2006 Gross Domestic Product - statistics.gov.hk · to the third quarter of 2006. Statistics on Gross National Product (GNP) for 2001 to 2005 and the first quarter of 2005 to the third

2006 Gross Domestic Product

GNP statistics are also included in Section 6 of this report

Census and Statistics Department Hong Kong Special Administrative Region

February 2007

Enquiries on GDP by expenditure component can be directed to the National Income Branch (1) of the Census and Statistics Department

Address : 22/F., Wanchai Tower, 12 Harbour Road, Wan Chai, Hong Kong. Tel : (852) 2582 5077 Fax. No . : (852) 2157 9295 E-mail : [email protected]

Enquiries on GDP by economic activity can be directed to the National Income Branch (2) of the Census and Statistics Department

Address : Units 602-606, 6/F., Stelux House, 698 Prince Edward Road East, San Po Kong, Kowloon. Tel : (852) 2116 5115 Fax. No. : (852) 2116 0278 E-mail : [email protected]

Enquiries on GNP can be directed to the Balance of Payments Branch (2) of the Census and Statistics Department

Address : Units 1001-1005, 10/F., Stelux House, 698 Prince Edward Road East, San Po Kong, Kowloon. Tel : (852) 2116 5103 Fax. No. : (852) 2116 0370 E-mail : [email protected]

Website of the Census and Statistics Department http://www.censtatd.gov.hk

3

Contents Page

1. Introduction 7

Conceptual framework and methods of compiling GDP 7

Nomenclature, revision and publication of GDP statistics 9

Seasonally adjusted GDP 10

2. Statistical Tables 11

(A) Annual GDP by expenditure component 13

Table 1 GDP by major expenditure component, 1961-2006 (a) At current market prices 14

(b) Percentage changes in nominal terms 16 (c) Volume indices (2000=100) 18 (d) Percentage changes in real terms 20

Table 2 Implicit price deflators (2000=100) of GDP and of its expenditure components, 1961-2006

(a) Implicit price deflators 22 (b) Percentage changes of implicit price deflators 23

Table 3 Ratio of expenditure components to GDP at current market prices, 1961-2006 24

Table 4 Private consumption expenditure on food, consumer goods and services, 1966-2006

(a) At current market prices 25 (b) Volume indices (2000=100) 26 (c) Percentage changes in real terms 27

Table 5 Consumption expenditure in the domestic market by commodity group, 1966-2005

(a) At current market prices 28 (b) Percentage distribution at current market prices 30 (c) Volume indices (2000=100) 32

Table 6 Government consumption expenditure by social and economic function 34 at current market prices, 2000-2006

Table 7 Government consumption expenditure by component, 1966-2006 (a) At current market prices 36 (b) Volume indices (2000=100) 37 (c) Percentage changes in real terms 38

Table 8 Individual and collective consumption, 1961-2006 (a) At current market prices 39 (b) Percentage changes in nominal terms 40

Table 9 Gross domestic fixed capital formation by type of assets and by private/public sector, 1966-2006 (a) At current market prices 41 (b) Volume indices (2000=100) 42 (c) Percentage changes in real terms 43

4

Contents ---- Continued Page

Table 10 Exports and imports of services by major service group, 1980-2005 (a) At current market prices 44

(b) Volume indices (2000=100) 46 (c) Percentage changes in real terms 48

Table 11 GDP and its expenditure components at constant (2000) market prices, 50 2000-2006

(B) Quarterly GDP by expenditure component 53

Table 12 GDP by major expenditure component, first quarter 1973 to fourth quarter 2006 (a) At current market prices 54

(b) Year-on-year percentage changes in nominal terms 60 (c) Volume indices (2000=100) 66 (d) Year-on-year percentage changes in real terms 72

Table 13 GDP and its expenditure components at constant (2000) market prices, 78 first quarter 2000 to fourth quarter 2006

Table 14 Seasonally adjusted constant price GDP and implicit price deflator of GDP, 82 first quarter 1990 to fourth quarter 2006: Percentage changes over the preceding quarter

(C) Annual GDP by economic activity at current prices 85

Table 15 GDP by economic activity, 1980-2005 (a) At current prices 86 (b) Percentage contribution to GDP at current prices 88 (c) Percentage changes in nominal terms 90

Table 16 Gross output, intermediate consumption, value added and factor income 92 by economic activity at current prices, 1980-2005

Table 17 Value added of selected economic activities, 1980-2005 (a) At current prices 104 (b) Percentage changes in nominal terms 108

(D) Annual and quarterly GDP by economic activity at constant (2000) prices 113

Table 18 GDP by economic activity, first quarter 2000 to third quarter 2006 (a) At constant (2000) prices 114 (b) Year-on-year percentage changes in real terms 116

Table 19 Value added of selected economic activities, first quarter 2000 to third quarter 2006

(a) At constant (2000) prices 118 (b) Year-on-year percentage changes in real terms 120

3. Methods and Data Sources for Compilation of GDP by the Expenditure 123 Approach

Current Price GDP by Expenditure Component 123

Private consumption expenditure 123

5


Government consumption expenditure 127

Gross domestic capital formation 129

Building and construction 129

Costs of ownership transfer 130

Machinery, equipment and computer software 130

Changes in inventories 131

Imports and exports of goods and services 131

Imports and exports of goods 131

Imports and exports of services 132

Constant Price GDP by Expenditure Component and Implicit Price Deflators 133

Limitations of the Compilation Method 137

Private consumption expenditure 137

Government consumption expenditure 137

Gross domestic capital formation 138

Imports and exports of services 138

Seasonally Adjusted GDP and its Main Expenditure Components 138

Real Gross Domestic Income 139

4. Methods and Data Sources for Compilation of GDP by the Production 141 Approach

Current Price Annual GDP by Economic Activity 141

Agriculture and fishing 141

Mining and quarrying; manufacturing; electricity, gas and water 141

Construction 142

Wholesale, retail and import and export trades, restaurants and hotels 143

Transport, storage and communications 144

Financing, insurance, real estate and business services 145

Financial intermediation services 145

Other financial services 146

Insurance services 146

6


Real estate development, real estate leasing, brokerage and management services 147

