Group 1 - The total income of Hong Kong residents in Q2 2025 increased by 5.2% year-on-year to HKD 892.2 billion, while the GDP for the same period rose by 3.7% to HKD 785.2 billion [1] - The total income of local residents exceeded the GDP by HKD 107 billion, accounting for 13.6% of the GDP, primarily due to net inflows of investment income [1] - After adjusting for price changes, the real increase in total income was 3.6%, while the real GDP growth was 3.1% [1] Group 2 - The total inflow of primary income, mainly from investment income, was HKD 624.6 billion, up 4.8% year-on-year, representing 79.5% of the GDP [1] - The total outflow of primary income also increased by 2.3% to HKD 517.6 billion, accounting for 65.9% of the GDP [1] - Direct investment income inflow rose by 3.5%, driven by increased earnings from local enterprises' overseas investments, while securities investment income surged by 19.4% due to higher dividends and interest from non-local securities [2] Group 3 - In terms of primary income inflow sources, Mainland China remained the largest contributor, accounting for 42.3% of the total inflow, followed by the British Virgin Islands at 12.8% [2] - For primary income outflows, Mainland China and the British Virgin Islands were the main destinations, representing 30.5% and 21.8% of the total outflow, respectively [2]

Core Insights - The total income of Hong Kong residents in Q1 2025 increased by 6.2% year-on-year to HKD 879.4 billion, driven primarily by net investment income inflows [1] - The local GDP for the same period was estimated at HKD 799.7 billion, reflecting a year-on-year growth of 4.3% [1] - The total income of local residents exceeded local GDP by HKD 79.7 billion, accounting for 10.0% of the GDP, mainly due to net investment income [1] Income and GDP Analysis - After adjusting for price changes, the real total income of Hong Kong residents rose by 4.0% year-on-year, while the real GDP increased by 3.1% [1] - The primary income inflow for Q1 2025 was HKD 521.3 billion, up 5.3% from the previous year, representing 65.2% of the local GDP [1] - The primary income outflow also increased by 1.8% to HKD 441.6 billion, which accounted for 55.2% of the local GDP [1] Investment Income Breakdown - Direct investment income inflows rose by 3.4% year-on-year, attributed to increased earnings from local enterprises' overseas investments [2] - Securities investment income saw a significant increase of 36.7%, driven by higher dividend and interest earnings from non-local equity and debt securities [2] - On the outflow side, direct investment income increased by 4.2%, mainly due to higher earnings from multinational companies' investments in Hong Kong [2] Geographic Analysis of Income - In Q1 2025, Mainland China remained the largest source of primary income inflows to Hong Kong, accounting for 42.4% of the total inflow [2] - The British Virgin Islands followed as the second-largest source, contributing 16.7% [2] - For primary income outflows, Mainland China and the British Virgin Islands were the top destinations, representing 29.9% and 21.3% of the total outflow, respectively [2]