HK's GNP rose by 3.4% in 1st Qtr

Statistics on Hong Kong's Gross National Product (GNP) and external factor income flows (EFIF) for the first quarter of 2001 are released by the Census and Statistics Department.



Hong Kong's GNP for the first quarter of 2001 was estimated at $316.8 billion at current market prices, representing an increase of 1.6% over a year earlier. The difference of $12.0 billion from the Gross Domestic Product (GDP), estimated at $304.8 billion for the same quarter, represented a net factor income inflow equivalent to 3.9% of GDP in that quarter. After netting out the effect of price changes, Hong Kong's GNP rose by 3.4% in real terms in the first quarter of 2001 over a year earlier. This was above the growth of 2.5% in real terms for Hong Kong's GDP in the same quarter.





Total factor income inflow into Hong Kong, estimated at $98.2 billion, decreased by 9.3% in the first quarter of 2001 from a year earlier. Concurrently, total factor income outflow declined more, by 13.0% to $86.2 billion. These inflow and outflow were equivalent to 32.2% and 28.3% respectively of GDP in that quarter. Taking the inflow and outflow together, net EFIF amounted to $12.0 billion in the first quarter of 2001, as compared to $9.2 billion in the same quarter in 2000.





Within the total factor income inflow, direct investment income (DII) decreased by 19.4% in the first quarter of 2001 from a year earlier. This was largely due to the slow-down in the overseas economies, particularly those within East Asia. On the other hand, portfolio investment income (PII) rose by 10.1%, mainly attributable to the increase in interest pay-outs from non-resident debt securities. Other investment income (OII) fell by 9.6%, mainly on account of reduced revenue from offshore loans and deposits by the local banking sector along with a reduction in such external assets.

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