来源：大湾区之声 2025年全年本地生产总值的修订数值为4180.4亿澳门元，按年实质增长4.7%，经济总量恢复至2019年的 89.6%。 澳门统计暨普查局资料显示，受惠于2025年第四季度多项大型活动在澳举办以及特区政府一系列吸引旅 客措施，访澳旅客录得显着升幅，带动服务出口保持较快增长，澳门整体经济延续稳中有进的发展态 势。2025年第四季度本地生产总值的修订数值为1157.2亿澳门元，按年实质增长7.6%，经济总量恢复至 2019年同期的94.1%。 ...

新华社香港1月30日电（记者郑静霞）香港特区政府统计处30日发布2025年第四季度及全年的本地生产 总值预先估计数字显示，2025年第四季度本地生产总值同比实质上升3.8%，2025年全年本地生产总值 同比实质上升3.5%。 ...

Group 1 - The Hong Kong government has announced that the 2026 population census will be conducted throughout the year, rather than in a concentrated period of one and a half months, allowing selected households to submit only one questionnaire during the data collection period [1] Group 2 - Hong Kong's GDP for the third quarter of 2025 has shown a real year-on-year increase of 3.8%, compared to a 3.1% increase in the previous quarter [2] Group 3 - The total income of local residents in Hong Kong for the third quarter of 2025 has increased by 1.5% year-on-year, reaching 908.2 billion HKD at current market prices [3]

Group 1 - The overall local GDP of Hong Kong increased by 3.8% in Q3 2025 compared to the same period last year, up from a 3.1% increase in Q2 2025 [1] - The value added by all service activities rose by 3.1% in Q3 2025, compared to a 3.4% increase in Q2 2025 [1] - The value added by import and export trade, wholesale and retail industries increased by 5.1% in Q3 2025, down from a 6.1% increase in Q2 2025 [1] Group 2 - The accommodation and food services sector saw a decline in value added by 1.3% in Q3 2025, compared to a 0.6% decline in Q2 2025 [1] - The transportation, warehousing, postal, and courier services sector's value added increased by 2.3% in Q3 2025, down from a 5.5% increase in Q2 2025 [1] - The information and communications sector's value added remained relatively unchanged in Q3 2025, compared to a 0.4% increase in Q2 2025 [1] Group 3 - The financial and insurance sector's value added rose by 5.4% in Q3 2025, consistent with the increase in Q2 2025 [1] - The real estate, professional, and business services sector recorded a 0.4% increase in value added in Q3 2025, recovering from a 0.7% decline in Q2 2025 [2] - The public administration, social, and personal services sector's value added increased by 1.9% in Q3 2025, down from a 2.3% increase in Q2 2025 [2] Group 4 - The local manufacturing sector's value added increased by 5.4% in Q3 2025, compared to a 0.9% increase in Q2 2025 [2] - The electricity, gas, and water supply and waste management sector's value added decreased by 0.9% in Q3 2025, following a 0.4% increase in Q2 2025 [2] - The construction sector's value added declined by 7.0% in Q3 2025, following a 10.4% decline in Q2 2025 [3]

Group 1 - The total income of Hong Kong residents in Q3 2025 increased by 1.5% year-on-year to HKD 908.2 billion, while the GDP for the same period rose by 4.8% to HKD 853.7 billion [1] - The total income of local residents exceeded the GDP by HKD 54.5 billion, accounting for 6.4% of the GDP, primarily due to net inflows of investment income [1] - After adjusting for price changes, the real total income of Hong Kong residents rose by 0.2% year-on-year, while the real GDP increased by 3.8% [1] Group 2 - The total inflow of primary income, mainly from investment income, was HKD 576.1 billion, a decrease of 7.4% year-on-year, representing 67.5% of the GDP [1] - The total outflow of primary income also decreased by 3.8% year-on-year to HKD 521.5 billion, accounting for 61.1% of the GDP [1] Group 3 - Direct investment income inflow decreased by 4.9% year-on-year, mainly due to reduced direct investment earnings from local large enterprises abroad [2] - Securities investment income saw a significant decline of 10.6% year-on-year, primarily due to decreased dividend income from non-local equity securities for local investors [2] - In terms of outflows, direct investment income fell by 4.1% year-on-year, while securities investment income increased by 7.6%, driven by higher interest and dividend income from local debt and equity securities for non-local investors [2] Group 4 - In Q3 2025, Mainland China remained the largest source of primary income inflow to Hong Kong, accounting for 40.7% of the total inflow, followed by the British Virgin Islands at 16.0% [2] - For primary income outflows, Mainland China and the British Virgin Islands continued to be the main destinations, representing 36.0% and 18.4% of the total outflow, respectively [2]

