Updated at 6.50pm: Rising oil prices are not likely to have much impact on Hong Kong's economy this year, Deutsche Bank says. In its Emerging Markets Monthly report for June, the bank was upbeat about the economy. 'Oil price hikes will have a limited impact on Hong Kong,' it said. The bank estimated that among Asian economies, Hong Kong's percentage of total oil imports was just 6.5 per cent, compared with 19.2 per cent for Korea. 'This reflects that Hong Kong, being a service-dominated economy, has little industrial use of oil,' the report said. 'Therefore, the on-going oil price spike will have a very little impact on costs of production.' In fact, the report stated that compared to past oil price spikes, oil prices were rising this time because of stronger global GDP growth instead of a sharp drop in supply. 'In other words, the cause of the oil price hike is a more positive one for Hong Kong as global demand will translate unto higher demand for trade and financial services for Hong Kong,' it said. The report added that domestic demand contributed significantly more to GDP growth now than last year.