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

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

CHP investigates two suspected food poisoning clusters with epidemiological linkage

The Centre for Health Protection (CHP) of the Department of Health (DH) is today (January 9) investigating two epidemiologically linked suspected food poisoning clusters affecting 39 students from two primary schools. The students developed symptoms after consuming lunch provided by the Sailing Boat Luncheon Production Limited. The CHP reminded the public to maintain good personal, food and environmental hygiene to prevent foodborne diseases.

The first cluster involves 12 boys and 16 girls aged between 6 and 11. They attend a primary school in Sham Shui Po. The investigation revealed that the affected students developed abdominal pain and diarrhoea approximately three to 31 hours after eating school lunch containing fish, chicken cutlets, sauce, garnish and rice, which was provided by the abovementioned school lunch supplier on January 6.

While investigating the first cluster, the CHP of the DH traced the supply chain of the school lunch supplier and identified another cluster, involving eight boys and three girls, aged between 10 and 12, who attend a primary school in Diamond Hill. The investigation revealed that the affected students developed abdominal pain and diarrhoea approximately five to 15 hours after eating lunch containing chicken, cervelat sausage, sauce and fusilli at school yesterday (January 8). The food concerned was also provided by the same school lunch supplier.

None of the affected students required hospitalisation and they are all currently in stable condition.

Officers of the CHP and the Food and Environmental Hygiene Department, including personnel of the Centre for Food Safety (CFS) and the Environmental Hygiene Branch, have inspected the food factory of the school lunch supplier concerned and the kitchen of the first school. They inspected the food storage, the food preparation process and environmental hygiene. Investigation revealed that some food items, such as meat and sauce, were prepared at the food factory, while the other food items, such as rice and garnish, were prepared at the school kitchen. It is suspected that some food items were prepared too early in advance. The CFS immediately instructed the premises concerned to suspend operations for thorough cleaning and disinfection, improve food preparation process and hygiene standards. The CFS has provided food safety and environmental hygiene education to the staff. Food and environmental samples were collected for testing.

The investigation of the CHP and CFS is ongoing.

To prevent foodborne diseases, members of the public are reminded to maintain personal, food and environmental hygiene at all times. When dining out, one should:

Avoid eating raw seafood;

Be a discerning consumer in choosing cold dishes, including sashimi, sushi and raw oysters at a buffet;

Choose pasteurised eggs, egg products or dried egg powder for dishes that often use undercooked eggs;

Patronise only reliable and licensed restaurants;

Ensure food is thoroughly cooked before eating during a hotpot or barbecue meal;

Handle raw and cooked foods carefully and separate them completely during the cooking process;

Use two sets of chopsticks and utensils to handle raw and cooked foods;

Avoid patronising illegal food hawkers;

Drink boiled water;

Susceptible populations, including those with weakened immunity, the elderly, pregnant women and young children are at a higher risk of foodborne diseases, so they should not consume raw or undercooked foods;

Refrain from trying to use salt, vinegar, wine or wasabi to kill bacteria as they are not effective; and

Always wash hands before eating and after going to the toilet.

Source: AI-found images