Business expectations for the third quarter of 2025
The Census and Statistics Department (C&SD) released today (July 18) the results of the Quarterly Business Tendency Survey for the third quarter (Q3) of 2025.
Business Situation
For all surveyed sectors taken together, the proportion of respondents expecting their business situation to be better (10%) in Q3 2025 over the preceding quarter is lower than that expecting it to be worse (18%).
When compared with the results of the Q2 2025 survey round, the proportion of respondents expecting a better business situation in Q3 2025 is 10%, slightly higher than the corresponding proportion in Q2 2025 (9%). On the other hand, the proportion of respondents expecting a worse business situation in Q3 2025 is broadly the same as the corresponding proportion in Q2 2025 (18%).
Analysed by sector, respondents in quite a number of the surveyed sectors expect their business situation to decrease on balance in Q3 2025 as compared with Q2 2025. In particular, significantly more respondents in the transportation, storage and courier services sector expect their business situation to be worse in Q3 2025 as compared with Q2 2025.
The results of the survey should be interpreted with care. In this type of survey on expectations, the views collected in the survey are affected by the events in the community occurring around the time of enumeration, and it is difficult to establish precisely the extent to which respondents' perception of the future accords with the underlying trends. The enumeration period for this survey round was from June 3, 2025 to July 7, 2025.
Volume of Business / Output
Respondents in quite a number of the surveyed sectors expect their volume of business / output to decrease on balance in Q3 2025 as compared with Q2 2025. In particular, more respondents in the construction; transportation, storage and courier services; import/export trade and wholesale; accommodation and food services; and retail sectors expect their volume of construction output / business / sales to decrease in Q3 2025 over Q2 2025.
Employment
Respondents in quite a number of the surveyed sectors expect their employment to remain broadly unchanged in Q3 2025 as compared with Q2 2025. However, more respondents in the information and communications sector expect their employment to decrease in Q3 2025 over Q2 2025. In the real estate sector, on the other hand, more respondents expect their employment to increase, as compared to those expecting it to decrease.
Selling Price / Service Charge
Respondents in most of the surveyed sectors expect their selling prices / service charges to remain broadly unchanged in Q3 2025 as compared with Q2 2025. However, significantly more respondents in the construction sector expect their tender prices to go down in Q3 2025 over Q2 2025.
Commentary
A Government spokesman said that the overall near-term business outlook among large enterprises for the third quarter of 2025 was slightly better than the expectation for the previous quarter, while the hiring appetite remained stable.
Looking forward, the spokesman said that the ongoing uncertainty in the external environment would continue to affect the local business sentiment. Nonetheless, the resilient local economy and sustained steady growth in the Mainland economy should provide support. The Government will continue to monitor the situation closely.
Further Information
The survey gathers views on short-term business performance from the senior management of about 560 prominent establishments in various sectors in Hong Kong with a view to providing a quick reference, with minimum time lag, for predicting the short-term future economic performance of the local economy.
The survey covers 10 major sectors in Hong Kong, namely manufacturing; construction; import / export trade and wholesale; retail; accommodation and food services (mainly covering services rendered by hotels and restaurants); transportation, storage and courier services; information and communications; financing and insurance; real estate; and professional and business services sectors.
Views collected in the survey refer only to those of respondents on their own establishments rather than those on the respective sectors they are engaged in, and are limited to the expected direction of quarter-to-quarter change (e.g. "up", "same" or "down") but not the magnitude of change. In collecting views on the quarter-to-quarter changes, if the variable in question is subject to seasonal variations, respondents are asked to provide the expected changes after excluding the normal seasonal variations.
Survey results are generally presented as "net balance", i.e. the difference between the percentage of respondents choosing "up" and that choosing "down". The percentage distribution of respondents among various response categories (e.g. "up", "same" and "down") reflects how varied their business expectations are. The "net balance", with its appropriate sign, indicates the direction of expected change in the variable concerned. A positive sign indicates a likely upward trend while a negative sign indicates a likely downward trend. However, the magnitude of the "net balance" reflects only the prevalence of optimism or pessimism, but not the magnitude of expected change, since information relating to such magnitude is not collected in the survey.
Furthermore, owing to sample size constraint, care should be taken in interpreting survey results involving a small percentage (e.g. less than 10%) of respondents in individual sectors.
Chart 1 shows the views on expected changes in business situation for the period Q3 2024 to Q3 2025.
Table 1 shows the net balances of views on expectations in respect of different variables for Q3 2025.
The survey results are published in greater detail in the "Report on Quarterly Business Tendency Survey, Q3 2025". Users can browse and download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1110008&scode=300).
Users who have enquiries about the survey results may contact the Business Expectation Statistics Section of the C&SD (Tel: 3903 7263; E-mail: business-prospects@censtatd.gov.hk).
Source: AI-found images
Update on chikungunya fever
The Centre for Health Protection (CHP) of the Department of Health announced that, as of 5pm today (January 4), no new cases of chikungunya fever (CF) had been recorded.
