Hong Kong’s gross domestic product has exceeded HK$3 trillion, marking nine straight quarters of growth, a sign of the city’s ongoing economic resilience, according to Financial Secretary Paul Chan Mo-po.
In a blog post, Chan noted that under Chief Executive John Lee Ka-chiu’s leadership, the government has navigated various challenges over the past three years while prioritising economic expansion, development, and the well-being of its citizens.
“Employee earnings have grown in real terms and inflation has remained largely stable,” he stated.
“Some sectors, including retail and catering, remain under pressure amid changing consumer patterns. In response, many businesses are exploring new growth strategies. For example, some fast-food chains have started offering limited-edition flavours available only at select locations to attract customers,” Chan added.
In addition, overall restaurant revenues dipped slightly by 0.6% in the first quarter. However, fast-food outlets continued to show strength, recording a 1.9% increase and marking their 11th consecutive quarter of year-on-year growth, The Standard reports.
Chan also noted that retailers, facing comparable challenges, are adopting new strategies such as expanding their e-commerce operations both locally and internationally.
To further support these efforts, he stated that the Hong Kong Trade Development Council will host its annual shopping festival this August. The event aims to help local businesses leverage online platforms to tap into the mainland Chinese market and boost brand visibility.
Meanwhile, Chan pointed out that Hong Kong's population has been steadily increasing since 2022, accompanied by a notable year-on-year surge in tourist arrivals.
“While efforts continue to support economic growth and improve livelihoods, it is important to tell Hong Kong's story well at home and abroad,” he said.