Skip to Content Facebook Feature Image

Hong Kong's GNI Surges 8.1% in Q2 2024, Exceeding GDP by $90.2 Billion

HK

Hong Kong's GNI Surges 8.1% in Q2 2024, Exceeding GDP by $90.2 Billion
HK

HK

Hong Kong's GNI Surges 8.1% in Q2 2024, Exceeding GDP by $90.2 Billion

2024-09-16 16:30 Last Updated At:09-17 09:22

Hong Kong's Gross National Income and external primary income flows for the second quarter of 2024

The Census and Statistics Department (C&SD) released today (September 16) the preliminary statistics on Hong Kong's Gross National Income (GNI) and related figures for the second quarter of 2024.

Hong Kong's GNI, which denotes the total income earned by Hong Kong residents from engaging in various economic activities, increased by 8.1% in the second quarter of 2024 over a year earlier to $847.5 billion at current market prices. The Gross Domestic Product (GDP), estimated at $757.3 billion at current market prices in the same quarter, recorded a 7.6% increase over a year earlier. The value of GNI was larger than GDP by $90.2 billion in the second quarter of 2024, which was equivalent to 11.9% of GDP in that quarter, mainly attributable to a net inflow of investment income.

After netting out the effect of price changes over the same period, Hong Kong's GNI increased by 6.0% in real terms in the second quarter of 2024 over a year earlier. The corresponding GDP in the same quarter increased by 3.3% in real terms.

Hong Kong's total inflow of primary income, which mainly comprises investment income, estimated at $596.2 billion in the second quarter of 2024 and equivalent to 78.7% of GDP in that quarter, recorded an increase of 1.9% over a year earlier. Meanwhile, total primary income outflow, estimated at $506.0 billion in the second quarter of 2024 and equivalent to 66.8% of GDP in that quarter, also increased by 0.1% over a year earlier.

As for the major components of investment income inflow, direct investment income (DII) decreased by 5.0% from a year earlier, mainly due to the decrease in earnings of some prominent local enterprises from their direct investment abroad. Portfolio investment income (PII) recorded an increase of 6.5% over a year earlier, mainly attributable to the increase in interest income received by resident investors from their holdings of non-resident debt securities.

Regarding the major components of investment income outflow, DII decreased by 3.5% from a year earlier, mainly due to the decrease in earnings of some prominent multinational enterprises from their direct investment in Hong Kong. PII decreased by 0.1%, mainly attributable to the decrease in interest payout to non-resident investors from their holdings of resident debt securities.

Analysed by country/territory, the mainland of China continued to be the largest source of Hong Kong's total primary income inflow in the second quarter of 2024, accounting for 39.3%. This was followed by the British Virgin Islands (BVI), with a share of 16.6%. Regarding total primary income outflow, the mainland of China and the BVI remained the most important destinations in the second quarter of 2024, accounting for 37.5% and 19.6% respectively.

Further information

GDP and GNI are closely related indicators for measuring economic performance. GDP is a measure of the total value of production of all resident producing units of an economy. GNI denotes the total income earned by residents of an economy from engaging in various economic activities, irrespective of whether the economic activities are carried out within the economic territory of the economy or outside.

Figures of GNI and primary income flows analysed by income component from the third quarter of 2022 to the second quarter of 2024 are presented in Table A, while selected major country/territory breakdowns of primary income inflow and outflow for the same quarters are presented in Tables B(1) and B(2) respectively.

Statistics on GDP and GNI from 2022 onwards and primary income flows from 2023 onwards are subject to revision when more data are incorporated.

More detailed statistics are given in the report "Gross National Income and External Primary Income Flows, Second Quarter 2024". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1040005&scode=250).

For enquiries about GNI and related statistics, please contact the Balance of Payments Branch (2) of the C&SD (Tel: 3903 7054 or email:gni@censtatd.gov.hk).

Source: AI-generated images

Source: AI-generated images

Buildings Department responds to media enquiries on development project at Anderson Road

In response to media enquiries about the steel reinforcement installation works in the superstructure of a development project at Anderson Road, a spokesman for the Buildings Department (BD) today (October 4) gave the following response:

The BD received a report in late August alleging that the steel reinforcements of some structural elements in the superstructure works being carried out at the Anderson Road site had not been installed in accordance with the requirements of the Buildings Ordinance (Chapter 123) (BO). The BD attaches great importance to the incident and has deployed its staff to the site four times since early September to inspect site operations, quality of work, site safety and the like. During the inspection on September 26, the BD staff found that the number of steel reinforcements installed at six beams on 29/F of Tower 3 of the site was less than that required in the approved plans. Nevertheless, there was no obvious danger to the overall structure.

As neither the representative of the registered structural engineer (RSE) nor the representative of the registered contractor (RC) could provide a reasonable explanation immediately on that day, the BD staff met with the RSE on the following day (September 27) and requested him to submit a detailed investigation and remedial works report, including the need for additional sampling tests to determine whether similar situations existed on other floors of Tower 3 and in other towers.

To facilitate the investigation requested by the BD, works of the Anderson Road development project have been suspended since September 28. In addition to the investigation and remedial works report, the BD also requested for a proposal to strengthen site supervision, and the site works cannot be resumed until the BD is satisfied with the report and proposal.

The BD is continuing its investigation into the incident and will consider appropriate enforcement action upon receipt of the RSE's report on the incident.

The BD is also reviewing the superstructure works in seven other private developments being carried out by the same contractor, and will step up site inspections to check their site safety and quality of works.

Of the eight private development projects mentioned above, four were taken over from Aggressive Construction Engineering Limited (ACEL), which was removed from the register of general building contractors in November last year. The RC involved in the incident was another independent RC. Under the BD's registration system, an RC must have a suitable authorized signatory (AS) to supervise the works. The AS of the RC involved in this incident was not the AS of ACEL, whose name was removed during the processing of its application for registration renewal last year. The delisted AS could not act on behalf of an RC for the purposes of the BO unless he attended the interview again and passed the assessment of the Contractors Registration Committee.

The spokesman reiterated that the BD attaches great importance to the safety and quality of building works. Whichever contractor is involved, the construction works are subject to stringent control under the existing system. The BO stipulates that registered building professionals and RC must properly supervise the works, including ensuring the carrying out of building works in accordance with the approved plans. If registered building professionals, RC and their technically competent persons identify any non-conformities, they must follow the requirements set out in the Code of Practice for Site Supervision 2009 (2024 Edition) and initiate the relevant procedures and rectify. The BD will conduct audit inspections at the critical stages of the building works, witness on-site tests, and review relevant certification documents for quality control.

The Anderson Road development project comprises six multi-storey residential towers, three of which (Towers 1, 2 and 3) are 32 storeys in height, while the remaining three (Towers 5, 6 and 7) are 24 storeys in height. Superstructure works for all six towers were underway, with the concreting works completed at various levels ranging from 22 to 29 storeys. Nine single-storey houses will also be built in the development.

Recommended Articles