Hong Kong’s economy expanded at its fastest pace in almost five years, as old growth drivers like tourism and retail spending cushioned the blow from the global energy crisis caused by the war in Iran.

Gross domestic product grew 5.9% in the first quarter from a year earlier, according to an advance estimate released on Tuesday by the city’s Census and Statistics Department. The figure exceeded the forecasts of all economists in a Bloomberg survey, whose median was 3.5%, and marked an acceleration from 4% in the final three months of 2025.