Hong Kong’s GPD up 8.8% to a whopping $487b in 3Q11

The country’s GNP was larger by $6 billion, rising 9.8% in the third quarter.

Hong Kong's Gross National Product increased 9.8% in the third quarter over a year earlier, to $493.5 billion, while the Gross Domestic Product, estimated at $487.4 billion, recorded an 8.8% increase, according to the Census & Statistics Department.

Compared with GDP, the value of GNP was larger by $6.1 billion in the third quarter, representing a net external factor income inflow of the same amount, and equivalent to 1.2% of GDP in that quarter.

After netting out the effect of price changes, Hong Kong's GNP increased 5.2% in real terms in the third quarter over a year earlier. The corresponding increase in GDP was 4.3%.

Total factor income inflow into Hong Kong, estimated at $244.7 billion in the third quarter and equivalent to 50.2% of GDP in that quarter, increased 8.8% over a year earlier.

Total factor income outflow, estimated at $238.7 billion in the third quarter and equivalent to 49% of GDP for the same period, increased 6.8 % over a year earlier.

Taking the inflow and outflow together, a net external factor income inflow of $6.1 billion was recorded.

Within total factor income inflow, direct investment income increased 8.3% over a year earlier, mainly due to some prominent local enterprises' increase in earnings from investment abroad.

The Mainland continued to be the largest source of Hong Kong's external factor income inflow, accounting for 42.2%. This was followed by the British Virgin Islands, with a share of 27.1%.

Both places remained the most important destinations for external factor income outflow, accounting for 28.8% and 25.2%.