Economic Overview - The preliminary GDP for Macau in Q3 2025 is reported at 103.86 billion MOP, reflecting a year-on-year real growth of 8.0%, with the overall economic scale recovering to 92.6% of the same period in 2019 [1] - For the first three quarters of this year, Macau's GDP stands at 301.33 billion MOP, showing a year-on-year real growth of 4.2%, with the economic total recovering to 88.4% of the same period in 2019 [2] Tourism and Service Sector - The increase in visitor arrivals to Macau during the summer tourism peak contributed to a significant rise in service exports, which grew by 10.5% year-on-year, driven by a 13.6% increase in visitor numbers [1] - Specific service exports such as other tourism services and gaming services increased by 7.4% and 14.3% respectively [1] Domestic Consumption - Local private consumption remained robust, with government final consumption expenditure and private consumption expenditure rising by 2.7% and 0.8% year-on-year respectively [1] - In contrast, fixed capital formation saw a decline of 26.1% due to a reduction in private and public construction projects [1] Trade Performance - Merchandise exports in Q3 increased by 4.5% year-on-year, while merchandise imports experienced a decline of 6.5% [1] - The overall price change measured by the GDP implicit price index decreased by 1.1% [2]

Core Viewpoint - Hong Kong's economy showed robust growth in the third quarter of 2025, with a real GDP increase of 3.8% year-on-year, driven by strong export performance and expanding domestic demand [1][2]. Group 1: Economic Performance - The third quarter saw private consumption expenditure rise by 2.1% year-on-year [1]. - Government consumption expenditure, as defined by national economic accounting, increased by 1.6% year-on-year [1]. - Overall investment expenditure accelerated due to economic expansion and stabilization in the residential property market [1]. Group 2: Trade and Exports - Total goods exports rose by 12.2% year-on-year, while total goods imports increased by 11.7% [1]. - Strong demand for electronic-related products and active regional trade contributed to significant growth in overall goods exports [1][2]. Group 3: Services Sector - Service output increased by 6.1% year-on-year, while service input rose by 2.6% [1]. - The growth in service output was primarily supported by the continued increase in tourism and active cross-border financial activities amid rising global stock markets [1]. Group 4: Future Outlook - The outlook for Hong Kong's economy remains positive, with expectations of further steady growth in the remaining months of the year [2]. - Continued strong demand for electronic products and increasing visitor numbers are expected to support both goods and service exports [2]. - Improvements in consumer confidence and business sentiment, along with government measures to diversify the economy, are anticipated to bolster local consumption and investment activities [2].

Core Viewpoint - The Hong Kong economy is expected to continue its robust growth for the remainder of 2025, driven by strong export performance and expanding domestic demand [1][5]. Economic Growth - In Q3 2025, Hong Kong's real GDP grew by 3.8% year-on-year, an increase from 3.1% in Q2 [1]. - Seasonally adjusted, the real GDP rose by 0.7% compared to the previous quarter [1]. Consumption and Investment - Private consumption expenditure increased by 2.1% year-on-year in Q3, up from 1.9% in Q2 [1]. - Government consumption expenditure recorded a real increase of 1.6% year-on-year in Q3, down from 2.5% in Q2 [1]. - Local fixed capital formation rose by 4.3% year-on-year in Q3, following a 1.9% increase in Q2 [1]. Trade Performance - Goods exports saw a real increase of 12.2% year-on-year in Q3, compared to 11.5% in Q2 [1]. - Goods imports rose by 11.7% in Q3, down from 12.6% in Q2 [1]. Service Sector - Service output increased by 6.1% year-on-year in Q3, following an 8.6% rise in Q2 [2]. - Service input grew by 2.6% in Q3, compared to 7.3% in Q2 [2]. - The tourism sector and active cross-border financial activities supported the expansion of service output [3]. Future Outlook - The government anticipates further economic growth due to moderate global economic growth and strong demand for electronic products, which will support goods exports [5]. - An increase in visitor arrivals and active financial market activities are expected to boost service exports [5]. - Local consumption and investment activities are likely to be supported by the recovery of consumer confidence and recent interest rate cuts by the U.S. [5]. - Retail sales value for the first nine months of the year showed a temporary decline of 1.0% year-on-year, but September recorded a 5.9% increase, marking the fifth consecutive month of growth [5].

