Gross national income rises 6.3% in fourth quarter

Net investment income keeps GNI above GDP.

The gross national income (GNI) rose 6.3% YoY to $975.3b in the fourth quarter of 2025, outpacing the 5.1% growth in gross domestic product (GDP) as net investment income lifted total resident income above domestic output.

GNI exceeded GDP by $93.3b in the quarter, equivalent to 10.6% of GDP, whilst real GNI grew 5.1% against real GDP growth of 3.8%.

Total primary income inflow, which mainly comprises investment income, increased 6.0% to $523.5b, or 59.3% of GDP, whilst primary income outflow rose 3.5% to $430.2b, or 48.8% of GDP.

Portfolio investment income was the main growth driver, with inflows rising 31.0% and outflows up 26.0%, whilst direct investment income inflow increased 2.6% and direct investment income outflow rose 4.0%.

For the full year 2025, Hong Kong’s GNI increased 4.6% to $3,666.2b, compared with GDP of $3,331.8b, leaving a net primary income inflow of $334.4b, or 10.0% of GDP.

The Chinese mainland remained the largest source of primary income inflow in the fourth quarter, accounting for 46.6%, whilst the British Virgin Islands and the mainland were the largest destinations for outflows.