Featured Data Additions, February 25, 2026

GLSECTOR → Competitiveness Measures → Bellwether Company Statistics → Microsoft

Financial statistics for Microsoft were added to the bellwether company section of GLSECTOR. Key headline concepts for income, revenue, and capex are available. Quarterly data are sourced from MS’s SEC filings and start in Q3 2015.

Chart: Microsoft’s latest report initially appeared to be a triumph, but over the next week, the stock price tumbled by 18%. Total revenue was reported at $81.3b, a 17% YoY increase, beating analyst estimates. However, the net income of $38.5b was bolstered by a one-time $7.6b accounting gain from the recapitalization of its stake in OpenAI, which is an accounting adjustment rather than an operational profit. The key issue was the rapidly rising capex, which reached $37.5b, representing a 66% YoY increase - much of it tied to AI infrastructure. The question for shareholders is whether the ROI can keep pace with the massive infrastructure bill.

TOURISM → Countries and Special Areas Listed Alphabetically → Armenia → Regional Hotel Statistics

Hotel statistics for Armenia were added to the TOURISM database. Concepts include number of hotel facilities, revenues, and number of employees. Series for total Armenia plus 10 regions across the country are available. Annual data are sourced from the Statistical Committee of the Republic of Armenia and start in 2011.

Chart: Armenia’s tourism has been booming in recent years and their goal is clear: 3 million annual visitors by 2030. The capital of Yerevan and regions such as Tavish, Syunik, and Lori have seen significant increases in the number of hotels since 2022 – Yerevan with 192, 96 in Tavish, and over 60 each in Syunik and Lori. Each region leveraging what they have to offer – cultural & religious sites, gastro-tourism, and alpine terrain with world-class ski resorts.

EMERGEPR → Hong Kong → Manufacturing, Trade and Services → Online Retail Sales

Online retail sales statistics for Hong Kong were added to EMERGEPR. Series include values in HK$ and percent shares of total retail sales for online retail sales, nonstore retailing, and other retail outlets. Monthly data are sourced from the Census and Statistics Department and start in January 2020.

Chart: Total retail sales in Hong Kong rose 6.6% YoY to 35b HK$ in December 2025. Online sales made up 8.8% of the total and surged 30.9% from a year earlier to $3.1b. For 2025 as a whole, total retail sales were up only 1% from 2024, while online sales rose 12.8%. Continued e-commerce growth and rising visitor numbers are expected to support the retail sector going forward, however HK is facing a structural shift in retail since 2019 due to multiple factors, rather than just a temporary downturn.

EMERGELA → Nicaragua → International Trade and Balance of Payments → Trade Balance

Free trade zone (FTZ) import and export series for Nicaragua were added to the EMERGELA database. FTZ’s are designated industrial areas primarily designed to attract foreign investment for export-oriented manufacturing industries. Companies operating in FTZs benefit from exemptions from income/municipal/property taxes and import duties on machinery and raw materials. These monthly data are sourced from the Central Bank of Nicaragua and start in January 2018.

Chart: Nicaragua’s FTZ’s drive roughly half of its exports and employ over 120k people. They have transformed the country from a purely agricultural economy into an export-oriented manufacturing hub where approximately 60% of FTZ exports are destined for the US. US tariffs implemented in August 2025 have been the primary driver of FTZ export decreases totaling $65 million from Aug-Nov. Decreases are also reflected in the US data where total US imports from Nicaragua have decreased for 4 straight months totaling over $76 million.