Hong Kong's GDP Grows 3.8% in Q3 2025, Driven by Import and Export Sector

Chain volume measures of Gross Domestic Product by economic activity for the third quarter of 2025

The Census and Statistics Department (C&SD) released today (December 18) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the third quarter of 2025.

GDP figures by economic activity show the value of production in respect of individual economic activities. The value of production is measured by value added or net output, which is calculated by deducting intermediate input consumed in the process of production from the gross value of output. Volume measures of GDP by economic activity, expressed in terms of chain volume measures net of the effect of price changes, enable analysis of the output growth profiles of individual economic sectors in real terms.

According to the preliminary figures, overall GDP increased by 3.8% in real terms in the third quarter of 2025 over a year earlier, compared with the increase of 3.1% in the second quarter.

Analysed by constituent services sector and on a year-on-year comparison, value added in respect of all the services activities taken together increased by 3.1% in real terms in the third quarter of 2025 over a year earlier, compared with the growth of 3.4% in the second quarter.

Value added in the import and export, wholesale and retail trades sector increased by 5.1% in real terms in the third quarter of 2025 over a year earlier, compared with the increase of 6.1% in the second quarter.

Value added in the accommodation and food services sector decreased by 1.3% in real terms in the third quarter of 2025 from a year earlier, compared with the decrease of 0.6% in the second quarter.

Value added in the transportation, storage, postal and courier services sector increased by 2.3% in real terms in the third quarter of 2025 over a year earlier, compared with the increase of 5.5% in the second quarter.

Value added in the information and communications sector remained virtually unchanged in real terms in the third quarter of 2025 over a year earlier, compared with the increase of 0.4% in the second quarter.

Value added in the financing and insurance sector increased by 5.4% in real terms in the third quarter of 2025 over a year earlier, virtually the same as that in the second quarter.

Value added in the real estate, professional and business services sector registered an increase of 0.4% in real terms in the third quarter of 2025 over a year earlier, as against the decrease of 0.7% in the second quarter.

Value added in the public administration, social and personal services sector rose by 1.9% in real terms in the third quarter of 2025 over a year earlier, compared with the increase of 2.3% the second quarter.

As for sectors other than the services sectors, value added in the local manufacturing sector increased by 5.4% in real terms in the third quarter of 2025 over a year earlier, compared with the increase of 0.9% in the second quarter.

Value added in the electricity, gas and water supply, and waste management sector decreased by 0.9% in real terms in the third quarter of 2025 from a year earlier, as against the increase of 0.4% in the second quarter.

Value added in the construction sector decreased by 7.0% in real terms in the third quarter of 2025 from a year earlier, after the decrease of 10.4% in the second quarter.

Further information

The year-on-year percentage changes of GDP by economic activity in real terms from the third quarter of 2024 to the third quarter of 2025 are shown in Table 1. More detailed statistics are given in the report "Gross Domestic Product by Economic Activity". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1030004&scode=250). For enquiries about statistics on GDP by economic activity, please call the National Income Branch (2) of the C&SD at 3903 7005.

Figures of chain volume measures of GDP by economic activity for the third quarter of 2025 are only preliminary at this stage. When more data become available, the preliminary figures will be revised accordingly and can be found at the C&SD website (www.censtatd.gov.hk/en/scode250.html).

Source: AI-found images

Open call for funding applications for investigator-initiated research projects and health promotion projects under HMRF begins

The Health and Medical Research Fund (HMRF) administered by the Health Bureau invites funding applications for investigator-initiated research projects and health promotion projects from today (December 18) onwards. Applications from locally based tertiary institutions, hospitals, medical schools, non-governmental organisations or other appropriate centres, units and service providers are invited.

The HMRF aims to build research capacity and to encourage, facilitate and support health and medical research to inform health policies, improve population health, strengthen the healthcare system, enhance healthcare practices, advance standard and quality of care, and promote clinical excellence, through generation and application of evidence-based scientific knowledge derived from local research in health and medicine. It also provides funding support to evidence-based health promotion projects that help people adopt healthier lifestyles by enhancing awareness, changing adverse health behaviours and creating a conducive environment that supports good health practices.

The HMRF emphasises the importance of the translational potential of research findings, and therefore supports applications for the following research projects:

1. clinical research (including patient-oriented research, epidemiological and behavioural studies, outcomes research and health services research);

2. infectious diseases research with public health implications from bench to bedside and at the community level, and with translational value; and

3. clinical research based on Chinese medicine theory or clinical research on Chinese medicine theory and methodology.

Applications in the following areas will be accepted for consideration by the HMRF:

1. public health, human health and health services (e.g. primary healthcare, non-communicable diseases, Chinese medicine);

2. prevention, treatment and control of infectious diseases with public health implications;

3. advanced medical research which applies advanced technologies to facilitate the translation of knowledge generated from health and health services or infectious disease studies into clinical practice and to inform health policy; and

4. health promotion that facilitates mobilisation of local resources to promote good health and prevention of illness in the community.

Higher priority for funding will be given to proposals addressing this year's thematic priorities, which are infectious diseases, non-communicable diseases excluding cancers, cancers, primary healthcare and preventive care, digital health and advanced technology as well as clinical trials and implementation science.

The grant ceiling is $1.5 million per project with a grant duration not exceeding three years. As for larger-scale pilot studies such as those evaluating trialability and scalability for future implementation, or small-scale research with achievable objectives, submissions can be made to apply for a seed grant which has a grant ceiling of $500,000 per project.

Only one application from each principal applicant is allowed; either a new submission or a resubmission of an application. The principal applicant shall be employed by an administering institution which is based in Hong Kong at the time of application and throughout the project period.

Applications will be subject to a two-tier peer review. The vetting will take into account scientific merit, local relevance, translational potential or value of the proposals, sustainability of health promotion projects, capacity of the administering institutions, the track record of applicants, value for money of the proposals and research ethics, where applicable.

Completed electronic application forms should be submitted via the electronic Grant Management System (eGMS) on or before 6pm on March 31, 2026 (Hong Kong time). Briefing sessions on grant applications, to be held in January 2026, are now open for registration.

Details are now available on the website of the Research Fund Secretariat. Enquiries can be made by e-mail to rfs@healthbureau.gov.hk.

Source: AI-found images