Hong Kong's Gross National Product in the first quarter of 2003 was estimated at $313.1 billion at current market prices.

Compared with Gross Domestic Product, which was estimated at $297.2 billion, the value of Hong Kong's GNP was larger by $15.9 billion, representing a net external factor income inflow of the same amount, and equivalent to 5.4% of GDP in that quarter.

The Census & Statistics Department said that after netting out the effect of price changes, Hong Kong's GNP increased by 4.9% in real terms in the first quarter of 2003 over a year earlier.

This was larger than the 4.5% increase in real terms in GDP in the first quarter of 2003.

Mainland remains largest source of external income

Analysed by country/territory, the Mainland continued to be the largest source of Hong Kong's external factor income inflow in the first quarter, accounting for 26.7% of the total inflow.

This was followed by the British Virgin Islands, with a share of 20%, reflecting continued investment income inflow from this tax haven where Hong Kong companies have set up a considerable number of holding companies.

Other major source countries included the UK and the US, with respective shares of 11.4% and 10.2%.