Gross national income up 5.2% YoY in Q2

GDP for the same period was $785.2b, up 3.7% YoY.

Hong Kong’s gross national income (GNI) rose by 5.2% in the second quarter of 2025 (Q2 2025) from a year earlier, reaching $892.2b at current prices.

Gross domestic product (GDP) for the same period was $785.2b, up 3.7% year on year (YoY).

GNI exceeded GDP by $107b, or 13.6% of GDP, mainly due to a net inflow of investment income.

After netting out the effect of price changes over the same period, GNI grew 3.6% in real terms, whilst GDP grew 3.1%.

Primary income inflows, primarily comprised of investment income, totalled $624.6b, equivalent to 79.5% of GDP, a 4.8% increase from a year earlier. Outflows, at $517.6b, or 65.9% of GDP, rose 2.3% YoY.

Direct investment income (DII) increased 3.5%, due to stronger overseas earnings by local firms.

Portfolio investment income (PII) jumped 19.4%, boosted by higher dividends and interest from foreign securities.

On the outflow side, DII rose 3.1% YoY as multinational companies earned more from their operations in Hong Kong, whilst PII income surged 19.6% due to larger dividend and interest payments to foreign investors.

Mainland China remained the biggest source of income inflows, accounting for 42.3%, followed by the British Virgin Islands (BVI) at 12.8%.

For outflows, Mainland China (30.5%) and the BVI (21.8%) remained the most important destinations in Q2.