Business services 148

Community, social and personal services 149

Ownership of premises 149

Constant Price GDP by Economic Activity 151

Single extrapolation by deflated gross output measures 151

Single extrapolation by volume/quantity indicators 151

Single extrapolation by input indicators 152

Double indicators method 152

Limitations of the Compilation Method 155

5. Annual Current Price GDP by Economic Activity and by Factor Income, 156 1970-1980

6. Gross National Product (GNP) 157

Introduction 157

Conceptual framework and method of compiling GNP 157

Major components of external factor income flows (EFIF) 158

Methods and Data Sources 159

Survey of External Claims, Liabilities and Income 159

Data reporting arrangements 160

Limitations of the EFIF Statistics 161

Real Gross National Income 161

Revision and Publication of GNP and EFIF Statistics 162

Table A Gross National Product (GNP) and External Factor Income Flows (EFIF) 163 by Income Component by Type of Transactor (At Current Market Prices), 2001 to 2005 and first quarter 2005 to third quarter 2006

Table B Real Gross National Income (2000-based), 2003 to 2005 and first quarter 165 2003 to third quarter 2006

7

1. Introduction 1.1 This report contains the latest statistics on Gross Domestic Product (GDP) for Hong Kong compiled by the Census and Statistics Department. Data series of GDP by expenditure component and by economic activity are presented. GDP by expenditure component includes (1) annual series from 1961 to 2006 and (2) quarterly series from the first quarter of 1973 to the fourth quarter of 2006. As for GDP by economic activity, data presented in this report include (1) annual series at current prices from 1980 to 2005 and (2) annual and quarterly series at constant prices from the first quarter of 2000 to the third quarter of 2006. Statistics on Gross National Product (GNP) for 2001 to 2005 and the first quarter of 2005 to the third quarter of 2006 are also presented in Section 6 of this report. Conceptual framework and methods of compiling GDP 1.2 The compilation framework of GDP accords essentially with the international statistical standards as stipulated in the System of National Accounts. GDP is a measure of the total value of production of all resident producing units of a country or territory in a specified period, before deducting allowance for consumption of fixed capital. A producing unit is considered as resident in a country or territory if it maintains a centre of economic interest in the economic territory of that country or territory. The economic territory of a country or territory consists of the geographic territory administered by a government within which persons, goods and capital circulate freely. GDP can be measured using different approaches. In Hong Kong, annual GDP at current and constant prices are compiled using the expenditure approach and the production approach. For quarterly GDP, constant price figures are compiled using both approaches while quarterly GDP at current prices is compiled using the expenditure approach only. 1.3 The GDP compiled from the expenditure approach is computed as total final expenditures on goods and services (including private consumption expenditure, government consumption expenditure, gross domestic fixed capital formation, changes in inventories, and exports of goods and services), less imports of goods and services. It shows final demand for goods and services by type. Under the production approach, GDP is the sum of the value added of resident producing units, e.g. factories, shops, service organisations. Value added is defined as the value of gross output less the value of intermediate consumption (the value of goods and services used up in the course of production). From an alternative angle, value added can be seen as the sum of factor incomes, i.e. compensation of employees (wages, salaries, bonuses, employee benefits, etc.) and gross operating surplus (the value attributed to non-labour factors of production inclusive of the allowance for consumption of fixed capital). The GDP by economic activity shows the contribution of individual economic activities to the total GDP. 1.4 Under the expenditure approach, GDP is measured as the total value of goods and services produced for final use, net of their import content. Goods and services for final use include those consumed by households and government, those for capital formation and those for export. Domestically produced goods and services used as input in producing other domestically produced goods and services are excluded. The determination of which goods and services are for intermediate consumption in producing other goods and services would appear straightforward, but problems sometimes arise. For instance, cloth used in the manufacture of clothing is obviously input, but cloth bought by a household to be made into an article of clothing is for final use. Often there are problems in obtaining accurate data on how goods and services are used. As regards the removal of import content of goods and services for final use, it is not practical to do so in respect of individual items. Rather, the deduction is made at the aggregate level by deducting the value of all imports of goods and services from the value of all goods and services for final use.

8

1.5 The problem of classifying goods and services between final use and intermediate use does not arise under the production approach because of its use of the “value added” concept, under which that part of the value of a producing unit’s output attributable to other producers is excluded. Hence, the direct summation of value added of all producing units will give an unduplicated measure of output of the economy. 1.6 GDP can be valued either at market prices or at factor cost. At market prices it is valued at market or imputed prices and is thus inclusive of customs and excise duties and taxes on production. At factor cost it is valued at the cost of the various factors of production. Hence they differ by the amount of taxes on production and imports. 1.7 GDP figures may be expressed at current prices or at constant prices. In a constant price data series, the effects of price changes are eliminated and the series reflects the real changes (i.e. the changes in the volume) of goods and services produced from period to period. In Hong Kong, data series of GDP by expenditure component at constant prices are available since reference year 1961 while GDP by economic activity at constant prices are available since reference year 2000. The base year of the constant price series is 2000. 1.8 The compilation of GDP is a technical exercise. It follows basically the international standard as laid down in the System of National Accounts, being the results of research and consultations amongst statistical experts in many different countries or territories. Nevertheless, there are differences in economic structure and commercial practices in different economies so that the technical standard has to be adapted to suit local circumstances. 1.9 The compilation of GDP using the expenditure approach is based on many different sources of data including industrial and commercial establishment surveys, household expenditure surveys, government accounts, trade statistics and other administrative sources. Annual data series of GDP by expenditure component are presented in Tables 1 to 11, while quarterly series are presented in Tables 12 to 14. Annual figures in respect of 2006 are preliminary and are available for the major aggregates only. 1.10 Annual data series of GDP by economic activity at current prices are compiled mainly based on data collected from the Programme of Annual Economic Surveys (PAES) and administrative records. The PAES now covers all major economic activities. Data sources for compiling quarterly constant price GDP by economic activity mainly include quarterly and monthly surveys on industrial/business establishments and on households, government accounts and administrative data from government departments and other organisations. Annual constant price GDP by economic activity is the sum of the quarterly figures of the reference year. Annual data series of GDP by economic activity at current prices are presented in Tables 15 to 17 while annual and quarterly series at constant prices are presented in Tables 18 to 19. 1.11 Prior to 1980, annual GDP by economic activity at current prices and by factor income were compiled. The sources of information included tax statistics, population censuses, and employment and earnings surveys. There were, however, serious limitations in the data and in the methods of estimation. The estimates were produced, nevertheless, in the absence of anything better, to serve as a rough guide to the relative importance of different economic activities. Since the production approach has now been fully developed, this interim series is discontinued, but some data for selected years during 1970-1980 are presented in Section 5 of this report to give an idea of the changes in the economic structure of Hong Kong over that period.

