Hong Kong Business Morale Improves in Q4

Business confidence in Hong Kong rose to -2 in the fourth quarter of 2025 from -8 in the previous quarter. The share of respondents expecting business conditions to improve rose to 13% in Q4 2025 (vs 10% in Q3), while those anticipating worse conditions declined to 15% (vs 18% in Q3). Confidence strengthened in financing and insurance (13 vs 11), real estate (7 vs 3), and turned positive in accommodation and food services (10 vs -16) and retail (14 vs -14). Sentiment also improved though remained negative in import/export trade and wholesale (-11 vs -18), transportation, storage and courier services (-11 vs -31), and professional and business services (-9 vs -14). In contrast, sentiment weakened further in manufacturing (-15 vs -2), information and communications (-16 vs -9), and construction (-24 vs -22), reflecting continued sector-specific challenges.