Hong Kong’s economy ended the year on a strong note, with GDP expanding by 3.8% y/y in Q4, up from a downwardly-revised 3.7% y/y in Q3. That brought growth for 2025 as a whole to 3.5% y/y, in-line with our forecast and marking the strongest expansion (outside of the post-pandemic rebound) since 2017. Growth also picked up in q/q terms, from 0.9% in Q3 to 1.0% in Q4.
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