9

1.12 On 1 July 1997, Hong Kong became a Special Administrative Region of the People’s Republic of China. In respect of statistics in this series of report, “Hong Kong” stands for the Hong Kong Special Administrative Region with effect from July 1997. Data on transactions vis-à-vis the mainland of China are treated as international transactions (e.g. trade in goods and trade in services). Nomenclature, revision and publication of GDP statistics 1.13 To achieve a balance between timeliness and data quality, the Census and Statistics Department follows the international practice to compile and release GDP figures at the earliest possible time by using partial data, and revise these figures as more information become available. In Hong Kong, the first released GDP statistics are called “Preliminary figures”. The subsequently revised GDP statistics are called “Revised figures”. GDP statistics with data from all regular sources incorporated are called “Final figures”. As an illustration, GDP by expenditure component for 2006 and 2005 in this report are respectively preliminary figures and revised figures, while those for 2004 and before are final figures. 1.14 At present, preliminary figures for annual GDP by expenditure component are released about two months after the reference year (i.e. in February of the following year). For annual GDP by economic activity at current prices, preliminary figures are available about eleven months after the reference year. Subsequently, both sets of annual GDP figures are revised based on latest information available until they become final figures around the third February after the reference year. 1.15 Preliminary figures for quarterly GDP by expenditure component are released less than two months after the reference quarter. The quarterly data will be revised and released based on latest information available, in particular when the annual data are incorporated. Quarterly GDP statistics are published in the quarterly report on Gross Domestic Product. 1.16 Preliminary figures for quarterly GDP by economic activity at constant prices are released slightly less than three months after the reference quarter. The time lag for producing GDP by economic activity is longer than that of GDP by expenditure component. This is because the estimates of the quarterly GDP by economic activity at constant prices are mainly compiled from various surveys on firms, for which more time is normally required for the companies to report data to the Census and Statistics Department. 1.17 In addition to the above routine revisions, major revisions are introduced once in a number of years to incorporate new data sources, improved estimation methods, and changes in definitions and classifications which are results of continuous research and development on the GDP compilation framework. This is in line with international practice to improve the quality and reliability of GDP statistics. 1.18 The Census and Statistics Department has conducted six rounds of major revision of Hong Kong’s GDP so far. Results of these revisions were released in 1980, 1984, 1987, 1991, 1994 and 2002 respectively. Furthermore, the Census and Statistics Department had completed an exercise to implement the latest international guidelines on dealing with financial intermediation services provided by banks in the compilation of national accounts statistics of Hong Kong in August 2005. The latest guidelines enable national accounts statistics to reflect in a better way the economic contribution of banks in facilitating the channeling of funds from units with surplus funds (e.g. depositors) to units with demand for funds (e.g. borrowers). 1.19 With the introduction of the quarterly constant price GDP by economic activity in August 2002, the practice of using GDP compiled from the expenditure approach as the single measure of GDP

10

is to continue. GDP compiled from the expenditure approach has been produced for a long time, providing a timely and accurate measure of economic growth in real terms. 1.20 GDP by economic activity in real terms is compiled to support sectoral analyses. In presenting GDP by economic activity, the sum of value added of respective economic activities plus taxes on production and imports plus statistical discrepancy is equal to the GDP. 1.21 Statistical discrepancy refers to the difference in values of GDP compiled using the expenditure and production approaches, as a result of the adoption of different data sources and estimation methods. The differences for the period 1980-2005 between the current price GDP compiled using the expenditure approach and the production approach are generally within 2% (Table 15). This is considered quite satisfactory by international standard. Ideally, if complete and accurate data were available, GDP figures using different approaches would be identical. In practice, however, data sources and methods of estimation are subject to limitations and imperfections. As a result, different approaches of compilation do not give identical results. When GDP figures using alternative approaches differ widely, the sources and methods of both approaches have to be thoroughly investigated. Nevertheless, if the sources and methods of compilation were reliable, close results would be expected. Seasonally adjusted GDP 1.22 Seasonally adjusted data series are currently compiled for the quarterly series of the aggregate GDP and some of its expenditure components, including private consumption expenditure, government consumption expenditure, exports of goods, exports of services, imports of goods and imports of services. However, seasonally adjusted data series is not compiled for gross domestic capital formation as no clear seasonal pattern is found in this component. Details are given in paragraphs 3.66-3.70.

11

2. Statistical Tables

Notes to statistical tables

The following symbols are used in statistical tables throughout this report:

@ Figures are subject to revision later on as more data become available * Change within ±0.05 % ** Percentage distribution/contribution less than 0.05 % § Statistical discrepancy within ±0.05 % — Not applicable N.A. Not available All values, unless otherwise indicated, are shown in Hong Kong dollars rounded to the nearest million. Where figures have been rounded, there may be slight discrepancies between the sum of individual items and the total. Percentage changes in real terms are calculated based on unrounded figures of the volume indices. For calculation of the growth rates of private consumption expenditure and government consumption expenditure for 1992, please refer to paragraphs 3.26 and 3.27. For reference periods before the base year of 2000, volume indices (2000=100) are published for measuring the volume movement and changes in real terms over time. For users who may also be interested in the constant dollar GDP figures, say for component i for jth quarter in year t, they may derive the linked value for component i by the following formula: Volume index of component i for jth quarter in year t Volume index of component i for jth quarter in 2000 Example: Private consumption expenditure (PCE) component of 1st quarter 1994 at constant (2000) prices Volume index of PCE for 1st quarter 1994 Volume index of PCE for 1st quarter 2000 87.0 97.1 = HK$ 168,320 million Nevertheless, it should be noted that the linked values of GDP components compiled in the above manner possess the non-additivity feature. In other words, for periods before 2000, the sum of the re-referenced values of components may not equal to the aggregate and the sum of the four quarters in the year may not equal to the annual value.

