The 21st Tripartite Meeting on Prevention and Control of Communicable Diseases was held in Dongguan today (December 13). ​Representatives from the health authorities of Guangdong, Hong Kong and Macao had in-depth exchang… read more
The Census and Statistics Department (C&SD) released today (December 13) the preliminary statistics on Hong Kong’s Gross National Income (GNI) and related figures for the third 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 4.2% in the third quarter of 2024 over a year earlier to $899.6 billion at current market prices. The Gross Domestic Product (GDP), estimated at $812.3 billion at current market prices in the same quarter, recorded a 6.1% increase over a year earlier. The value of GNI was larger than GDP by $87.2 billion in the third quarter of 2024, which was equivalent to 10.7% 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 1.9% in real terms in the third quarter of 2024 over a year earlier. The corresponding GDP in the same quarter increased by 1.8% in real terms.
Hong Kong’s total inflow of primary income, which mainly comprises investment income, estimated at $616.1 billion in the third quarter of 2024 and equivalent to 75.8% of GDP in that quarter, recorded a significant increase of 10.3% over a year earlier. Meanwhile, total primary income outflow, estimated at $528.9 billion in the third quarter of 2024 and equivalent to 65.1% of GDP in that quarter, also increased significantly by 14.7% over a year earlier.
As for the major components of investment income inflow, direct investment income (DII) increased significantly by 13.5% over a year earlier, mainly due to the increase in earnings of some prominent local enterprises from their direct investment abroad. Portfolio investment income (PII) recorded an increase of 8.4% 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 increased significantly by 17.4% over a year earlier, mainly due to the increase in earnings of some prominent multinational enterprises from their direct investment in Hong Kong. PII increased significantly by 11.1%, mainly attributable to the increase in dividend payout to non-resident investors from their holdings of resident equity 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 third quarter of 2024, accounting for 40.3%. This was followed by the British Virgin Islands (BVI), with a share of 16.5%. Regarding total primary income outflow, the mainland of China and the BVI remained the most important destinations in the third quarter of 2024, accounting for 33.2% and 20.0% 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 2022 to the third 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 for 2024 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 2023 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 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). read more
The following is issued on behalf of the Hong Kong Monetary Authority:
​The Hong Kong Monetary Authority (HKMA) released today (December 13) the key analytical accounts of the Exchange Fund at the end of November 2024.
Foreign assets, representing the external assets of the Exchange Fund, increased during the month by HK$30.8 billion to HK$3,506.4 billion.
The Monetary Base, comprising Certificates of Indebtedness, Government‑issued currency notes and coins in circulation, the balance of the banking system and Exchange Fund Bills and Notes issued, amounted to HK$1,950.1 billion.
Claims on the private sector in Hong Kong amounted to HK$287.8 billion.
Foreign liabilities amounted to HK$28.0 billion.
The analytical accounts of the Exchange Fund are released in accordance with the International Monetary Fund’s Special Data Dissemination Standard (SDDS) and are referred to as the Analytical Accounts of the Central Bank under SDDS (Annex).
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At present, four press releases relating to the Exchange Fund’s data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund’s SDDS. The fourth press release, on the Exchange Fund’s Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA’s policy of maintaining a high level of transparency. For the month of December 2024, the scheduled dates for issuing the press releases are as follows:
| December 6 (Issued) |
SDDS International Reserves (Hong Kong’s Latest Foreign Currency Reserve Assets Figures) |
| December 13 | SDDS Analytical Accounts of the Central Bank (Analytical Accounts of the Exchange Fund) |
| December 31 | SDDS Template on International Reserves and Foreign Currency Liquidity |
| December 31 | Exchange Fund Abridged Balance Sheet and Currency Board Account |
The Social Innovation and Entrepreneurship Development Fund (SIE Fund) officially launched its “Smart Silver” Digital Inclusion Programme for Elders today (December 13) at Lok Fu Place, starting a new chapter in the pursuit of digital inclusion for the elderly. Among the guests were 75 elderly volunteers who joined others to celebrate the 75th anniversary of the founding of the People’s Republic of China.
