The Government yesterday provided a snapshot of the territory's increasing integration into the global economy. After allowing for inflation, gross national product (GNP) grew by 4.9 per cent during 1994, compared with a 5.3 per cent expansion in gross domestic product (GDP), it said. In a separate development, the Government announced a $4.5 million move to establish a balance of payments account, or a record of the economy's external transactions. It said the combined moves were an attempt to provide a more comprehensive picture of the territory's economy, which would assist in formulating monetary and fiscal policy. For a second year, the Government has produced GNP figures that included income earned by Hong Kong residents from activities outside Hong Kong, but excluded the earnings of foreigners in Hong Kong. In future the breakdown will enable the data to give an accurate picture of how much wealth the economy is generating outside its boundaries. The more familiar GDP figure measures wealth generated within the economy. Per capita GNP, or total income divided by the number of residents, amounted to $168,353 in 1994, compared with per capita GDP of $167,055. Frederick Ho Wing-huen, Commissioner for Census and Statistics, said: 'The fast increase in income inflow and outflow reflects the ever-increasing economic linkage between Hong Kong and the rest of the world. 'Of total income earned by Hong Kong residents from outside Hong Kong, direct investment accounted for 30.5 per cent, or $114 billion; portfolio investment income for 17.9 per cent, or $67 billion; other investment income for 51.6 per cent, or $192.9 billion; and compensation of employees for 0.04 per cent. For non-Hong Kong residents in Hong Kong, of the total income earned direct investment income accounted for 46.2 per cent, or $169 billion; portfolio investment for 6.1 per cent, or $22 billion; other investment for 47.7 per cent, or $175 billion; and compensation of employees for 0.04 per cent, Mr Ho said. He denied claims that the accuracy of the figures could be undermined by the absence of foreign exchange controls and the random sampling techniques. 'We do not just take what we are given. We will query the accuracy of the raw data,' he said. Total factor income - a combination of direct investment, wages and salaries - into Hong Kong for 1994 totalled $374 billion, or 37 per cent of GDP, an increase of about 18 per cent before allowing for inflation. The outflow for the same year was $336 billion, or 36.2 per cent of GDP, a rise of 19.5 per cent before inflation. Economists welcomed the move towards more comprehensive data, but said they were awaiting figures for subsequent years before the survey could become a useful analytical tool.