Hong Kong's gross national product rose 11.9% over a year earlier, to $397.7 billion in this year's first quarter, the Census & Statistics Department says.

The gross domestic product, estimated at $370.3 billion, recorded 6.6% growth during the period. Compared with GDP, the value of Hong Kong's GNP was larger by $27.4 billion in the first quarter, representing a net external factor income inflow of the same amount, and equivalent to 7.4% of GDP in that quarter.

After netting out the effect of price changes, Hong Kong's GNP went up 10.6% in real terms. This was higher than the corresponding 5.6% increase recorded for GDP.

Income inflow, outflow rose

Total factor income inflow into Hong Kong, estimated at $191.8 billion and equivalent to 51.8% of GDP, surged 28.5% over a year earlier. Total factor income outflow, estimated at $164.4 billion and equivalent to 44.4% of GDP, also went up 16.4%. Taking the inflow and outflow together, a net external factor income inflow of $27.4 billion was recorded.

Within total factor income inflow, direct investment income grew 28.8%, portfolio investment income 17.5% and other investment income 43.7%. Within total factor income outflow, direct investment income rose 15%, portfolio investment income 13.6% and other investment income 24%.

Analysed by country/territory, China continued to be the largest source of Hong Kong's external factor income inflow in this year's first quarter, accounting for 27.9%.  The British Virgin Islands came next, with a share of 22.2%. Other major source countries were the UK and the US, at 9.5% and 8.9%.

China and the British Virgin Islands remained the most important destinations for Hong Kong's external factor income outflow in the same period, accounting for 24.5% and 23.2%. Other major destination countries/territories included the Netherlands, at 10.6%, and the US, at 7.1%.