GNP increased by 4% in real terms

16 Jun '08

3 min read

Statistics on Hong Kong's Gross National Product (GNP) and External Factor Income Flows (EFIF) for the first quarter of 2008 are released June 16 by the Census and Statistics Department.

In the first quarter of 2008, Hong Kong's GNP increased by 6.5% over a year earlier to $427.3 billion at current market prices. The Gross Domestic Product (GDP), estimated at $409.3 billion at current market prices in the same quarter, recorded a 9.6% increase during the period.

Compared with GDP, the value of Hong Kong's GNP was larger by $18.0 billion in the first quarter of 2008, representing a net external factor income inflow of the same amount, and equivalent to 4.4% of GDP in that quarter.

After netting out the effect of price changes, Hong Kong's GNP increased by 4.0% in real terms in the first quarter of 2008 over a year earlier. This was lower than the corresponding increase of 7.1% recorded for GDP in the same quarter.

Total factor income inflow into Hong Kong, estimated at $233.6 billion in the first quarter of 2008 and equivalent to 57.1% of GDP in that quarter, increased by 21.8% over a year earlier. Total factor income outflow, estimated at $215.6 billion in the first quarter of 2008 and equivalent to 52.7% of GDP of the same period, increased significantly by 31.2% over a year earlier. Taking the inflow and outflow together, a net external factor income inflow of $18.0 billion was recorded in the first quarter of 2008.

Within total factor income inflow, Direct Investment Income (DII) increased significantly by 43.3% over a year earlier, mainly due to the significant increase in earnings of some prominent local enterprises from investment abroad.

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