Core Viewpoint - Hong Kong's GDP experienced a year-on-year growth of 3.8% in Q3 2025, an increase from 3.1% in Q2 2025, driven by strong export performance and expanding domestic demand [1][3]. Economic Performance - The local GDP in Q3 2025 rose by 3.8% compared to the same period last year, while the previous quarter's growth was 3.1% [1][3]. - Private consumption expenditure increased by 2.1% year-on-year in Q3 2025, up from 1.9% in Q2 2025 [1]. - Government consumption expenditure recorded a 1.6% increase year-on-year in Q3 2025, down from 2.5% in Q2 2025 [1]. Investment and Trade - Gross fixed capital formation rose by 4.3% year-on-year in Q3 2025, following a 1.9% increase in Q2 2025 [2]. - Merchandise exports saw a significant increase of 12.2% year-on-year in Q3 2025, compared to 11.5% in Q2 2025 [2]. - Merchandise imports increased by 11.7% year-on-year in Q3 2025, slightly down from 12.6% in Q2 2025 [2]. Service Sector - Service output grew by 6.1% year-on-year in Q3 2025, following an 8.6% increase in Q2 2025 [2]. - Service input rose by 2.6% year-on-year in Q3 2025, down from 7.3% in Q2 2025 [2]. Future Outlook - The Hong Kong economy is expected to continue its robust growth for the remainder of 2025, supported by moderate global economic growth and strong demand for electronic products [4]. - The increase in visitor arrivals and active financial market activities are anticipated to further boost service exports [4]. - Local consumption and investment activities are expected to be supported by improved consumer confidence and government measures to diversify the economy [4].

Core Insights - The overall local GDP in Hong Kong for Q2 2025 increased by 3.1% year-on-year, slightly up from 3.0% in Q1 2025 [1] Service Industry Analysis - The value added by all service activities rose by 3.4% in Q2 2025 compared to the same period last year, an increase from 2.5% in Q1 2025 [1] - The value added in import and export trade, wholesale, and retail increased by 6.1% year-on-year in Q2 2025, up from 4.2% in Q1 2025 [1] - The accommodation and food services sector saw a decline of 1.8% in value added year-on-year in Q2 2025, consistent with the decline in Q1 2025 [1] - The transportation, warehousing, postal, and courier services sector experienced a 5.6% increase in value added year-on-year in Q2 2025, compared to 2.6% in Q1 2025 [1] - The information and communications sector's value added rose by 1.1% year-on-year in Q2 2025, similar to the growth in Q1 2025 [1] - The financial and insurance sector's value added increased by 5.3% year-on-year in Q2 2025, up from 4.2% in Q1 2025 [1] - The real estate, professional, and business services sector recorded a slight decline of 0.2% in value added year-on-year in Q2 2025, an improvement from a 0.5% decline in Q1 2025 [1][2] Other Industries - The value added by the local manufacturing sector increased by 0.9% year-on-year in Q2 2025, up from 0.7% in Q1 2025 [2] - The electricity, gas, and water supply and waste management sector saw a 0.2% increase in value added year-on-year in Q2 2025, recovering from a 1.3% decline in Q1 2025 [2] - The construction sector experienced a significant decline of 8.7% in value added year-on-year in Q2 2025, following a 4.9% decline in Q1 2025 [3]