In the first quarter of 2024, the total income of local residents in Hong Kong (referring to the total income earned by Hong Kong residents through various economic activities) was HKD 831 billion, an increase of 9.6% compared to the same period last year, calculated at the then-current market price.
According to the latest preliminary statistics released by the Hong Kong government's Census and Statistics Department on June 17th, 2024, the total income of local residents in Hong Kong and related figures for the first quarter of 2024 were released. The total income of local residents in Hong Kong, referring to the total income earned by Hong Kong residents through various economic activities, calculated at the then-current market price, was HKD 8.31 billion, an increase of 9.6% over the same period last year. The local gross domestic product (GDP) at the time was estimated at HKD 7.697 billion, with a year-on-year increase of 7.1% in the same quarter.
In the first quarter of 2024, the total income of local residents exceeded the local GDP by HKD 61.3 billion, equivalent to 8.0% of the local GDP for the quarter. This was mainly due to net inflows of investment income. After deducting the impact of price changes, the total income of local residents in Hong Kong in the first quarter of 2024 actually increased by 6.3% compared to the same period last year, while the local GDP actually increased by 2.7% in the same quarter.
In the first quarter of 2024, the total inflow of first-time income in Hong Kong, mainly investment income, was HKD 494.9 billion, a significant increase of 14.0% compared to the same period last year, equivalent to 64.3% of the local GDP for the quarter. At the same time, the total outflow of first-time income in the first quarter of 2024 also increased by 9.9% compared to the same period last year, to HKD 433.6 billion, equivalent to 56.3% of the local GDP for the quarter.
For the main components of investment income inflow, direct investment income increased by 6.1% compared to the same period last year, mainly due to the increase in direct investment income of some local large enterprises outside Hong Kong. Securities investment income recorded a significant increase of 20.1% year-on-year, mainly due to the increase in interest income from non-local debt securities obtained by local investors.
For the main components of investment income outflow, direct investment income increased by 4.3% compared to the same period last year, mainly due to the increase in direct investment income of some large multinational enterprises in Hong Kong. Securities investment income increased by 8.8%, mainly due to the increase in interest income from local debt securities obtained by non-local investors.
By country/region analysis, mainland China continued to be the main source of first-time income inflows in Hong Kong, accounting for 40.5% of total inflows in the quarter. The British Virgin Islands followed, accounting for 15.3%. As for the destinations of total outflows of first-time income, mainland China and the British Virgin Islands continued to be the main ones in the first quarter of 2024, accounting for 30.9% and 19.6% of total outflows in the quarter, respectively.