HK's GNP up 6.8% in 4th quarter
(Xinhua)
Updated: 2004-03-20 11:42

Hong Kong's gross national product (GNP) in the fourth quarter stood at HK$341.5 billion (US$43.78 billion), up 1.7 percent over a year earlier, and 6.8 percent in real terms after netting out the effect of price changes.

This exceeded the 5 percent year-on-year increase in real terms in gross domestic product (GDP) in the same quarter. The GDP, estimated at HK$330.5 billion, was about the same level as a year earlier, according to the figures released by the Census and Statistics Department on Friday.

Compared with GDP, the value of GNP was larger by HK$11.1 billion, representing a net external factor income inflow of the same amount, and equivalent to 3.3 percent of GDP in that quarter.

As the external factor income inflow increased to a much larger extent than the corresponding outflow, GNP grew at a faster pace in real terms than GDP.

Total factor income inflow into Hong Kong was HK$90.7 billion and equivalent to 27.5 percent of GDP in that quarter, up 14.4 percent over a year earlier.

At the same time, total factor income outflow was HK$79.7 billion and equivalent to 24.1 percent of GDP in that quarter, representing a smaller increase at 7.8 percent over a year earlier.

Taking the inflow and outflow together, a net external factor income inflow of HK$11.1 billion was recorded.

The rebound was primarily propelled by a distinct surge in direct investment income both from local and overseas, amidst robust recovery in the local economy and improved performance of the global economy since the middle of last year.

Within total factor income inflow, direct investment income inflow rose significantly by 25.5 percent over a year earlier, mainly due to increased earnings of some prominent local enterprises from investment abroad.