, Hong Kong
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Gross national income up 7.1% YoY to $898.6b in Q4 2024

Hong Kong’s gross national income (GNI) grew 7.1% year-on-year to $898.6b in the fourth quarter of 2024, exceeding the 5.3% increase in gross domestic product (GDP), which reached $836.5b, according to the Census and Statistics Department.

The city’s GDP stood at $836.5b in Q4, whilst the GNI exceeded GDP by $62.1b, or 7.4%, primarily due to a net inflow of investment income. Adjusted for inflation, real GNI increased 5.2% year-on-year, whilst real GDP rose 2.4%.

Total inflows of primary income, mainly comprising investment income, surged 8.1% to $496.8b, accounting for 59.4% of GDP. Outflows grew at a slower pace of 4.9% to $434.7b, or 52% of GDP.

Direct investment income inflows also increased 10.8%, and portfolio investment income rose 13.4%.  On the outflow side, DII climbed 6.1%, while PII surged 11.6%, mainly due to increased payouts to non-resident investors.

China remained the largest source of Hong Kong’s primary income inflows in Q4, accounting for 42%, followed by the British Virgin Islands (17.6%). The two markets were also the top destinations for outflows, at 27.5% and 21.9%, respectively.

For 2024, GNI rose 7.5% to $3.48t, exceeding GDP by $300.8b. Real GNI grew 5%, whilst total primary income inflows reached $2.2t (69.4% of GDP). Outflows stood at $1.9t (59.9% of GDP).

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