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]

Core Insights - The overall local GDP in Hong Kong for Q2 2025 increased by 3.1% compared to the same period last year, slightly up from a 3.0% increase in Q1 2025 [1] Service Industry Analysis - The total value added by all service activities rose by 3.4% in Q2 2025, compared to a 2.5% increase in Q1 2025 [1] - The value added by import and export trade, wholesale, and retail increased by 6.1% in Q2 2025, up from 4.2% in Q1 2025 [1] - Accommodation and food services saw a decline of 1.8% in value added in Q2 2025, consistent with the decline in Q1 2025 [1] - The transportation, warehousing, postal, and courier services sector increased by 5.6% in Q2 2025, compared to a 2.6% increase in Q1 2025 [1] - The information and communications sector's value added rose by 1.1% in Q2 2025, similar to the growth in Q1 2025 [1] Financial and Professional Services - The financial and insurance sector's value added increased by 5.3% in Q2 2025, up from 4.2% in Q1 2025 [2] - The real estate, professional, and business services sector recorded a decline of 0.2% in Q2 2025, an improvement from a 0.5% decline in Q1 2025 [2] - Public administration, social, and personal services increased by 2.2% in Q2 2025, compared to a 1.7% increase in Q1 2025 [2] Manufacturing and Other Industries - The local manufacturing sector's value added rose by 0.9% in Q2 2025, compared to a 0.7% increase in Q1 2025 [2] - The electricity, gas, and water supply and waste management sector saw a 0.2% increase in value added in Q2 2025, recovering from a 1.3% decline in Q1 2025 [2] Construction Industry - The construction sector experienced a significant decline, with value added dropping by 8.7% in Q2 2025, following a 4.9% decline in Q1 2025 [3]

Economic Overview - The overall local GDP in Hong Kong for Q2 2025 increased by 3.1% compared to the same period last year, slightly up from a 3.0% increase in Q1 2025 [1] Service Industry Analysis - The total value added by all service activities rose by 3.4% in Q2 2025, compared to a 2.5% increase in Q1 2025 [1] - The value added by import and export trade, wholesale, and retail industries increased by 6.1% in Q2 2025, up from a 4.2% increase in Q1 2025 [1] - The accommodation and food services sector saw a decline of 1.8% in value added in Q2 2025, consistent with a similar decline in Q1 2025 [1] - The transportation, warehousing, postal, and courier services sector increased by 5.6% in Q2 2025, compared to a 2.6% increase in Q1 2025 [1] - The information and communications sector's value added rose by 1.1% in Q2 2025, remaining stable compared to Q1 2025 [1] Financial and Professional Services - The financial and insurance sector's value added increased by 5.3% in Q2 2025, up from a 4.2% increase in Q1 2025 [2] - The real estate, professional, and business services sector recorded a slight decline of 0.2% in Q2 2025, an improvement from a 0.5% decline in Q1 2025 [2] - The public administration, social, and personal services sector increased by 2.2% in Q2 2025, compared to a 1.7% increase in Q1 2025 [2] Manufacturing and Utilities - The local manufacturing sector's value added rose by 0.9% in Q2 2025, compared to a 0.7% increase in Q1 2025 [2] - The electricity, gas, water supply, and waste management sector saw a 0.2% increase in value added in Q2 2025, recovering from a 1.3% decline in Q1 2025 [2] Construction Industry - The construction sector experienced a decline of 8.7% in value added in Q2 2025, following a 4.9% decline in Q1 2025 [3]

Core Insights - The total income of Hong Kong residents increased by 5.2% year-on-year in the second quarter of this year, reaching HKD 892.2 billion [1] - The estimated Gross Domestic Product (GDP) for the same period was HKD 785.2 billion, reflecting a year-on-year growth of 3.7% [1] - The total income of residents exceeded the local GDP by HKD 107.0 billion, which is equivalent to 13.6% of the GDP for that quarter, primarily due to net inflows from investment income [1] - After adjusting for price changes, the real total income of residents rose by 3.6% compared to the same period last year, while the real GDP increased by 3.1% [1]

Economic Performance - In Q2 2025, Hong Kong's real GDP grew by 3.1% year-on-year, matching the previous quarter's growth of 3.0% [1] - Seasonally adjusted, the real GDP increased by 0.4% quarter-on-quarter, down from 1.8% in the previous quarter [1] External Trade - Overall merchandise exports accelerated to a growth of 11.5% year-on-year in Q2 2025, following an 8.4% increase in the previous quarter [2] - Exports to mainland China continued to show double-digit growth, while exports to ASEAN markets also increased [2] - Service output expanded by 7.5% year-on-year in Q2 2025, supported by strong tourism and cross-border transport [2] Internal Economy - Private consumption expenditure rose by 1.9% year-on-year in Q2 2025, recovering from a decline of 1.2% in the previous quarter [3] - Government consumption expenditure increased by 2.5% year-on-year in Q2 2025 [3] - Overall investment expenditure rose by 2.8% year-on-year, with significant increases in machinery and equipment spending [3] Labor Market - The unemployment rate increased to 3.5% in Q2 2025, up from 3.2% in the previous quarter [4] - The median monthly employment income for full-time employees grew by 6.3% year-on-year [4] Asset Market - The Hong Kong stock market maintained an upward trend, with the Hang Seng Index rising by 4.1% to 24,072 points by the end of Q2 2025 [5] - The residential property market showed signs of stabilization, with overall residential prices increasing by 1% [5] - The number of residential property transactions registered a significant rebound of 37% compared to the previous quarter [5] Inflation and Price Outlook - The basic composite consumer price index rose by 1.1% year-on-year in Q2 2025, slightly down from 1.2% in the previous quarter [6] - The overall inflation rate is projected to remain mild, with forecasts for basic and overall consumer price inflation at 1.5% and 1.8%, respectively [8] Future Economic Forecast - The economic outlook for the remainder of 2025 remains positive, with real GDP growth projected between 2% and 3% [7] - Factors such as ongoing employment income growth and a recovering property market are expected to support economic performance [7] - The uncertainty surrounding U.S. tariffs and interest rate changes may impact local investment sentiment [7]

Group 1 - The revised GDP for Macau in Q2 2025 is 100.39 billion MOP, reflecting a real growth of 5.1% year-on-year, with the economy recovering to 88.8% of the level seen in the same period of 2019 [1] - The number of visitors to Macau increased by nearly 20% year-on-year in Q2, leading to a 6.0% rise in overall service exports, with other tourism services and gaming service exports increasing by 5.9% and 9.9% respectively [1] - Government final consumption expenditure and private consumption expenditure rose by 1.0% and 0.3% year-on-year in Q2, while fixed capital formation fell by 3.7% due to a decrease in private construction projects [1] Group 2 - The revised GDP for Macau in the first half of the year is 200.15 billion MOP, showing a real increase of 1.8% year-on-year, with the economic total recovering to 87.0% of the level seen in the same period of 2019 [2] - Service exports increased by 1.0% year-on-year in the first half, while government final consumption expenditure, private consumption expenditure, and fixed capital formation rose by 1.1%, 0.3%, and 1.8% respectively [2] - The implicit price deflator for GDP decreased by 0.5% year-on-year, indicating a decline in overall price changes [2]