The value of the Internet economy was estimated using the expenditure approach to GDP measurement, said BCB, adding that the approach measures total spending on finished goods and services, covering covers four key elements: consumption (both goods sold online and the costs of getting online), investment, government spending, and net exports.

Roughly a third of Hong Kong's Internet economy is driven by consumption, evenly divided between spending on online shopping and consumer spending on access to the Internet, including telecom services, hardware and software, BCG noted.

Another third comes from net exports of e-commerce and Internet-related hardware, reflecting Hong Kong's role as a global trading hub while the rest consists of government and private investment in Internet-related goods and services, such as hardware, software and network maintenance service. The advisory company added.