Hong Kong's real gross domestic product for the second quarter is expected to expand for ten consecutive quarters, powered by export, investment and private consumption, says Financial Secretary Paul Chan Mo-po.
He noted that retail sales in May saw a year-on-year increase for the first time in 14 months, signaling stable growth in the consumer market. He added that private consumption, which had declined for four consecutive quarters, is expected to rebound in the second quarter.
The statistics of Hong Kong's real GDP for the second quarter and retail sales for June are set to be released this Thursday.
Chan said the activated economy, ongoing capital inflows, and rising stock market combined with a stabilizing property market as well as government promotion of major events and tourism have supported private consumption and market sentiment, aided by proactive responses from the private sector.
He added that recent major events such as the Hong Kong Football Festival 2025 in Kai Tak Sports Park and Animation-Comic-Game Hong Kong at the Hong Kong Convention and Exhibition Center have attracted numerous fans to the city, particularly participation from residents in the Guangdong-Hong Kong-Macao Greater Bay Area, which boosted sales and created business opportunities.
Meanwhile, Chan noted that Hong Kong's labor market was stable, with the median monthly salary of full-time employees rising by 6.80 percent to HK$25,000 from March to May.
However, he added that some labor-intensive industries, such as retail and catering, will face greater pressure.
Chan stressed that economic transformation and upgrading is an inevitable and ongoing process, and that the keys for enhancing competitiveness and driving structural economic upgrades lie in adapting to the geopolitical landscape, promoting the development and application of innovative technology, attracting global capital, and cultivating talent for the future.
HELEN ZHONG