The Hong Kong Special Administrative Region Government announced in the 2024-25 Budget that the SIE Fund would allocate $100 million to provide elderly people aged 60 or above with digital training courses and technical support in the coming three years. Following an open invitation for proposals and evaluation, the SIE Fund has appointed 12 non-governmental organisations and is providing them with funding support to take forward the “Smart Silver” Digital Inclusion Programme for Elders (the Programme) across all 18 districts. Under the Programme, the appointed organisations will set up community-based help desks at suitable locations to provide regular and fixed-point training on digital technologies and technical support for elderly people aged 60 or above, particularly singleton or doubleton elders living in old districts and public housing. It covers topics such as smartphone operation know-how, the use of digital government services (e.g. “iAM Smart” and other common government mobile applications) and cybersecurity. The Programme is expected to benefit more than 100 000 elders. For details about the Programme and service hours of the help desks, please visit www.it2.gov.hk/smart_silver/.
Officiating at the launching ceremony, the Secretary for Innovation, Technology and Industry, Professor Sun Dong, said “The Government has been working vigorously to promote digital inclusion. The Digital Policy Office (DPO) has introduced a series of initiatives to encourage elderly people to learn and use technologies.” He stated that all initiatives have been well received and that the Government will continue to press ahead with its work to help more elders.
The Chairperson of the SIE Fund Task Force, Mr Kevin Orr, invited all parties to pitch in. He said, “Digital technology has become an integral part of everyday lives while the SIE Fund has been actively promoting digital inclusion. Through cross-sector collaboration, a caring society with digital inclusion can be built where elderly people can explore the digital world on their own and enjoy active ageing.”
The prize presentation ceremony of the Elderly IT Stars Recognition Scheme was also held today. Thirteen “Elderly IT Stars” were presented with awards from the Commissioner for Digital Policy, Mr Tony Wong. All awardees were outstanding participants of either the ICT Outreach Programme for the Elderly or the Enriched ICT Training Programme for the Elderly organised by the DPO. The Recognition Scheme aims at recognising elderly persons who have made use of digital technologies to demonstrate their commitment to improve their quality of life, bringing a positive impact to their friends and the community, and promoting a sense of worthiness among elders.
The organiser is promoting the Government’s digital inclusion initiatives for elders with game booths set up at Lok Fu Place for two consecutive days (December 13 and 14), and introducing related services through information booths. The “iAM Smart” mobile registration team will also help members of the public register for “iAM Smart+” to enjoy the convenience of one-stop e-government services.
The SIE Fund was inaugurated in 2013 and is overseen by the SIE Fund Task Force under the Commission on Poverty. The Task Force Secretariat is established in the DPO under the Innovation, Technology and Industry Bureau. The SIE Fund acts as a catalyst for social innovation in Hong Kong. By facilitating social innovation and cultivating social entrepreneurship, the Fund aims to make an impact in alleviating poverty and social exclusion, promoting social integration, and enhancing the well-being and cohesion of society.
The Innovation and Technology Commission (ITC) announced today (December 13) that the Technology Voucher Programme (TVP) will cease accepting applications after December 31, 2024.
“The Innovation and Technology Fund (ITF) administered by the ITC has been set up for over 20 years. It has made significant contributions to the local innovation and technology development by nurturing numerous research and development (R&D) talent and start-ups, delivering commercialised R&D results, as well as attracting many private investments,” an ITC spokesperson said. “To ensure the proper use of public resources and the overall sustainability of the ITF so that it can continue to drive high-quality development of Hong Kong’s economy, besides introducing new schemes, the Government must keep pace with the times and continue to refine and consolidate existing schemes under the ITF.”
The TVP was launched under the ITF in November 2016 to subsidise local enterprises/organisations in using technological services and solutions on a matching basis. The TVP accepts applications from enterprises/organisations of all industries and does not have pre-defined types of eligible technological services. As of November 30 this year, 37 059 TVP applications involving a total funding amount of about $6.6 billion have been approved, which helped enterprises improve productivity, and upgrade or transform their business processes.
The Government considers that the TVP has achieved its original intent. In recent years, the Government has continued to strengthen support measures for different industries, and many bureaux and departments have introduced more targeted funding schemes dedicated to the specific conditions or operational needs of individual industries. In view of this, the Government has decided to cease accepting new TVP applications after December 31 this year.
For enquiries concerning TVP application arrangements, please contact the TVP Secretariat (Tel: 2789 7000; email: tvp-enquiry@hkpc.org). read more