2029
Chart 11 Average Inflation 2019-2029
Chart 12 Interest Rates in Hong Kong 2019-2026
Chart 13 Exchange Rates 2019-2026
Chart 14 Money Supply Growth and Money Velocity in Hong Kong 2019-2026
Chart 15 Foreign Trade Landscape of Hong Kong 2024
Chart 16 Exports and Export Price Index in Hong Kong 2019-2024
Chart 17 Exports by Commodity in Hong Kong 2024
Chart 18 Top 10 Export Destinations 2024 and Period Growth 2019-2024
Chart 19 Imports and Import Price Index in Hong Kong 2019-2024
Chart 20 Imports by Commodity in Hong Kong 2024
Chart 21 Top 10 Import Origins 2024 and Period Growth 2019-2024
Chart 22 Investment Landscape of Hong Kong 2023-2024
Chart 23 Foreign Direct Investment Inflows and FDI intensity 2024
Chart 24 Foreign Direct Investment Inflows and Outflows in Hong Kong 2019-2024
Chart 25 Gross Fixed Capital Formation in Hong Kong 2019-2026
Chart 26 Government Budget Landscape of Hong Kong 2024
Chart 27 Public Debt 2024
Chart 28 Government Revenue 2024
Chart 29 Government Expenditure 2024
Chart 30 Government Expenditure by Economic Type in Hong Kong 2024
Chart 31 Government Expenditure by Function in Hong Kong 2024 and Period Growth 2019-2024
Chart 32 Baseline and Scenario Forecasts in Hong Kong 2024-2030
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