In the second quarter, the total income of local residents in Hong Kong increased by 8.1% year-on-year to HK$847.5 billion.

The Census and Statistics Department of the Hong Kong government today released the preliminary statistics for the second quarter of 2024 on the total income of local residents in Hong Kong and related figures. The total income of local residents in Hong Kong in the second quarter of 2024, calculated at the market prices at that time (referring to the total income earned by Hong Kong residents through various economic activities), increased by 8.1% compared to the same period last year to HK$847.5 billion. The estimated local Gross Domestic Product (GDP) at market prices for the same quarter was HK$757.3 billion, with a year-on-year increase of 7.6%. The total income of local residents in the second quarter of 2024 exceeded the GDP by HK$90.2 billion, equivalent to 11.9% of the GDP for that quarter, mainly due to net inflow of investment income. After adjusting for the impact of price changes, the total income of local residents in Hong Kong in the second quarter of 2024 increased by 6.0% compared to the same period last year, while the GDP increased by 3.3% in the same quarter. The total inflow of primary income (mainly including investment income) for Hong Kong in the second quarter of 2024 was HK$596.2 billion, an increase of 1.9% compared to the same period last year, equivalent to 78.7% of the GDP for that quarter. At the same time, the total outflow of primary income in the second quarter of 2024 also increased by 0.1% compared to the same period last year to HK$506 billion, equivalent to 66.8% of the GDP for that quarter. In terms of the main components of investment income inflows, direct investment income decreased by 5.0% compared to the same period last year, mainly due to a decrease in direct investment income from large local companies abroad. Securities investment income recorded an increase of 6.5% compared to the same period last year, mainly due to increased interest income from non-local debt securities acquired by local investors. In terms of the main components of investment income outflows, direct investment income decreased by 3.5% compared to the same period last year, mainly due to a decrease in direct investment income from large multinational companies in Hong Kong. Securities investment income decreased by 0.1%, mainly due to a decrease in interest income from local debt securities acquired by non-local investors. In terms of country/region analysis, Mainland China continued to be the main source of total inflow of primary income in Hong Kong in the second quarter of 2024, accounting for 39.3% of the total inflow for the quarter. This was followed by the British Virgin Islands, accounting for 16.6%. In terms of total outflow of primary income, Mainland China and the British Virgin Islands continued to be the main destinations in the second quarter of 2024, accounting for 37.5% and 19.6% of the total outflow for the quarter, respectively.