Updated at 5.42pm: For the eighth consecutive year, Hong Kong was named the world's freest economy but its lead over rival Singapore narrowed due to a change in the data used for assessing the size of the black market. The 2002 Index of Economic Freedom - calculated by The Heritage Foundation and The Wall Street Journal - gave Hong Kong a score of 1.35 and Singapore 1.55. Scores range from one to five with a lower number indicating a freer economy. Singapore's score was unchanged from last year but Hong Kong's slipped from 1.3 as it received a poorer score on the size of the black market in the SAR. The change was due to a different data source being used for assessing the size of the black market, a factor which affected other economies' scores as well. New Zealand came third in this year's ranking with Estonia, Ireland, Luxembourg, the Netherlands and the United States tying for fourth place.