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

EPD completes investigation on T·PARK's stack gas monitoring incident

Concerning the incident regarding the suspected short-term non-compliance of the total organic carbon (TOC) from certain T·PARK's flue stacks during the period from last October to this July, as compared with the emission standards set out in the contract, the Environmental Protection Department (EPD) today (December 30) announced the investigation findings.

The investigation revealed that, at the same time when the monitoring data of TOC collected from the operating flue stack exceeded the emission limits set out in the contract, TOC was also detected from the air inside the other non-operating flue stacks in the facility. Since the monitoring of organic carbon requires utilization of air from the surrounding environment in order to assist combustion, scientifically the monitoring data need to be corrected according to the organic carbon concentration in the ambient air before they can be compared with the standards. With the above correction, it is confirmed that the actual data of TOC from the operation of T·PARK had not exceeded the emission limit under the contract.

TOC generally refers to the total amount of carbon in all organic compounds. Vegetation, vehicles, paints, cooking and industrial activities, etc are common sources of TOC in the ambient air. TOC is not a parameter under the statutory Air Quality Objectives, in order to ensuring proper operation of the facility, the contract between the EPD and the contractor of T·PARK has set emission standards for TOC, and conduct continuous monitoring. During the period from last October to this July, there were a few occasions of suspected short-term non-compliance of TOC emission standards under the contract from certain T·PARK's flue stacks. As the contractor had different views on whether the emission of TOC from the facility had violated the contract provisions, the EPD had to conduct investigation into the incident.

As the relevant investigation has been completed, the EPD has reuploaded the environmental monitoring reports for the period from last October to this October to the website www.epd.gov.hk/epd/english/environmentinhk/waste/data/data_stf.html