Hong Kong recorded a surplus of HK$31.4 billion, or 3.8% of its gross domestic product (GDP), in its balance of payments for the fourth quarter of 2024, data from the Census and Statistics Department showed Friday.

This is in comparison to a balance of payment deficit of HK$23 billion, or 2.8% of GDP, in the third quarter.

For the full year 2024, there was a balance of payment deficit of HK$89.7 billion, or 2.8% of GDP, higher than a HK$79.9 billion deficit in 2023.

The current account logged a surplus of HK$96.3 billion in the fourth quarter, which is 11.5% of GDP, and reflects that Hong Kong's savings were greater than its investment.

This was up from a current account surplus of $61.5 billion, or 7.7% of GDP, in Q4 2023, mainly due to an increase in the net inflow of primary income and the switch in goods balance from deficit to surplus.

The goods account turned to a surplus of HK$5.4 billion in the fourth quarter of 2024 from a deficit of HK$6.9 billion a year prior. The services surplus increased to HK$34.3 billion in the same period from HK$28.3 billion previously.

The primary income inflow came in at HK$496.8 billion, while outflow stood at HK$434.7 billion, resulting in a net inflow of HK$62.1 billion in Q4 2024, up from HK$44.9 billion in the year-ago period.