Hong Kong's GNI rises 1.5% to $908.2 billion in Q3 2025, outpacing GDP growth

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

The Census and Statistics Department (C&SD) released today (December 15) the preliminary statistics on Hong Kong's Gross National Income (GNI) and related figures for the third 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 1.5% in the third quarter of 2025 over a year earlier to $908.2 billion at current market prices. The Gross Domestic Product (GDP), estimated at $853.7 billion at current market prices in the same quarter, recorded a 4.8% increase over a year earlier. The value of GNI was larger than GDP by $54.5 billion in the third quarter of 2025, which was equivalent to 6.4% 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 0.2% in real terms in the third quarter of 2025 over a year earlier. The corresponding GDP in the same quarter increased by 3.8% in real terms.

Hong Kong's total inflow of primary income, which mainly comprises investment income, estimated at $576.1 billion in the third quarter of 2025 and equivalent to 67.5% of GDP in that quarter, recorded a decrease of 7.4% from a year earlier. Meanwhile, total primary income outflow, estimated at $521.5 billion in the third quarter of 2025 and equivalent to 61.1% of GDP in that quarter, also decreased by 3.8% from a year earlier.

As for the major components of investment income inflow, direct investment income (DII) decreased by 4.9% 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 a significant decrease of 10.6% from a year earlier, mainly attributable to the decrease in dividend income received by resident investors from their holdings of non-resident equity securities.

Regarding the major components of investment income outflow, DII decreased by 4.1% from a year earlier, mainly due to the decrease in earnings of some prominent multinational enterprises from their direct investment in Hong Kong. PII increased by 7.6%, mainly attributable to the increase in interest payout to non-resident investors from their holdings of resident debt securities and the increase in dividend payout to non-resident investors from their holdings of resident equity securities.

Analysed by country/territory, the Chinese Mainland continued to be the largest source of Hong Kong's total primary income inflow in the third quarter of 2025, accounting for 40.7%. This was followed by the British Virgin Islands (BVI), with a share of 16.0%. Regarding total primary income outflow, theChinese Mainland and the BVI remained the most important destinations in the third quarter of 2025, accounting for 36.0% and 18.4% 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 fourth quarter of 2023 to the third 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 for 2025 are subject to revision when more data are incorporated. In the light of the latest information available, annual and quarterly figures of GNI and external primary income flows for 2024 have been revised, such that the corresponding figures presented in Tables A and B are revised figures.

More detailed statistics are given in the report "Gross National Income and External Primary Income Flows, Third 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).

Photo source: the official website of C&SD

Employers, contractors and employees should be aware of electrical safety at work during rainstorms

As the rainstorm warning has been issued by the Hong Kong Observatory, the Labour Department (LD) reminds employers and contractors that they should adopt necessary work arrangements and take suitable safety measures to protect the safety of their employees when they are carrying out electrical work or handling electrical plant.

A spokesman for the LD said today (March 3) that employers and contractors should avoid assigning employees to carry out electrical work (such as electric arc welding work) or handle electrical plant at places affected by rainstorms, and should refer to the "Code of Practice in Times of Adverse Weather and 'Extreme Conditions'" and the "Guide on Safety at Work in times of Inclement Weather" issued by the LD.

Even if electrical work is carried out or electrical plant is handled at places not affected by a rainstorm, suitable safety measures must still be adopted to prevent an electric shock as the air would be more humid. Such measures include:

(i) Ensure that all live parts of an electrical installation are isolated from the power supply source and rendered dead, and the isolation from the power supply source must be maintained as long as electrical work is being carried out;

(ii) Before carrying out any electrical work or handling any electrical plant, cut off and lock out the power supply source, then test the circuit concerned to confirm that it is dead and display suitable warning notices, and issue a work permit thereafter;

(iii) Ensure that protective devices (such as suitable and adequate fuses and circuit breakers) for the electrical installations or electrical plant have been installed and maintained in good working order, and portable electric tools must be double-insulated or properly earthed;

(iv) Provide suitable personal protective equipment such as insulating gloves and insulating mats for employees; and

(v) If live electrical work is unavoidable, a comprehensive risk assessment should be conducted by a competent person and the appropriate safety precautions should be taken to remove or properly control the electrical hazards involved before such work can proceed.

In addition, employees should co-operate with the employer or contractor to follow the safety instructions and use the safety equipment provided.

The LD has published guidebooks and leaflets on electrical work safety. These safety publications are available free from divisional offices of the department or can be downloaded from its website (www.labour.gov.hk/eng/public/content2_8.htm).

Should there be any questions about occupational safety and health matters, please contact the Occupational Safety Officer of the LD at 2559 2297.

Source: AI-found images