Latest surveillance data
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Hong Kong has recorded a total of 82 confirmed CF cases last year. Among them, 11 were local cases, and the rest were imported cases.
Since the beginning of 2025, and as of December 10, 2025, a total of 502 264 CF cases and 186 CF-related deaths have been reported in over 40 countries/territories. Cases have been reported in the Americas, Africa, Asia, and Europe. Although the northern hemisphere has entered the winter season, temperatures in subtropical and some temperate regions remain elevated due to climate change, creating favourable conditions for mosquito breeding. In addition, CF outbreaks continue to occur in many countries worldwide. The risk of imported cases persists. Members of the public should check the situation of the destinations before travelling abroad, especially when travelling to Southeast Asian countries.
Government's comprehensive follow-up actions
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Given that some local cases of CF have visited the Tsing Yi Nature Trails or the surrounding area in November last year, the trails are currently closed until further notice. Relevant government departments continue to conduct large-scale mosquito control and prevention efforts along the trails, and the CHP appeals to the public not to enter the area in order to reduce the risk of contracting CF and to avoid exposure to chemicals or interfering with the mosquito control operations. Since the confirmation on December 10, 2025, of a case involving a person who had visited the Tsing Yi Nature Trails on November 30, 2025, no further local cases have been recorded to date. The CHP continues to urge individuals who have recently hiked along the Tsing Yi Nature Trails to seek medical attention as soon as possible if they develop relevant symptoms and to call the enquiry hotline (Tel: 2125 2373), which operates from 9am to 6pm.
The Food and Environmental Hygiene Department (FEHD) has been continuously conducting intensive fogging operations to eliminate adult mosquitoes along the Tsing Yi Nature Trails and the surrounding area. At suitable locations, large ultra-low volume foggers have been deployed, and a robot dog is being put on trial to enhance operational effectiveness. The FEHD has also set up new mosquito trapping devices, cleared discarded containers and garbage that could cause stagnant water, and applied larvicide oil or larvicides in areas with stagnant water that cannot be removed immediately. The FEHD has been collaborating with the Kwai Tsing District Office, the Lands Department and the Drainage Services Department to strengthen efforts in eliminating potential mosquito breeding sites along the Tsing Yi Nature Trails. Pamphlets have been distributed to hikers in the area, urging citizens to be vigilant against mosquito infestations and take personal protective measures. The FEHD has also held meetings of the interdepartmental task forces on anti-mosquito work across districts to discuss the latest developments regarding the situation and plan accordingly to co-ordinate relevant departments and stakeholders in strengthening mosquito prevention and control measures in areas under their purview.
Continuously strengthening prevention and control
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The FEHD and relevant departments have comprehensively enhanced the mosquito control operations in Hong Kong since July last year, and this has continued. Among these, the FEHD has conducted vector investigations and targeted mosquito control operations against the imported and local cases. In light of the local case, the FEHD has immediately conducted follow-up actions, including:
carrying out intensive fogging in scrubby areas within a 250-metre radius of the relevant locations to kill adult mosquitoes;
carrying out inspections of the locations, removing stagnant water, applying insecticides and disposing of abandoned water containers every week with a view to preventing mosquito breeding; and
enhancing public education efforts through organising health talks, setting up mobile education stations, and distributing publicity leaflets.
The abovementioned measures will be continued. Furthermore, the Government will further enhance the mosquito control efforts in addition to the existing measures.
Preventive measures to be taken by the public
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Members of the public should use DEET-containing insect repellents or other effective active ingredients properly to prevent mosquito bites, but the following precautions should be taken when using them:
read the label instructions carefully first;
apply right before entering an area with a risk of mosquito bites;
apply on exposed skin and clothing;
use DEET of up to 30 per cent for pregnant women and up to 10 per cent for children (for children who travel to countries or areas where mosquito-borne diseases are endemic or epidemic and where exposure is likely, those aged 2 months or above can use DEET-containing insect repellents with a DEET concentration of up to 30 per cent);
apply sunscreen first, then insect repellent;
reapply only when needed and follow the instructions; and
in addition to DEET, there are other insect repellents available on the market containing different active ingredients, such as IR3535 and picaridin. When using any insect repellent, the public should follow the usage instructions and precautions on the product label.
The FEHD also appeals to members of the public to continue to stay alert and work together to carry out mosquito prevention and control measures early, including inspecting their homes and surroundings to remove potential breeding grounds, changing water in vases and scrubbing their inner surfaces, removing water in saucers under potted plants at least once a week, and properly disposing of containers such as empty cans and lunch boxes. The FEHD also advises members of the public and property management agencies to keep drains free of blockage and level all defective ground surfaces to prevent the accumulation of water. They should also scrub all drains and surface sewers with an alkaline detergent at least once a week to remove any mosquito eggs.
The public should call 1823 in case of mosquito problems, and may visit the following pages for more information: the CF page of theCHPand theTravel Health Service, the latestTravel Health News,tips for using insect repellents, and the CHPFacebook Page,Instagram AccountandYouTube Channel, and also theMosquito Prevention and Control dedicated pageof the FEHD.
Source: AI-found images
