In this March 11, 2024 photo, pedestrians cross a road in Sai Ying Pun in Hong Kong. (SHAMIM ASHRAF / CHINA DAILY)

Hong Kong's gross national income, which denotes the total income of the residents from engaging in various economic activities, increased significantly by 11.6 percent in the fourth quarter of 2023 over a year earlier to HK$849.6 billion at current market prices.

The Census and Statistics Department released the preliminary statistics on Hong Kong's GNI and related figures for the fourth quarter of 2023 and the whole year of 2023.

The gross domestic product, estimated at HK$794.6 billion at current market prices in the same quarter, recorded an 8.5 percent increase year-on-year, the data showed. 

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The value of GNI was larger than GDP by HK$55.0 billion in the fourth quarter of 2023, which was equivalent to 6.9 percent of GDP in the quarter, the government said, attributing it mainly to a net inflow of investment income.

For 2023 as a whole, Hong Kong's GNI rose by 8.8 percent over a year earlier to HK$3,259.0 billion at current market prices

The city’s total inflow of primary income, estimated at HK$475.2 billion in the fourth quarter of 2023 and equivalent to 59.8 percent of GDP in the quarter, recorded a 10.4 percent rise over a year earlier. Meanwhile, total primary income outflow, estimated at HK$420.3 billion in Q4 and equivalent to 52.9 percent of GDP in the quarter, also increased by 4.8 percent year-on-year, the data added.

Direct investment income decreased by 3.2 percent year-on-year, mainly due to the decrease in earnings of some prominent local enterprises from their direct investment abroad. 

Portfolio investment income saw a 31.9 percent rise over a year earlier, mainly due to the increase in interest income received by resident investors from the holdings of non-resident debt securities and the increase in dividend income received by resident investors from their holdings of non-resident equity securities.

The Chinese mainland continued to be the largest source of Hong Kong's total primary income inflow in Q4 of 2023, accounting for 37.1 percent. The British Virgin Islands came second with a 20 percent share. The mainland and BVI also remained the most important destinations of primary income outflow, accounting for 31.8 percent and 21.2 percent respectively. 

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For 2023 as a whole, Hong Kong's GNI rose by 8.8 percent over a year earlier to HK$3,259.0 billion at current market prices. 

The total primary income inflow was estimated at HK$2,048.6 billion, or 68.5 percent of GDP while the corresponding outflow at HK$1,780.9 billion, or 59.5 percent of GDP in 2023.