The Census and Statistics Department of the Hong Kong Special Administrative Region Government released economic data on the 2nd, stating that the estimated gross domestic product for the first quarter of 2025 increased by 3.1% year-on-year, which is 0.6 percentage points higher than the fourth quarter of last year and a new high for five quarters. The economy grew at a quarterly rate of 2%, the highest growth rate in two years. In the first quarter of this year, Hong Kong's total exports of goods increased by 8.7% year-on-year, a significant increase compared to the 1.3% in the fourth quarter of 2024; The import of goods increased by 7.4% in the first quarter of 2025 and by 0.4% in the fourth quarter of 2024; According to the analysis of local gross domestic product, private consumption expenditure fell by 1.2% year-on-year in the first quarter of 2025, and by 0.2% in the fourth quarter of 2024; Government consumption expenditure increased by 1.2% year-on-year in the first quarter of 2025, and by 2.1% in the fourth quarter of 2024. A spokesperson for the Special Administrative Region government said that with the sharp escalation of global trade frictions in early April due to the significant increase in import tariffs by the United States, the risk of global economic downturn has significantly increased. The great uncertainty of trade policies will suppress international trade and investment atmosphere, thereby affecting the short-term prospects of the Hong Kong economy. Nevertheless, the sustained and steady growth of the mainland economy, coupled with various measures taken by the SAR government to promote economic growth and explore more diversified markets, will provide support for different economic activities in Hong Kong. The Statistics Department also released the latest retail sales figures on the same day. The data shows that compared to the same period in 2024, the provisional estimate of the total retail sales value in the first quarter of 2025 has decreased by 6.5%. Compared to the fourth quarter of 2024, the provisional estimate of seasonally adjusted retail total sales value increased by 3.8%, while the provisional estimate of seasonally adjusted retail total sales quantity increased by 2.2%. A spokesperson for the SAR government stated that the mainland economy continues to grow steadily, and the SAR government actively promotes tourism and major events to stimulate the consumer market. The increase in employment income will continue to support the retail industry. (New Society)