3
The Economy
Chart 2
Gross Domestic Product
Index (1994 = 100)
250
Real GDP (left scale)
Per capita GDP at current market prices (right scale)
200
150
100
50
US$
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
Over the past two decades, the Hong Kong economy grew by an average of 3.4 per cent in real terms, consistently faster than most. high-income economies.
The stock of direct investment liabilities in Hong Kong was enormous, at $11,347 billion in market value at the end of 2013, equivalent to 532 per cent of GDP. It served as another vivid manifestation of Hong Kong's increasing international focus. Hong Kong is among the most preferred destinations for inward direct investment, ranked fourth in the world and second in Asia, only after the Mainland, by the United Nations' World Investment Report 2014.
The corresponding figures for Hong Kong's stock of direct investment assets were likewise huge, at $10,483 billion or 492 per cent of GDP. As an international financial centre with huge cross-territory fund flows, Hong Kong's external financial assets and liabilities were also substantial, at $29,125 billion and $23,248 billion respectively at the end of 2013. The corresponding ratios to GDP in 2013 were 1,366 per cent and 1,091 per cent. Reflecting Hong Kong's robust international investment position, its net external financial assets amounted to $5,877 billion at the end of 2013, equivalent to 276 per cent of GDP.
The Gross National Income (GNI), comprising GDP and net external primary income flows, stood at $2,307 billion in 2014. This was higher than the corresponding GDP by 3 per cent. The difference represented a net inflow of external primary income. In gross terms, inflows and outflows of external primary income remained substantial in 2014, at $1,284 billion and $1,223 billion respectively, equivalent to 57 per cent and 54 per cent of GDP respectively. This was attributable to the huge volumes of Hong Kong's inward and outward investment.
Contributions of the Various Economic Sectors in Hong Kong
Primary production (including agriculture, fisheries, mining and quarrying) is insignificant in terms of both value-added contribution to GDP and share in total employment, as Hong Kong is a predominantly city economy.
36