Hong Kong growth unexpectedly picks up on tourism, front-loading

First quarter economic results show Hong Kong benefiting from mainland Chinese visitors and Southeast Asian trade, with businesses rushing exports before tariff deadlines. Hong Kong’s economy expanded more than forecast in the first quarter, benefiting from a recovery in tourism and an export bump before U.S. President Donald Trump’s drastic tariff hikes. Gross domestic product increased 3.1% from the same period last year, according to advance government data released yesterday. That exceeded a growth of 2.1% projected by economists and the previous quarter’s 2.4% expansion. The result aligns with recent positive signals from Financial Secretary Paul Chan, who anticipated solid growth fueled by rising tourism and goods exports. Official data showed visitor numbers climbed at the start of the year, a boost that provided support for local retail and catering sectors. Exports to mainland China and Southeast Asia saw strong increases, while sales to the U.S. also rose moderately, likely because of front-loaded shipments to avoid large tariffs entering effect in April. By Alan Wong

Hong Kong growth unexpectedly picks up on tourism, front-loading

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Published May 03, 2025

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Hong Kong growth unexpectedly picks up on tourism, front-loading