× Constant price figures of component i for jth quarter in 2000

× Constant price PCE for 1st quarter in 2000

× HK$187,861 million =

13

(A) Annual GDP by expenditure component

HK$ million(1) (2) (3) (4)

GrossGross Per Private Government domestic

domestic capita GDP Domestic consumption consumption fixed capital Changes inYear product (HK$) demand expenditure expenditure formation inventories1961 7,453 2,353 8,019 5,612 619 1,733 551962 8,678 2,626 9,400 6,275 654 2,407 641963 10,420 3,046 11,162 6,924 746 3,415 771964 11,884 3,391 12,795 7,639 847 4,221 881965 13,948 3,877 14,428 8,610 949 4,766 103

1966 14,276 3,933 14,781 9,763 1,070 3,841 1071967 15,470 4,155 14,750 10,439 1,199 2,997 1151968 16,529 4,347 15,639 11,592 1,300 2,625 1221969 19,423 5,027 17,708 13,117 1,412 3,036 1431970 23,100 5,835 21,320 14,975 1,630 4,544 171

1971 26,647 6,587 25,526 17,290 1,741 6,298 1971972 32,168 7,801 29,609 19,987 2,078 7,308 2361973 41,284 9,733 38,675 26,659 2,559 9,154 3031974 47,165 10,774 44,901 30,306 3,171 10,746 6781975 49,567 11,110 46,794 31,922 3,493 10,648 731

1976 63,141 13,975 56,396 36,358 4,008 13,051 2,9791977 73,222 15,974 68,434 44,343 4,655 17,734 1,7021978 85,698 18,361 84,828 54,747 5,436 22,578 2,0671979 112,533 22,828 111,076 67,544 6,755 33,521 3,2561980 143,402 28,323 144,088 85,411 8,706 46,226 3,745

1981 172,965 33,369 175,534 102,788 12,211 56,582 3,9531982 195,408 37,118 194,223 119,091 14,547 59,182 1,4031983 216,383 40,482 212,371 138,268 16,336 53,438 4,3291984 260,761 48,308 239,617 157,843 18,027 57,944 5,8031985 276,823 50,735 248,680 169,387 19,751 58,073 1,469

1986 319,232 57,784 289,765 192,143 22,843 68,596 6,1831987 393,541 70,521 352,165 224,020 25,672 92,727 9,7461988 465,245 82,672 423,267 261,754 29,943 117,438 14,1321989 536,268 94,310 474,336 296,603 36,168 138,102 3,4631990 598,950 104,996 547,195 342,168 43,141 156,158 5,728

1991 690,324 120,015 642,667 406,466 51,294 180,809 4,0981992 805,082 138,795 762,417 472,798 63,795 217,637 8,1871993 927,996 157,261 865,107 541,082 72,283 249,443 2,2991994 1,047,470 173,554 1,034,577 624,409 83,148 305,757 21,2631995 1,115,739 181,241 1,165,351 691,708 93,624 334,363 45,656

1996 1,229,481 191,047 1,247,297 755,508 103,541 378,486 9,7621997 1,365,024 210,350 1,410,780 833,825 112,751 451,891 12,3131998 1,292,764 197,559 1,285,578 795,948 116,550 388,731 -15,6511999 1,266,702 191,736 1,199,991 765,282 119,993 325,328 -10,6122000 1,314,789 197,268 1,256,226 774,280 120,172 347,375 14,399

2001 1,298,813 193,440 1,240,429 782,587 128,866 333,036 -4,0602002 1,276,757 189,315 1,170,821 747,850 131,291 286,020 5,6602003 1,233,983 183,334 1,119,933 719,304 130,151 261,367 9,1112004 1,291,425 190,377 1,176,883 767,479 127,328 275,000 7,0762005 1,382,675 202,941 1,210,460 804,579 121,419 289,223 -4,761

2006 1,472,291 214,710 1,302,869 860,856 123,340 320,701 -2,028

a Gross domestic product = (1) + (2) + (3) + (4) + (5) + (6) - (7) - (8)b Population figures since 2001 have been revised based on the results of the 2006 Population By-census available in February 2007 as the up-to-date

benchmark data. In the above table, per capita GDP figures from 2001 to 2005 have been revised accordingly.c Domestic demand = (1) + (2) + (3) + (4)

Table 1 GDP by major expenditure component(a) At current market prices

ac

@

@

b

14

HK$ million(6) (7) (8)

Exports of goods (f.o.b.)

(5) (5a) (5b) Total Domestic Re- Exports of Imports of Imports of

exports exports exports services goods (f.o.b.) services Year3,930 2,939 991 2,261 5,673 1,084 19614,387 3,317 1,070 2,419 6,332 1,196 19624,991 3,831 1,160 2,629 7,062 1,300 19635,784 4,428 1,356 2,885 8,147 1,433 19646,530 5,027 1,503 3,073 8,560 1,523 1965

7,563 5,730 1,833 3,278 9,651 1,695 19668,781 6,700 2,081 3,696 10,002 1,755 1967

10,570 8,428 2,142 4,345 11,952 2,073 196813,197 10,518 2,679 5,262 14,298 2,446 196915,238 12,347 2,892 6,294 16,897 2,855 1970

17,164 13,750 3,414 6,677 19,456 3,264 197119,400 15,245 4,154 7,784 20,914 3,711 197225,999 19,474 6,525 9,303 27,912 4,781 197330,036 22,911 7,124 10,890 32,833 5,829 197429,832 22,859 6,973 11,525 32,281 6,303 1975

