THE ECONOMY
corresponding ratios in 1970, 1980 and 1990 were 181 per cent, 181 per cent and 260 per cent.
External investment has played an important role in Hong Kong's economic development. At the end of 1994, the total stock of inward direct investment in Hong Kong rose to $730.2 billion, from $674.5 billion in 1993. There was an increase of 8.3 per cent in value terms.
The preliminary estimate of GNP, comprising GDP and net external factor income flows, was $1,018 billion at current prices in 1994. This was 0.7 per cent higher than Hong Kong's GDP in the same year. Reflecting the role of Hong Kong as an international financial centre, both the external factor income inflows and outflows were large, at $371 billion and $364 billion respectively, equivalent to slightly over one-third of GDP.
Contributions of the Various Economic Sectors
The relative importance of the various economic sectors can be assessed in terms of their contributions to the GDP and to total employment. There is little primary production (agriculture and fisheries, mining and quarrying) in Hong Kong. Its contribution to GDP and employment is very small.
Chart 2
Gross Domestic Product by broad economic sector
1980
1995
Secondary production 31.6%
Secondary production 16.0%
Primary production 1.0%
Primary production 0.2%
Tertiary production 67.5%
Tertiary production 83.8%
Over the past 15 years, the tertiary services sector has become increasingly important in terms of contribution to GDP.
Within secondary production (comprising manufacturing; construction; and the supply of electricity, gas and water), the manufacturing sector still contributes the largest share in terms of both GDP and employment. In line with the continued expansion of the service sectors and the on-going relocation of manufacturing
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