In the third quarter of Hong Kong, the total income of local residents increased by 4.2% year-on-year to HK$899.6 billion.

On December 13, the Census and Statistics Department of the Hong Kong Special Administrative Region government released preliminary statistics on the total income of local residents and related figures for the third quarter of 2024. The total income of local residents in Hong Kong in the third quarter of 2024, calculated at current market prices, increased by 4.2% compared to the same period last year to 899.6 billion Hong Kong dollars. The estimated local gross domestic product in the same quarter, calculated at current market prices, was 812.3 billion Hong Kong dollars, representing a 6.1% year-on-year increase. The total income of local residents in the third quarter of 2024 exceeded the local gross domestic product by 87.2 billion Hong Kong dollars, equivalent to 10.7% of the quarterly GDP, mainly due to net inflows of investment income. After adjusting for the impact of price changes, the real total income of local residents in Hong Kong in the third quarter of 2024 increased by 1.9% compared to the same period last year, while the real GDP rose by 1.8% in the same quarter. The total inflow of primary income in Hong Kong in the third quarter of 2024, mainly including investment income, was 616.1 billion Hong Kong dollars, a significant increase of 10.3% compared to the same period last year, equivalent to 75.8% of the local GDP for that quarter. At the same time, the total outflow of primary income in the third quarter of 2024 also increased significantly by 14.7% compared to the same period last year to 528.9 billion Hong Kong dollars, equivalent to 65.1% of the local GDP for that quarter. As for the main components of investment income inflows, direct investment income increased significantly by 13.5% compared to the same period last year, mainly due to the increase in direct investment income from local large companies abroad. Income from securities investments increased by 8.4% compared to the same period last year, mainly due to the increase in interest income from non-local debt securities obtained by local investors. In terms of the main components of investment income outflows, direct investment income increased significantly by 17.4% compared to the same period last year, mainly due to the increase in direct investment income from large multinational companies in the local market. Income from securities investments increased by 11.1%, mainly due to the increase in dividend income from local equity securities obtained by non-local investors. In terms of country/region analysis, in the third quarter of 2024, mainland China continued to be the main source of total inflow of primary income in Hong Kong, accounting for 40.3% of the total inflow for the quarter. This was followed by the British Virgin Islands, which accounted for 16.5%. In terms of total outflow of primary income, mainland China and the British Virgin Islands remained the main destinations in the third quarter of 2024, accounting for 33.2% and 20.0% of the total outflow for the quarter, respectively.