41,557 32,629 8,928 14,931 41,939 7,804 197644,833 35,004 9,829 16,258 47,060 9,243 197753,908 40,711 13,197 19,508 61,074 11,472 197875,934 55,912 20,022 25,073 83,437 16,113 197998,242 68,171 30,072 29,239 108,120 20,047 1980

122,163 80,423 41,739 35,655 134,815 25,572 1981127,385 83,032 44,353 40,736 139,321 27,615 1982160,699 104,405 56,294 47,327 171,279 32,735 1983221,441 137,936 83,504 57,396 218,252 39,441 1984235,152 129,882 105,270 62,564 226,037 43,536 1985

276,530 153,983 122,546 73,482 269,913 50,632 1986378,034 195,254 182,780 94,324 369,935 61,047 1987493,069 217,664 275,405 111,305 488,360 74,036 1988570,509 224,104 346,405 127,209 551,246 84,540 1989639,874 225,875 413,999 142,505 629,846 100,778 1990

765,886 231,045 534,841 161,106 764,124 115,211 1991924,953 234,123 690,829 185,907 937,349 130,846 1992

1,046,250 223,027 823,224 209,576 1,052,962 139,975 19931,170,013 222,092 947,921 234,284 1,229,041 162,363 19941,344,127 231,657 1,112,470 253,643 1,466,759 180,623 1995

1,397,917 212,160 1,185,758 285,385 1,511,365 189,753 19961,455,949 211,410 1,244,539 286,595 1,589,876 198,424 19971,347,649 188,454 1,159,195 262,099 1,408,317 194,245 19981,349,000 170,600 1,178,400 276,385 1,373,500 185,174 19991,572,689 180,967 1,391,722 315,012 1,636,711 192,427 2000

1,480,987 153,520 1,327,467 320,799 1,549,222 194,180 20011,562,121 131,079 1,431,041 347,836 1,601,527 202,494 20021,749,089 122,126 1,626,964 362,420 1,794,059 203,400 20032,027,031 126,386 1,900,645 429,563 2,099,545 242,507 20042,251,744 136,324 2,115,419 495,799 2,311,091 264,237 2005

2,467,357 138,759 2,328,598 562,304 2,576,340 283,899 2006

(5)


@

@

15

%(1) (2) (3)

Gross Private Government Gross domesticdomestic Per capita Domestic consumption consumption fixed capital

Year product GDP demand expenditure expenditure formation

1961 - - - - - -1962 16.4 11.6 17.2 11.8 5.7 38.91963 20.1 16.0 18.7 10.3 14.1 41.91964 14.0 11.3 14.6 10.3 13.5 23.61965 17.4 14.3 12.8 12.7 12.0 12.9

1966 2.4 1.4 2.4 13.4 12.8 -19.41967 8.4 5.6 -0.2 6.9 12.1 -22.01968 6.8 4.6 6.0 11.0 8.4 -12.41969 17.5 15.6 13.2 13.2 8.6 15.71970 18.9 16.1 20.4 14.2 15.4 49.7

1971 15.4 12.9 19.7 15.5 6.8 38.61972 20.7 18.4 16.0 15.6 19.4 16.01973 28.3 24.8 30.6 33.4 23.1 25.31974 14.2 10.7 16.1 13.7 23.9 17.41975 5.1 3.1 4.2 5.3 10.2 -0.9

1976 27.4 25.8 20.5 13.9 14.7 22.61977 16.0 14.3 21.3 22.0 16.1 35.91978 17.0 14.9 24.0 23.5 16.8 27.31979 31.3 24.3 30.9 23.4 24.3 48.51980 27.4 24.1 29.7 26.5 28.9 37.9

1981 20.6 17.8 21.8 20.3 40.3 22.41982 13.0 11.2 10.6 15.9 19.1 4.61983 10.7 9.1 9.3 16.1 12.3 -9.71984 20.5 19.3 12.8 14.2 10.4 8.41985 6.2 5.0 3.8 7.3 9.6 0.2

1986 15.3 13.9 16.5 13.4 15.7 18.11987 23.3 22.0 21.5 16.6 12.4 35.21988 18.2 17.2 20.2 16.8 16.6 26.61989 15.3 14.1 12.1 13.3 20.8 17.61990 11.7 11.3 15.4 15.4 19.3 13.1

1991 15.3 14.3 17.4 18.8 18.9 15.81992 16.6 15.6 18.6 17.2 17.7 20.41993 15.3 13.3 13.5 14.4 13.3 14.61994 12.9 10.4 19.6 15.4 15.0 22.61995 6.5 4.4 12.6 10.8 12.6 9.4

1996 10.2 5.4 7.0 9.2 10.6 13.21997 11.0 10.1 13.1 10.4 8.9 19.41998 -5.3 -6.1 -8.9 -4.5 3.4 -14.01999 -2.0 -2.9 -6.7 -3.9 3.0 -16.32000 3.8 2.9 4.7 1.2 0.1 6.8

2001 -1.2 -1.9 -1.3 1.1 7.2 -4.12002 -1.7 -2.1 -5.6 -4.4 1.9 -14.12003 -3.4 -3.2 -4.3 -3.8 -0.9 -8.62004 4.7 3.8 5.1 6.7 -2.2 5.22005 7.1 6.6 2.9 4.8 -4.6 5.2

2006 6.5 5.8 7.6 7.0 1.6 10.9

a Population figures since 2001 have been revised based on the results of the 2006 Population By-census available in February 2007 as the up-to-datebenchmark data. In the above table, per capita GDP figures from 2001 to 2005 have been revised accordingly.

