HK's first-quarter GNP up 3.3%

Hong Kong's first-quarter GNP surged 3.3 percent over a year earlier to 322.3 billion HK dollars(41.32 billion US dollars), while GDP, estimated at 314.2 billion HK dollars (40.28 billion US dollars), rose 4 percent, the Census Statistics Department said Monday.

The external factor income inflow and outflow remained sizable in the quarter, equivalent to more than and nearly one third of Hong Kong's GDP. This reflected not only the highly externally-oriented nature of the Hong Kong economy, but also its positions as an international financial center and a regional business hub.

The department said that GNP grew solidly in the quarter, amid sustained strong growth in the economy and continued net inflow of external factor income.

Compared with GDP, the value of Hong Kong's GNP was larger by 8billion HK dollars (1.03 billion US dollars), representing a net external factor income inflow of the same amount, and equivalent to 2.6 percent of GDP in the quarter.

After netting out the effect of price changes, Hong Kong's GNP grew 5.2 percent in real terms over a year earlier, lower than the corresponding increase of 6 percent recorded for GDP in the same quarter.

The slightly slower growth in GNP than in GDP was mainly attributable to a surge in direct investment income outflow, which signified improved investment return from Hong Kong in tandem with its robust economic performance.

Both the inflow and outflow of external factor income continuedto register robust growth in the quarter, albeit at a less rapid pace than in the preceding quarter.

Total factor income inflow into Hong Kong, estimated at 110.6 billion HK dollars (14.18 billion US dollars) and equivalent to 35.2 percent of GDP in the quarter, went up 16.2 percent over a year earlier.

Total factor income outflow, estimated at 102.5 billion HK dollars (13.14 billion US dollars) and equivalent to 32.6 percent of GDP of the same period, recorded a 20.4 percent year-on-year increase.

Taking the inflow and outflow together, the net external factor income inflow was 8 billion HK dollars (1.03 billion US dollars). The income surge was particularly notable in other investment income flows due to higher interest rates on entering the US interest rate uptrend.

Analyzed by country or territory, the Chinese mainland was the largest source of Hong Kong's external factor income inflow, accounting for 24.1 percent.

(Xinhua)

external factor : 外界因素

net out: 扣除