Hong Kong's GNI Rises 5.2% to $892.2 Billion in Q2 2025, Outpacing GDP Growth

Hong Kong's Gross National Income and external primary income flows for the second quarter of 2025

The Census and Statistics Department (C&SD) released today (September 12) the preliminary statistics on Hong Kong's Gross National Income (GNI) and related figures for the second quarter of 2025.

Hong Kong's GNI, which denotes the total income earned by Hong Kong residents from engaging in various economic activities, increased by 5.2% in the second quarter of 2025 over a year earlier to $892.2 billion at current market prices. The Gross Domestic Product (GDP), estimated at $785.2 billion at current market prices in the same quarter, recorded a 3.7% increase over a year earlier. The value of GNI was larger than GDP by $107.0 billion in the second quarter of 2025, which was equivalent to 13.6% 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 3.6% in real terms in the second quarter of 2025 over a year earlier. The corresponding GDP in the same quarter increased by 3.1% in real terms.

Hong Kong's total inflow of primary income, which mainly comprises investment income, estimated at $624.6 billion in the second quarter of 2025 and equivalent to 79.5% of GDP in that quarter, recorded an increase of 4.8% over a year earlier. Meanwhile, total primary income outflow, estimated at $517.6 billion in the second quarter of 2025 and equivalent to 65.9% of GDP in that quarter, also increased by 2.3% over a year earlier.

As for the major components of investment income inflow, direct investment income (DII) increased by 3.5% over a year earlier, mainly due to the increase in earnings of some prominent local enterprises from their direct investment abroad. Portfolio investment income (PII) recorded a significant increase of 19.4% over a year earlier, mainly attributable to the increase in dividend income received by resident investors from their holdings of non-resident equity securities and 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 increased by 3.1% over a year earlier, mainly due to the increase in earnings of some prominent multinational enterprises from their direct investment in Hong Kong. PII increased significantly by 19.6%, mainly attributable to the increase in dividend payout to non-resident investors from their holdings of resident equity securities and the increase 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 2025, accounting for 42.3%. This was followed by the British Virgin Islands (BVI), with a share of 12.8%. Regarding total primary income outflow, the mainland of China and the BVI remained the most important destinations in the second quarter of 2025, accounting for 30.5% and 21.8% 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 2023 to the second quarter of 2025 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 2023 onwards and primary income flows from 2024 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 2025". 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-found images

Hong Kong Customs detects case of non-registered precious metals and stones dealer carrying out specified transactions

Hong Kong Customs yesterday (January 14) detected a case involving a local company that conducted a transaction of silver jewellery valued at over HK$120,000, without registration under the Dealers in Precious Metals and Stones Regulatory Regime. The company director was arrested.

The investigation is ongoing. The arrested person has been released on bail.

According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), unless exempted, any person who is seeking to carry on a business of dealing in precious metals and stones and engage in any transaction(s) (whether making or receiving a payment) with a total value at or above HK$120,000 in Hong Kong is required to register with Hong Kong Customs. Any dealer, other than a registrant, who claims to be a registrant, claims to be authorised to carry out, or carries out any cash or non-cash transaction(s) with a total value at or above HK$120,000 is liable to a maximum fine of HK$100,000 and imprisonment for six months upon conviction.

Customs reminds dealers in precious metals and stones that they must obtain the relevant registration before they can carry out any cash or non-cash transaction(s) with a total value at or above HK$120,000.

For the forms, procedures and guidelines to submit applications for registration, please visit the website for Dealers in Precious Metals and Stones Registration System (www.drs.customs.gov.hk) or Customs' webpage (www.customs.gov.hk/en/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html).

Members of the public may report any suspected transactions involving precious metals and stones with a total value at or above HK$120,000 conducted without the required registration to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Source: AI-found images