Estimated consolidated fiscal position
In Hong Kong dollars
2024-25 government revenue and expenditure (estimated)
Total government revenue for 2024-25 is estimated to be HKD 633.0 billion (2023-24: HKD 554.6 billion) within which tax revenues (i.e., Profits Tax, Stamp Duty, Salaries Tax) account for 53.5%, followed by investment income at 14.2% and land premiums at 5.2%. Total government expenditure is estimated at HKD 776.9 billion (2023-24: HKD 727.9 billion). Education, social welfare and healthcare account for about 48.9% of total government expenditure. The government forecasts an overall consolidated deficit of HKD 48.1 billion for 2024-25. Hong Kong’s fiscal reserves are predicted to remain healthy at about HKD 685.1 billion as at 31 March 2025. Fiscal reserves are estimated to stand at HKD 832.2 billion by the end of March 2029, which is equivalent to roughly 12 months of government expenditures.
| Estimated expenditure for 2024-2025 | HKD 776.9 billion |
|---|---|
| Revised estimated expenditure for 2023-2024 | HKD 727.9 billion |
Source: 2024-2025 Budget Speech, HKSAR Government
| Estimated revenue for 2024-2025 | HKD 633.0 billion |
|---|---|
| Revised estimated revenue for 2023-2024 | HKD 554.6 billion |
Real gross domestic product growth rate
Overall, the Hong Kong economy showed a growth of 3.2% year-on-year, predominantly as a result of the strong growth in local private consumption and a sharp rise in inbound visitors. With the continuous global economic growth, the local private consumption and fixed asset investments is anticipated to increase. With various measures rolled out by the government to attract enterprises, capital and talent, Hong Kong’s economy is expected to remain stable in the foreseeable future.
Source: Census and Statistics Department, HKSAR Government
Underlying inflation rate
The underlying inflation rate in 2023 is estimated to be 1.7%, which is the same as the year before. Looking ahead, the inflation outlook for 2024 will be heavily impacted by the increasing domestic cost as a result of economic recovery and external price pressures mainly driven by geopolitical tensions. The inflation pressure in Hong Kong should remain moderate in overall terms.
Source: Census and Statistics Department, HKSAR Government
Unemployment rate
The unemployment rate as at January 2024 in Hong Kong is 2.9%. Looking ahead, it is anticipated that the unemployment rate will largely remain at similar level.
Source: Census and Statistics Department, HKSAR Government