Hong Kong's economy continued to expand fast in the first quarter with its gross domestic product (GDP) mounting 9.6 percent to 409.3 billion HK dollars (52.47 billion U.S. dollars), according to latest figures released by the Census and Statistics Department here Monday.
Meanwhile, the gross national product (GNP) rose 6.5 percent from the same period of last year to 427.3 billion HK dollars (54.78 billion U.S. dollars) during the first three months, according to the department.
Compared with GDP, the value of Hong Kong's GNP grew by 18 billion HK dollars (2.31 billion U.S. dollars) representing a net external factor income inflow of the same amount, and equivalent to 4.4 percent of the economy's GDP in that quarter.
After netting out the effect of price changes, Hong Kong's GNP rose 4 percent in real terms, lower than the corresponding rise of7.1 percent of GDP.
Total factor income inflow into Hong Kong was estimated to grow21.8 percent to 233.6 billion HK dollars (29.95 billion U.S. dollars) and equivalent to 57.1 percent of GDP in that quarter.
Total factor income outflow, however, also jumped 31.2 percent to an estimated 215.6 billion HK dollars (27.64 billion U.S. dollars), an equivalent to 52.7 percent of GDP of the same period.
Taking the inflow and outflow together, a net external factor income inflow of 18 billion HK dollars (2.31 billion U.S. dollars) was recorded.
Within total factor income inflow, direct investment income surged 43.3 percent, portfolio investment income grew 6.8 percent, but other investment income fell 15.6 percent.
Among total factor income outflow, direct investment income, portfolio investment income and other investment income grew 36.9 percent, 52.8 percent and 2.9 percent respectively.
The Chinese mainland continued to be the largest source of Hong Kong's external factor income inflow in the first quarter, accounting for 33.6 percent, followed by the British Virgin Islands with 22.3 percent, the United Kingdom with 7.5 percent and the United States with 6.9 percent.
The Chinese mainland and British Virgin Islands were still the most important destinations for Hong Kong's external factor income outflow, accounting for 29.9 percent and 21.7 percent respectively.
Source: Xinhua
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