Hong Kong's GNP grows 10.9 pct in 3rd quarter

Hong Kong's GNP grows 10.9 pct in 3rd quarter



Hong Kong's gross national product (GNP) grew to 379.6 billion HK dollars (about 49 billion U. S. dollars) in the third quarter, up 10.9 percent over the same period last year, revealed latest figures released by the Census and Statistics Department Monday.

Hong Kong's third quarter GNP, which measures the total value of final goods and services produced in a year by Hong Kong citizens, including profits from capital held abroad, was slightly higher than the 379.3 billion HK dollars of gross domestic product (GDP) figure announced earlier.

GDP figures measure those value of goods and services produced within an economy.

The Census and Statistics Department said GNP rose 10.9 percent "in real terms" as the quarter saw total factor income inflow into Hong Kong, estimated at 158.2 billion HK dollars (20.3 billion U.S. dollars), grow 29.5 percent over a year earlier.

While total factor income outflow of Hong Kong, estimated at 158 billion HK dollars (20.3 billion U.S. dollars), saw a 16.4 percent year-on-year increase.

Within the total factor income inflow, direct investment income (DII) grew 26.7 percent over a year earlier, mainly due to increased earnings of some prominent local enterprises from investment abroad, according to the department.

Within total factor income outflow, DII rose 9.1 percent, largely attributable to increased earnings of some prominent multinational enterprises from investment in Hong Kong.

According the latest statistics, China's mainland continued to be the largest source of external factor income inflow into Hong Kong in the third quarter, accounting for 27.9 percent.

China's mainland was followed by the British Virgin Islands with a share of 18.7 percent, reflecting continued investment income inflow from the tax-haven economy.

The Virgin islands and China's mainland were also the most important destinations for external factor income outflow from Hong Kong in the third quarter, accounting for 15.4 percent and 21. 7 percent, according to the department.

Source: Xinhua>