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
HKSAR Government strongly objects despicable political manipulations that smear and attack HKSAR using "Lai Chee-ying's case"
The Hong Kong Special Administrative Region (HKSAR) Government yesterday (December 15) expressed strong dissatisfaction with and opposition to the United States (US) and western countries, anti-China media, organisations and politicians for their malicious attacks, false statements, and smears against the HKSAR which totally disregarded the rule of law, following the court's conviction judgment in Lai Chee-ying's case, which was made strictly in accordance with the law and evidence.
A HKSAR Government spokesperson said, "these biased statements and malicious smears from external forces precisely reflect that the national security risks we face are real. External forces showed no respect in the HKSAR court's independent judgment of the case, which had been made on the basis of facts and evidence. They also refused to acknowledge the evidence set out in the reasons for verdict, and refused to understand the court's considerations and rationale for the verdict. Instead, they wantonly launched attacks, slandered and attacked the HKSAR Government, which was clearly a case of politics trumping the law. With the external forces distorting facts and confounding right and wrong, their malicious intentions are clearly revealed. We must sternly denounce their wrongdoings to set the record straight."
The court's conviction verdict was entirely free from any political considerations
The spokesperson reiterate: "The court clearly pointed out in the reasons for verdict that Lai Chee-ying was not on trial for his political views or beliefs. The court's reasons for verdict in this case are 855 pages long, fully open for public inspection, and meticulously explain the court's analysis of the relevant legal principles and evidence, as well as the reasons for convicting Lai Chee-ying and the three defendant companies.
"The court clearly pointed out that Lai Chee-ying's only intent whether pre or post Hong Kong National Security Law (HKNSL) was to seek the downfall of the Communist Party of China even though the ultimate cost was the sacrifice of the interests of the people of the PRC and the HKSAR.
"At the same time, the court found that the written articles under consideration were objectively seditious and written with a view to bringing the HKSAR Government into hatred and contempt and to exciting disaffection against it. The court also found that Lai Chee-ying was consciously using Apple Daily and his personal influence to carry out a consistent campaign with a view to undermining the legitimacy or authority of the Central People's Government (CPG), the HKSAR Government and their institutions and harming the relation between the CPG and the HKSAR Government with the people of Hong Kong. That went far beyond what would be permissible by the law.
"Relevant countries, anti-China media, organisations and politicians would only smear the HKSAR Government and HKSAR courts with empty slogans, alleging the so-called political persecution of Lai Chee-ying. Yet, they dare not face the fact that the court's conviction verdict is well-founded and reasoned, fully demonstrating that the court has made its decision on the case strictly in accordance with the law and evidence, free from any interference, and absolutely free of any political considerations."
The spokesperson stressed, "Hong Kong is a society underpinned by the rule of law and has always adhered to the principle that laws must be obeyed and lawbreakers be held accountable. Article 5 of the HKNSL and section 2 of the Safeguarding National Security Ordinance (SNSO) clearly stipulate that the principle of the rule of law shall be adhered to in preventing, suppressing and imposing punishment for offences endangering national security. Any suggestion that certain individuals or organisations should be immune from legal consequences for their illegal acts is no different from advocating a special privilege to break the law, and this totally runs contrary to the spirit of the rule of law."
Lai Chee-ying's case has nothing to do with freedom of the press at all
The spokesperson said, "Some media organisations and organizations that claim to represent journalists, have conflated the criminal acts in this case with freedom of the press, and have even played up different cases to vilify the HKSAR, with the purpose of misleading the public and defaming the HKSAR's human rights and rule of law. In fact, Lai Chee-ying's case has nothing to do with freedom of the press at all. Over the years, the defendants were using journalism as a guise to commit acts that brought harm to our country and Hong Kong. The public trial of this case revealed Lai Chee-ying's close management and hands-on control of the editorial direction of Apple Daily, and one of the senior officials even said they were free within a 'bird cage'. Meanwhile, Lai Chee-ying had repeatedly and personally colluded with foreign forces, begging for sanctions and hostile actions against the Central Authorities and the HKSAR Government.
"Hong Kong citizens enjoy freedom of the press and freedom of speech as protected under the Basic Law and the Hong Kong Bill of Rights. In fact, the HKNSL and the SNSO clearly stipulate that human rights shall be respected and protected in safeguarding national security. The rights and freedoms, including the freedoms of the press, of speech and of publication, enjoyed by Hong Kong people under the Basic Law and the provisions of the International Covenant on Civic and Political Rights (ICCPR) and the International Covenant on Economic, Social and Cultural Rights as applied to the HKSAR, are protected in accordance with the law. Like all other places in the world, journalists, just like all other citizens, have an obligation to abide by all the laws. According to the principles established by Article 19 of the ICCPR, the European Convention on Human Rights and relevant jurisprudence, when the media and journalists publish opinions, information and articles, they must observe and discharge 'special duties and responsibilities', including protection of national security and public order; journalists must, in accordance with the tenets of 'responsible journalism', act in good faith on accurate factual basis and provide reliable and precise information, so as to be entitled to the protection of freedom of speech and press freedom."
Lai Chee-ying undermined the fundamental interests of the country and the well-being of Hong Kong citizens
The spokesperson reiterate: "Lai Chee-ying has long been using his media outlet, Apple Daily, to wantonly create social conflicts, incite social antagonism, incite hatred, glorify violence and openly beg for foreign sanctions against China and the HKSAR, attracting external interference. He has harmed the fundamental interests of the country and the well-being of the people of Hong Kong; his actions are shameful and his intentions malicious. His wanton crimes were committed in full view of the public and the evidence is compelling. The court's conviction demonstrates that righteousness is upheld by the law and the core values of Hong Kong are safeguarded. The law never allows anyone, regardless of profession or background, to harm their country and compatriots under the guise of human rights, democracy, and freedom.
"The HKSAR has a responsibility to safeguard national security and will resolutely combat acts and activities endangering national security. Hong Kong is underpinned by the rule of law and the HKSAR Government is committed to ensuring that laws are observed and strictly enforced so as to bring offenders to account. We will do our utmost to prevent, suppress and impose punishment for acts and activities endangering national security to fulfil this perfectly justified responsibility."
Source: AI-found images
