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HK GNP grows 7.2% in 3rd quarter

  

(Xinhua)

Hong Kong's gross national product (GNP) in the third quarter rose 7.2 percent over a year earlier to 343.9 billion HK dollars (44.3 billion US dollars) at current market prices, according to a government press release Monday.

The gross domestic product (GDP), estimated at 327.8 billion HKdollars (42.6 billion US dollars), recorded a 4.4 percent increasein the third quater.

The value of Hong Kong's GNP was larger than GDP showing a net external factor income inflow of the same amount, equivalent to 4.9 percent of GDP in that quarter.

After netting out price changes effect, GNP rose 9.9 percent inreal terms over a year earlier, which was higher than the corresponding rise of 7.2 percent for GDP.

According to Hong Kong Census and Statistics Department, due toa continued strong economic upturn and an enlarged net inflow of external factor income, GNP sustained a robust growth. Both the inflow and outflow of external factor income continued to increasein the quarter, on the back of further economic growth in the world and in Hong Kong.

Flows of portfolio investment income and other investment income even registered significant double-digit growth, spurred bymore dividend pay-outs and more vibrant cross-border lending activity globally, said the department.

The department also pointed out external factor income inflow and outflow remained sizable in the third quarter, both equivalentto more than one quarter of the GDP, which reflected not only the highly externally oriented nature of the Hong Kong economy, but also its position as an international financial center in facilitating external investment activities.

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