Hong Kong's second quarter gross national product rose to $381.4 billion, up 11.8% on the same period last year, the Census & Statistics Department says. Gross domestic product, estimated at $375.3 billion, was up 7.7%.

Compared with GDP, the value of Hong Kong's GNP was larger by $6.1 billion, representing a net external factor income inflow of the same amount, and equivalent to 1.6% of GDP in that quarter.

After netting out the effect of price changes, Hong Kong's GNP rose 10.8% in real terms. This was higher than the corresponding rise of 6.9% recorded for GDP.

Total factor income inflow into Hong Kong, estimated at $205.6 billion and equivalent to 54.8% of GDP in that quarter, rose 25.5%. At the same time, total factor income outflow, estimated at $199.5 billion and equivalent to 53.2% of GDP in the same period, grew 16.4%.

Net income inflow

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 grew 24.8%, portfolio investment income rose 26.8%, and other investment income grew 25.4%. Within total factor income outflow, direct investment income, portfolio investment income and other investment income rose 15.2%, 38.6%, and 3.9%.

Analysed by jurisdiction, the Mainland continued to be the largest source of Hong Kong's external factor income inflow in the second quarter, accounting for 28.9%. This was followed by the British Virgin Islands, with a share of 21.1%. Other major sources were the US and the UK at 9.1% and 7%.