Core Insights - The Hong Kong government reported significant revenue growth across various sectors for 2024, with the financial industry (excluding banks) leading the way [1] Financial Industry (Excluding Banks) - Total revenue for the financial industry reached HKD 732.9 billion in 2024, a 4.8% increase from 2023 [1] - Average revenue per company rose by 1.4% to HKD 73.1 million [1] - Operating expenses and employee compensation increased by 7.5% to HKD 357.3 billion [1] - Total surplus (revenue minus operating expenses and compensation) grew by 2.4% to HKD 375.6 billion, accounting for 51.3% of total revenue [1] - Value added by the industry (excluding investment and holding companies) increased by 13.3% to HKD 122.8 billion [1] - Approximately 10,000 companies operated in this sector, employing around 96,400 people, with an average of 9.6 employees per company [1] Insurance Industry - Total revenue for the insurance industry reached HKD 728.6 billion in 2024, a 7.4% increase from 2023 [2] - Average revenue per company increased by 11.3% to HKD 269.1 million [2] - Operating expenses and employee compensation rose by 12.9% to HKD 73.6 billion [2] - Approximately 2,700 companies operated in this sector, employing around 83,000 people, with an average of 30.6 employees per company [2] Banking Industry - Total revenue for the banking industry reached HKD 611.7 billion in 2024, a 5.1% increase from 2023 [2] - Average revenue per company increased by 8.7% to HKD 3 billion [2] - Operating expenses and employee compensation rose by 6.6% to HKD 271.5 billion [2] - Approximately 203 companies operated in this sector, employing around 98,500 people, with an average of 485 employees per company [2] Information and Communications Industry - Total revenue for the information and communications industry reached HKD 259.1 billion in 2024, a 2.8% increase from 2023 [3] - Average revenue per company slightly increased by 0.7% to HKD 22.5 million [3] - Operating expenses and employee compensation rose by 3.5% to HKD 179.7 billion [3] - Total surplus decreased by 3.7% to HKD 58.8 billion, accounting for 22.7% of total revenue [3] - Value added by the industry increased by 1.8% to HKD 104 billion [3] - Approximately 11,500 companies operated in this sector, employing around 102,000 people, with an average of 8.9 employees per company [3] Professional, Scientific, and Technical Activities Industry - Total revenue for this industry reached HKD 163.5 billion in 2024, a 2.1% increase from 2023 [4] - Average revenue per company slightly increased by 0.8% to HKD 5.8 million [4] - Operating expenses and employee compensation rose by 3.0% to HKD 133.7 billion [4] - Total surplus decreased by 1.3% to HKD 28.4 billion, accounting for 17.4% of total revenue [4] - Value added by the industry decreased by 1.9% to HKD 87.9 billion [4] - Approximately 28,400 companies operated in this sector, employing around 153,600 people, with an average of 5.4 employees per company [4] Administrative and Support Services Industry - Total revenue for this industry reached HKD 136.9 billion in 2024, a 13.9% increase from 2023 [5] - Average revenue per company increased by 12.5% to HKD 11.9 million [5] - Operating expenses and employee compensation rose by 13.3% to HKD 123.7 billion [5] - Total surplus increased by 20.4% to HKD 12.2 billion, accounting for 8.9% of total revenue [5] - Value added by the industry increased by 6.9% to HKD 64.5 billion [5] - Approximately 11,500 companies operated in this sector, employing around 236,200 people, with an average of 20.5 employees per company [5]

Economic Overview - The overall local GDP in Hong Kong increased by 3.1% in Q1 2025 compared to the same period last year, up from a 2.5% increase in Q4 2024 [1] Service Sector Analysis - The total value added by all service activities rose by 2.6% in Q1 2025 year-on-year, compared to a 1.7% increase in Q4 2024 [1] - The value added by import and export trade, wholesale and retail industries increased by 4.2% in Q1 2025 year-on-year, contrasting with a 0.2% decline in Q4 2024 [1] - The accommodation and food services sector saw a decrease of 1.8% in value added in Q1 2025 year-on-year, following a 2.6% increase in Q4 2024 [1] - The transportation, warehousing, postal, and courier services sector's value added rose by 2.9% in Q1 2025 year-on-year, down from a 6.8% increase in Q4 2024 [1] - The information and communications sector's value added increased by 1.3% in Q1 2025 year-on-year, slightly down from a 1.5% increase in Q4 2024 [1] - The financial and insurance sector's value added rose by 4.4% in Q1 2025 year-on-year, compared to a 1.9% increase in Q4 2024 [1] Other Industries - The real estate, professional, and business services sector recorded a 0.3% decline in value added in Q1 2025 year-on-year, following a 1.7% increase in Q4 2024 [2] - The public administration, social, and personal services sector's value added increased by 1.7% in Q1 2025 year-on-year, down from a 3.0% increase in Q4 2024 [2] - The local manufacturing sector's value added rose by 0.7% in Q1 2025 year-on-year, compared to a 1.0% increase in Q4 2024 [2] - The electricity, gas, water supply, and waste management sector experienced a 1.4% decline in value added in Q1 2025 year-on-year, following a 3.0% increase in Q4 2024 [2] Construction Industry - The construction sector's value added declined by 1.9% in Q1 2025 year-on-year, following a 4.7% decrease in Q4 2024 [3]

Group 1 - The unemployment rate for January to March 2025, seasonally adjusted, remains at 3.2%, unchanged from December 2024 to February 2025 [1][2] - The underemployment rate also remains stable at 1.1% during the same period [1][2] - Total employment decreased from 3,709,500 in December 2024 to 3,692,700 in January to March 2025, a reduction of approximately 16,800 [1][2] Group 2 - The total labor force declined from 3,821,300 to 3,815,500, a decrease of about 5,800 [1][2] - The number of unemployed individuals increased from 111,700 to 122,800, an increase of approximately 11,100 [1][2] - The number of underemployed individuals rose from 40,700 to 42,700, an increase of about 2,000 [1][2] Group 3 - Unemployment rates varied across industries, with notable increases in the information and communications sector, social work activities, professional and business services (excluding cleaning services), and construction [1][2] - Conversely, the transportation and insurance sectors experienced declines in unemployment rates [2] - The government anticipates that external uncertainties due to trade tensions may affect hiring intentions in some industries, while domestic economic growth supported by government measures is expected to bolster labor demand [2]