HK GNP down 1.9 pct in Q3

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Last updated at: (Beijing Time) Saturday, December 20, 2003

HK GNP down 1.9 pct in Q3

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Hong Kong's Gross National Product (GNP) in the third quarter of 2003 was estimated at 324.1 billion HK dollars (41.55 billion US dollars), down 1.9 percent from a year earlier, while Gross Domestic Product (GDP) was estimated at 318.5 billion HK dollars (40.8 billion US dollars), also down 1.9 percent.

A Friday's report of the Census & Statistics Department said this reflects the pick-up in overall economic activity and sustained net inflow of external factor income.

The external factor income inflow and outflow both remained sizable in the third quarter, each accounting for around one quarter of Hong Kong's GDP.

After netting out the effect of price changes, GNP and GDP bothrose 4 percent in real terms. They reversed the corresponding falls of 0.6 percent and 0.5 percent in real terms in the second quarter.

Total factor income inflow into Hong Kong, estimated at 80.9 billion HK dollars (10.37 billion US dollars) in the third quarterand equivalent to 25.4 percent of GDP in that quarter, fell 12.7 percent.

At the same time, total factor income outflow, estimated at 75.3 billion HK dollars (9.65 billion US dollars) in the third quarter and equivalent to 23.6 percent of GDP in that quarter, recorded a fall of 13.4 percent.

Taking the inflow and outflow together, a net external factor income inflow of 5.6 billion HK dollars (0.72 billion US dollars) was recorded in the third quarter, said the report.

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