运输、仓库、邮政及速递服务业的增加价值，在2025年第三季与上年同期比较实质上升2.3%，而第二 季的升幅为5.5%。 信息及通讯业的增加价值，在2025年第三季与上年同期比较实质大致维持不变，而第二季的升幅为 0.4%。 金融及保险业的增加价值，在2025年第三季与上年同期比较实质上升5.4%，与第二季的升幅大致相 同。 地产、专业及商用服务业的增加价值，在2025年第三季与上年同期比较录得0.4%的实质升幅，而第二 季的跌幅则为0.7%。 （原标题：香港第三季整体GDP同比实质上升3.8%） 智通财经APP获悉，12月18日，香港特区政府统计处发布2025年第三季环比物量计算按经济活动划分的 本地生产总值初步数字。根据初步统计数字，香港整体本地生产总值在2025年第三季较上年同期实质上 升3.8%，而第二季的升幅为3.1%。 按组成服务行业分析及与上年同期比较，所有服务活动合计的增加价值在2025年第三季实质上升 3.1%，而第二季的升幅为3.4%。 进出口贸易、批发及零售业的增加价值，在2025年第三季与上年同期比较实质上升5.1%，而第二季的 升幅为6.1%。 住宿及膳食服务业的增加价值，在2025年 ...

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]

Business Outlook - The overall expectation for business conditions in Q3 2025 is less optimistic, with 10% of respondents anticipating better conditions compared to 18% expecting worse conditions, indicating a negative sentiment [1] - Compared to Q2 2025, the proportion of respondents expecting better business conditions in Q3 2025 has slightly increased from 9% to 10%, while the proportion expecting worse conditions remains stable at 18% [1] Industry Analysis - In several industries, respondents generally expect a decline in business/output volume for Q3 2025 compared to Q2 2025, particularly in construction, transportation, warehousing and express services, import and export trade, accommodation and food services, and retail [2] Employment Expectations - Overall, respondents expect employment numbers to remain relatively unchanged in Q3 2025 compared to Q2 2025. However, in the information and communications sector, more respondents anticipate a decline in employment numbers, while in the real estate sector, more expect an increase [3] Pricing Expectations - Most industries expect product prices/service charges to remain stable in Q3 2025 compared to Q2 2025. Notably, in the construction industry, a significant number of respondents expect a decrease in bidding prices [4] - A government spokesperson noted a slight improvement in the overall short-term business outlook for large enterprises compared to the previous quarter, with stable hiring intentions [4]

Core Insights - The average wage rate in Hong Kong increased by 3.5% year-on-year in March 2025, with approximately 62% of companies reporting wage increases, while 34% experienced declines [1][2] - After adjusting for inflation, the real average wage rate rose by 1.6% in March 2025 [1][2] - The nominal average salary index for employed individuals increased by 3.2% year-on-year in the first quarter of 2025, with a real increase of 1.6% after accounting for inflation [1][2] Industry Changes - All selected industry categories recorded year-on-year increases in nominal wage indices ranging from 3.1% to 4.1% in March 2025 [2] - Real wage indices across all selected industries also saw year-on-year increases, varying from 1.1% to 2.1% in March 2025 [2] - The nominal average salary index for all selected industries in the first quarter of 2025 increased between 2.0% and 3.9% year-on-year, while real average salary indices rose between 0.4% and 2.3% [2] Wage Index Data - The nominal wage index for the manufacturing sector was +3.2% in March 2025, with a real increase of +1.2% [3] - The wholesale and retail trade sector recorded a nominal increase of +3.1% and a real increase of +1.1% [3] - The transportation sector saw a nominal increase of +3.5% and a real increase of +1.5% [3] - The accommodation and food services sector had a nominal increase of +3.8% and a real increase of +1.8% [3] - The financial and insurance activities sector recorded a nominal increase of +4.0% and a real increase of +2.0% [3] - The real wage index for professional and business services was +2.1% with a nominal increase of +4.1% [3] - The personal services sector experienced a nominal increase of +3.9% and a real increase of +1.9% [3]