Table 1 GDP by major expenditure component(b) Percentage changes in nominal terms

@

@

a

16

%(4) (5) (6) (7)



exports exports exports services goods (f.o.b.) services Year

- - - - - - 196111.6 12.9 8.0 7.0 11.6 10.3 196213.8 15.5 8.4 8.7 11.5 8.7 196315.9 15.6 16.9 9.7 15.4 10.2 196412.9 13.5 10.8 6.5 5.1 6.3 1965

15.8 14.0 22.0 6.7 12.7 11.3 196616.1 16.9 13.5 12.8 3.6 3.5 196720.4 25.8 2.9 17.6 19.5 18.1 196824.9 24.8 25.1 21.1 19.6 18.0 196915.5 17.4 7.9 19.6 18.2 16.7 1970

12.6 11.4 18.1 6.1 15.1 14.3 197113.0 10.9 21.7 16.6 7.5 13.7 197234.0 27.7 57.1 19.5 33.5 28.8 197315.5 17.6 9.2 17.1 17.6 21.9 1974-0.7 -0.2 -2.1 5.8 -1.7 8.1 1975

39.3 42.7 28.0 29.6 29.9 23.8 19767.9 7.3 10.1 8.9 12.2 18.4 1977

20.2 16.3 34.3 20.0 29.8 24.1 197840.9 37.3 51.7 28.5 36.6 40.5 197929.4 21.9 50.2 16.6 29.6 24.4 1980

24.3 18.0 38.8 21.9 24.7 27.6 19814.3 3.2 6.3 14.3 3.3 8.0 1982

26.2 25.7 26.9 16.2 22.9 18.5 198337.8 32.1 48.3 21.3 27.4 20.5 19846.2 -5.8 26.1 9.0 3.6 10.4 1985

17.6 18.6 16.4 17.5 19.4 16.3 198636.7 26.8 49.2 28.4 37.1 20.6 198730.4 11.5 50.7 18.0 32.0 21.3 198815.7 3.0 25.8 14.3 12.9 14.2 198912.2 0.8 19.5 12.0 14.3 19.2 1990

19.7 2.3 29.2 13.1 21.3 14.3 199120.8 1.3 29.2 15.4 22.7 13.6 199213.1 -4.7 19.2 12.7 12.3 7.0 199311.8 -0.4 15.1 11.8 16.7 16.0 199414.9 4.3 17.4 8.3 19.3 11.2 1995

4.0 -8.4 6.6 12.5 3.0 5.1 19964.2 -0.4 5.0 0.4 5.2 4.6 1997

-7.4 -10.9 -6.9 -8.5 -11.4 -2.1 19980.1 -9.5 1.7 5.5 -2.5 -4.7 1999

16.6 6.1 18.1 14.0 19.2 3.9 2000

-5.8 -15.2 -4.6 1.8 -5.3 0.9 20015.5 -14.6 7.8 8.4 3.4 4.3 2002

12.0 -6.8 13.7 4.2 12.0 0.4 200315.9 3.5 16.8 18.5 17.0 19.2 200411.1 7.9 11.3 15.4 10.1 9.0 2005

9.6 1.8 10.1 13.4 11.5 7.4 2006

Table 1 GDP by major expenditure component(b) Percentage changes in nominal terms

@

@

17

(1) (2) (3) (4)

Gross Private Government Gross domesticdomestic Per capita Domestic consumption consumption fixed capital Changes in

Year product GDP demand expenditure expenditure formation inventories

1961 6.6 13.9 6.3 5.9 8.2 6.7 2.81962 7.6 15.3 7.4 6.5 8.6 9.0 3.21963 8.8 17.1 8.8 7.2 9.6 12.2 3.81964 9.5 18.1 9.7 7.8 10.5 13.6 4.11965 10.9 20.2 10.8 8.8 11.4 15.1 4.8

1966 11.1 20.3 11.0 9.9 12.7 13.2 4.81967 11.3 20.2 10.5 10.0 14.0 10.9 4.91968 11.6 20.4 10.8 11.0 14.8 9.9 5.11969 13.0 22.3 11.6 12.0 16.1 10.3 5.71970 14.1 23.8 12.9 13.2 17.0 11.8 6.2

1971 15.2 25.0 14.9 14.9 17.4 14.6 6.71972 16.8 27.1 16.1 16.1 18.5 15.9 7.41973 18.8 29.6 18.1 18.2 20.3 17.8 8.31974 19.2 29.3 18.0 17.8 22.2 17.5 14.11975 19.3 28.9 18.5 18.4 23.6 17.8 11.3

1976 22.5 33.1 21.0 19.8 25.2 20.3 54.21977 25.1 36.5 24.4 23.2 27.6 25.5 29.81978 27.2 38.9 27.9 27.2 30.3 28.1 34.21979 30.4 41.1 31.2 29.8 33.5 32.3 46.81980 33.5 44.1 35.5 33.4 36.0 38.9 47.0

1981 36.7 47.2 38.7 36.0 43.9 42.4 47.71982 37.8 47.8 39.6 37.9 46.3 43.2 14.91983 40.0 49.9 41.1 40.8 49.1 39.7 40.51984 44.0 54.3 43.2 43.1 51.1 40.7 50.31985 44.3 54.1 43.6 45.0 52.5 40.8 12.9

1986 49.2 59.3 47.8 48.8 55.8 43.3 55.41987 55.8 66.6 53.4 54.0 58.0 49.4 81.71988 60.2 71.3 57.9 58.8 60.2 52.7 111.71989 61.8 72.5 58.8 61.0 63.3 54.7 26.31990 64.3 75.1 63.0 64.8 66.7 59.1 44.7

1991 68.0 78.8 68.5 70.8 71.8 64.7 31.91992 72.4 83.1 75.2 76.8 81.3 70.7 66.01993 76.9 86.9 79.2 83.0 83.0 73.3 17.01994 81.2 89.7 88.3 88.5 86.1 84.5 156.41995 84.4 91.4 94.6 90.3 88.8 93.3 312.6

1996 88.0 91.1 96.6 93.8 92.2 103.5 74.71997 92.5 95.0 104.5 99.6 94.4 116.6 84.01998 87.4 89.1 94.9 93.1 95.0 108.1 -118.61999 90.9 91.7 90.7 94.4 98.0 90.1 -84.52000 100.0 100.0 100.0 100.0 100.0 100.0 100.0

