Hong Kong's gross national product rose to $453.6 billion in the fourth quarter of last year, up 0.7% on the same period a year earlier, the Census & Statistics Department says.

Gross domestic product fell 2.6%, to $436.4 billion.

Compared with GDP, the value of Hong Kong's GNP was larger by $17.2 billion, representing a net external factor income inflow of the same amount, and equivalent to 3.9% of GDP in that quarter.

After netting out the effect of price changes, Hong Kong's GNP rose 0.7% in real terms compared to the corresponding fall of 2.5% recorded for GDP.

Total factor income inflow into Hong Kong, estimated at $207.5 billion and equivalent to 47.5% of GDP, dropped 18.2%. Total factor income outflow, estimated at $190.3 billion and equivalent to 43.6% of GDP, recorded a fall of 24.1%. Taking the inflow and outflow together, a net external factor income inflow of $17.2 billion was recorded.

China continued to be the largest source of Hong Kong's external factor income inflow, accounting for 37.5%. The British Virgin Islands came next with a share of 24%. Other major source countries were the US and the UK at 6.6% and 4.4%.

China and the British Virgin Islands remained the most important destinations for Hong Kong's external factor income outflow, accounting for 28.9% and 26.6%. Other major destination countries included the US at 8.5%, and the Netherlands at 8%.