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

2025-12-15 16:30 Last Updated At：17:12

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).

John Lee Welcomes Global AI Leaders to Inaugural WAIC UP! Summit in Hong Kong

Speech by CE at 2026 WAIC UP! Global Summit

Following is the video speech by the Chief Executive, Mr John Lee, at the 2026 WAIC UP! Global Summit today (January 16):

Distinguished guests, friends from the world of AI, ladies and gentlemen,

A very warm welcome to Hong Kong. It is a pleasure to join you today, at this year's WAIC UP! Global Summit.

A gathering that brings together top experts, industry pioneers and academic leaders, the WAIC UP! Global Summit is a platform under the renowned World Artificial Intelligence Conference. I'm glad to add that the Summit is held for the very first time in Hong Kong this year. The theme of this Summit, "WAKE UP MORE!", underscores the infinite possibilities of artificial intelligence. We must harness the power of AI, not just to innovate, but to build - to build more inclusive economies, more resilient communities, and a more sustainable future for all.

The Recommendations of the Central Committee of the Communist Party of China for Formulating the 15th Five-Year Plan for National Economic and Social Development supports Hong Kong's development into an international innovation and technology (I&T) centre, as well as an international hub for high-calibre talent.

Hong Kong is moving at full steam to develop into an international I&T centre. Central to this vision is our commitment to advancing the development of AI. Our approach is multifaceted, built upon the solid pillars of government investment, world-class research, strategic infrastructure, and a dynamic, open market.

Under the unique "one country, two systems" principle, Hong Kong is the only world city that converges both the China advantage and the global advantage. We are also the only city that counts as many as five universities in the world's top 100. Our institutions equip Hong Kong's next generation with the versatility and knowledge key for future development. They also bring together a world of academics, researchers and talent to contribute to our ever-growing research and innovation capabilities.

We reached a significant milestone in our innovation journey, just last month, with the official opening of the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone. We will develop the Hong Kong Park into a world-class hub for technological innovation that connects the Mainland with the international community. It will become an important source for fostering and advancing new quality productive forces for China, our country.

Accelerating the flow of talent, data and capital, the Hong Kong Park will allow AI projects to rapidly progress from fundamental research in Hong Kong, to commercialisation and large-scale application in the broader market.

Last September, we launched the Frontier Technology Research Support Scheme to subsidise universities in attracting top-notch scientific researchers from the world in AI, and other fields, to come to Hong Kong to spearhead basic research in frontier technologies.

We have also earmarked HK$1 billion for the establishment of the Hong Kong AI Research and Development (R&D) Institute this year, to facilitate upstream AI R&D, the midstream and downstream R&D outcomes, and the expansion of use cases.

In addition, we have taken a concrete step within the HKSAR (Hong Kong Special Administrative Region) Government by establishing a new AI Efficacy Enhancement Team. More than just showcasing our resolve to AI development, this team has a clear mission - to co-ordinate all government departments in applying AI technology, and to explore process re-engineering and promote technological reform. This will significantly improve government efficacy to better meet public demands, through the important tool of AI.

Ladies and gentlemen, in this era of rapid technological transformation, Hong Kong is in a distinct position. With the robust rule of law, a welcoming business environment, and a vibrant multicultural setting, Hong Kong is the perfect incubator for scientific exploration and technological breakthroughs.

Let us leverage today's summit as a springboard for deeper partnerships. Together, we can pioneer the technologies, establish the standards, and forge the future we wish to see - an AI-empowered future that is equitable, sustainable, and prosperous for all.

I wish you all a most fruitful and inspiring summit. Thank you very much.