2001 100.6 99.9 101.0 102.1 106.0 102.6 -34.02002 102.5 101.3 100.3 101.1 108.7 98.0 47.82003 105.8 104.7 100.5 100.1 110.7 98.9 71.92004 114.8 112.8 105.6 107.4 111.5 101.9 50.82005 123.5 120.8 107.8 110.9 108.0 106.6 -34.6

2006 131.9 128.2 113.9 116.6 108.3 115.1 -11.4


Table 1 GDP by major expenditure component(c) Volume indices (2000=100)

@

@

a

18

(6) (7) (8)




1.1 7.4 0.4 8.9 1.6 3.3 19611.3 8.5 0.4 9.2 1.9 3.7 19621.4 9.4 0.4 9.5 2.0 4.0 19631.6 10.7 0.5 10.0 2.3 4.3 19641.8 12.4 0.5 10.3 2.4 4.6 1965

2.2 14.5 0.6 10.5 2.7 5.1 19662.5 16.4 0.7 11.3 2.8 5.2 19672.9 19.6 0.7 12.4 3.2 5.9 19683.4 23.1 0.8 13.8 3.6 6.5 19693.7 25.4 0.8 15.5 4.1 7.2 1970

3.9 26.6 1.0 15.4 4.6 8.0 19714.2 28.1 1.1 17.0 4.8 8.8 19724.8 30.6 1.4 17.4 5.3 9.7 19734.6 29.7 1.3 17.0 4.8 9.4 19744.6 29.8 1.3 17.4 5.0 10.0 1975

6.0 38.4 1.7 20.8 6.2 11.7 19766.2 40.2 1.7 21.5 6.7 13.1 19777.0 44.4 2.1 24.0 8.1 15.3 19788.4 52.3 2.7 26.2 9.4 19.2 1979

10.0 58.6 3.7 26.4 11.2 21.8 1980

11.5 63.3 4.7 29.2 12.6 25.2 198111.1 61.7 4.6 30.6 12.4 25.4 198212.8 70.6 5.3 32.5 13.5 28.6 198315.6 82.8 6.9 36.0 15.6 32.4 198416.5 78.3 8.6 38.1 16.5 35.0 1985

19.0 90.9 9.8 43.1 18.8 39.5 198625.4 111.9 14.3 50.5 24.7 46.1 198732.3 122.0 20.8 54.6 31.3 53.5 198835.8 122.2 24.7 55.7 34.1 56.7 198939.2 121.5 28.6 57.9 38.1 62.9 1990

46.0 122.1 36.2 60.6 45.4 69.8 199155.1 122.3 46.5 65.8 55.5 77.4 199262.6 116.8 55.6 70.4 62.6 81.7 199369.1 114.1 63.3 75.3 71.6 88.9 199477.4 116.4 72.4 77.5 81.5 90.5 1995

81.1 106.6 77.8 85.4 85.0 95.1 199686.1 108.8 83.2 85.0 91.2 98.8 199782.4 100.3 80.1 82.0 84.6 100.4 199885.4 93.0 84.4 89.2 84.6 96.0 1999

100.0 100.0 100.0 100.0 100.0 100.0 2000

96.7 89.8 97.6 106.4 98.1 102.0 2001105.0 79.8 108.3 118.0 105.9 106.0 2002120.0 73.9 126.0 127.3 119.7 103.8 2003138.3 75.7 146.5 150.1 136.7 118.9 2004153.8 81.4 163.2 167.1 148.5 127.6 2005

169.4 83.3 180.6 181.7 163.3 135.7 2006

(5)


@

@

19

%(1) (2) (3)

Gross Private Government Gross domesticdomestic Per capita Domestic consumption consumption fixed capital

Year product GDP demand expenditure expenditure formation

1961 - - - - - -1962 14.2 9.4 17.7 10.7 4.9 34.81963 15.7 11.8 19.2 9.6 10.8 34.81964 8.6 6.0 9.8 8.8 9.8 11.51965 14.5 11.5 12.1 12.9 8.3 11.6

1966 1.7 0.8 1.1 12.1 11.2 -13.11967 1.7 -0.9 -4.5 1.3 10.6 -17.31968 3.4 1.2 3.6 10.1 5.8 -9.11969 11.3 9.5 7.4 8.6 8.6 4.11970 9.2 6.6 11.1 10.6 5.8 14.1

1971 7.2 4.9 15.3 12.9 2.4 23.81972 10.5 8.4 7.6 7.5 6.1 9.21973 12.3 9.2 12.6 13.3 10.1 11.71974 2.3 -0.9 -0.4 -2.2 9.2 -1.61975 0.4 -1.5 2.8 3.6 6.3 2.0

1976 16.2 14.8 13.7 7.6 6.8 13.71977 11.8 10.2 15.9 16.9 9.3 25.91978 8.4 6.4 14.5 17.3 9.9 10.31979 11.6 5.7 11.7 9.5 10.6 14.91980 10.3 7.4 14.0 12.2 7.4 20.2

1981 9.4 6.8 8.9 7.6 21.9 9.21982 3.0 1.4 2.3 5.3 5.5 1.91983 5.9 4.3 3.8 7.7 6.0 -8.21984 9.9 8.8 5.0 5.7 3.9 2.71985 0.7 -0.4 1.1 4.3 2.7 0.1

1986 11.0 9.7 9.5 8.5 6.5 6.11987 13.4 12.3 11.6 10.6 3.9 14.21988 8.0 7.1 8.5 8.9 3.7 6.61989 2.7 1.7 1.5 3.7 5.2 3.81990 4.0 3.6 7.1 6.2 5.4 8.2

1991 5.7 4.8 8.8 9.3 7.7 9.41992 6.5 5.6 9.8 9.2 7.1 9.31993 6.3 4.5 5.3 8.0 2.1 3.61994 5.6 3.3 11.5 6.6 3.7 15.31995 3.9 1.9 7.2 2.1 3.2 10.4

1996 4.2 -0.3 2.1 3.9 3.8 10.91997 5.1 4.2 8.2 6.2 2.4 12.61998 -5.5 -6.2 -9.2 -6.6 0.7 -7.31999 4.0 3.0 -4.4 1.4 3.1 -16.62000 10.0 9.0 10.3 6.0 2.1 11.0

