HONG KONG, Dec. 14 (Xinhua) — Hong Kong’s gross national product (GNP) fell by 5.8 percent over a year earlier, to 430.7 billion HK dollars (about 55.5 billion U.S. dollars) at current market prices, Hong Kong Census and Statistics Department said here Monday.

The gross domestic product (GDP), estimated at 421.6 billion HK dollars (about 54.3 billion U.S. dollars) at current market prices in the same quarter, recorded a 2.0 percent decrease during the period.

Compared with GDP, the value of GNP was larger by 9.1 billion HK dollars (about 1.2 billion U.S. dollars) in the third quarter of the year, representing a net external factor income inflow of the same amount, and equivalent to 2.2 percent of GDP in that quarter.

After netting out the effect of price changes, Hong Kong’s GNP dropped by 6.2 percent in real terms in the third quarter of 2009 over a year earlier, compared to the corresponding decrease of 2.4 percent recorded for GDP in the same quarter.

Total factor income inflow into Hong Kong, estimated at 199.6 billion HK dollars (about 25.7 billion U.S. dollars) in the third quarter and equivalent to 47.3 percent of GDP in that quarter, decreased by 15.5 percent over a year earlier.

Total factor income outflow, estimated at 190.5 billion HK dollars (about 24.5 billion U.S. dollars) in the third quarter and equivalent to 45.2 percent of GDP of the same period, declined by 8.9 percent over a year earlier.

Taking the inflow and outflow together, a net external factor income inflow of 9.1 billion HK dollars (about 1.2 billion U.S. dollars) was recorded in the third quarter.

Within total factor income inflow, direct investment income increased by 4.8 percent over a year earlier. Portfolio investment income dropped by 23.0 percent while other investment income decreased by 78.1 percent.

Within total factor income outflow, direct investment income grew by 4.4 percent over a year earlier. Portfolio investment income dropped by 11.9 percent, while other investment income decreased by 78.3 percent.

The Chinese mainland continued to be the largest source of Hong Kong’s external factor income inflow in the third quarter, accounting for 40.6 percent, followed by the British Virgin Islands, with a share of 29.3 percent.

The British Virgin Islands and the Chinese mainland were also the most important destinations for Hong Kong’s external factor income outflow, accounting for 28.6 percent and 26.9 percent respectively, the department said.