2001 0.6 -0.1 1.0 2.1 6.0 2.62002 1.8 1.4 -0.7 -1.0 2.5 -4.52003 3.2 3.4 0.1 -0.9 1.9 0.92004 8.6 7.7 5.1 7.2 0.7 3.12005 7.5 7.1 2.1 3.3 -3.1 4.6

2006 6.8 6.1 5.7 5.1 0.3 7.9


Table 1 GDP by major expenditure component(d) Percentage changes in real terms

@

@

a

20

%(4) (5) (6) (7)




- - - - - - 196113.8 14.8 7.7 3.8 16.4 11.5 19629.1 10.0 7.1 3.7 10.1 7.7 1963

13.9 14.3 6.7 4.7 11.0 7.5 196414.6 15.9 12.5 2.9 5.0 5.6 1965

19.2 16.7 22.2 2.7 14.2 11.2 196614.3 13.4 13.6 6.9 2.8 2.1 196714.1 19.3 -4.0 9.6 16.1 13.9 196817.8 18.0 16.7 11.5 11.6 10.5 19699.3 10.0 3.6 12.8 12.5 10.8 1970

6.4 4.8 17.2 -1.1 12.9 11.6 19718.0 5.5 14.7 10.4 4.2 9.1 1972

13.0 9.1 28.2 2.6 10.3 10.3 1973-4.1 -3.2 -8.0 -2.2 -8.4 -3.1 19740.9 0.4 * 1.9 3.2 7.0 1975

28.8 29.0 28.3 19.8 24.9 16.7 19764.6 4.7 3.4 3.2 7.3 11.7 1977

12.6 10.3 21.3 11.7 21.5 16.9 197820.1 17.8 27.0 9.4 15.9 25.8 197918.6 12.1 37.2 0.6 19.3 13.2 1980

14.5 8.1 27.9 10.8 12.2 15.6 1981-2.7 -2.5 -3.0 4.5 -2.0 1.1 198214.8 14.4 15.6 6.2 9.6 12.4 198322.1 17.2 30.3 10.8 14.9 13.5 19845.8 -5.4 24.5 6.0 6.2 8.0 1985

15.3 16.1 14.0 13.1 13.6 12.8 198633.5 23.1 45.9 17.1 31.7 16.8 198727.3 9.0 45.7 8.1 26.8 15.9 198810.6 0.1 18.6 2.0 8.9 6.0 19899.6 -0.5 16.0 4.1 11.5 10.9 1990

17.3 0.5 26.5 4.7 19.1 10.9 199119.8 0.2 28.3 8.6 22.2 11.0 199213.5 -4.5 19.6 6.9 12.9 5.6 199310.4 -2.3 13.8 7.1 14.2 8.8 199412.0 2.0 14.3 2.9 13.9 1.8 1995

4.8 -8.4 7.5 10.2 4.3 5.1 19966.1 2.1 6.8 -0.4 7.3 3.9 1997

-4.3 -7.9 -3.7 -3.5 -7.3 1.6 19983.7 -7.2 5.4 8.8 * -4.4 1999

17.1 7.5 18.5 12.1 18.2 4.2 2000

-3.3 -10.2 -2.4 6.4 -1.9 2.0 20018.7 -11.2 11.0 10.9 7.9 3.9 2002

14.2 -7.3 16.3 7.9 13.1 -2.1 200315.3 2.4 16.3 17.9 14.1 14.6 200411.2 7.6 11.4 11.3 8.6 7.4 2005

10.2 2.3 10.7 8.7 10.0 6.3 2006

Table 1 GDP by major expenditure component(d) Percentage changes in real terms

@

@

21

Table 2 Implicit price deflators (2000=100) of GDP and of its expenditure components(a) Implicit price deflators

(1) (2) (3) (4) (5) (6) (7)

Gross Exports of goods ( f.o.b.)domestic (4) (4a) (4b) Imports

Gross Private Government fixed Exports of Importsdomestic Domestic consumption consumption capital Total Domestic Re- of goods of

Year product demand expenditure expenditure formation exports exports exports services (f.o.b.) services

1961 8.6 10.2 12.3 6.3 7.4 22.0 21.9 19.1 8.1 21.8 16.81962 8.7 10.1 12.4 6.3 7.7 21.5 21.6 19.2 8.4 20.9 16.71963 9.1 10.1 12.5 6.5 8.1 22.5 22.6 19.4 8.8 21.1 16.81964 9.5 10.5 12.6 6.7 9.0 22.9 22.9 21.3 9.2 22.0 17.31965 9.7 10.6 12.6 6.9 9.1 22.5 22.4 20.9 9.5 22.0 17.4

1966 9.8 10.7 12.8 7.0 8.4 21.9 21.9 20.9 9.9 21.7 17.41967 10.5 11.2 13.5 7.1 7.9 22.2 22.6 20.9 10.4 21.9 17.61968 10.8 11.5 13.6 7.3 7.6 23.5 23.8 22.4 11.2 22.5 18.31969 11.4 12.1 14.2 7.3 8.5 24.9 25.2 24.0 12.1 24.1 19.51970 12.4 13.1 14.6 8.0 11.1 26.3 26.9 25.0 12.9 25.3 20.6

1971 13.4 13.6 14.9 8.3 12.5 27.8 28.6 25.2 13.8 25.8 21.11972 14.6 14.7 16.1 9.4 13.2 29.1 30.0 26.7 14.6 26.7 22.01973 16.7 17.0 18.9 10.5 14.8 34.5 35.1 32.7 16.9 32.3 25.61974 18.6 19.8 22.0 11.9 17.7 41.6 42.7 38.8 20.3 41.5 32.31975 19.5 20.1 22.4 12.3 17.2 41.0 42.4 38.0 21.1 39.5 32.6

1976 21.4 21.3 23.7 13.2 18.5 44.3 47.0 38.0 22.8 41.1 34.61977 22.2 22.4 24.7 14.0 20.0 45.7 48.1 40.4 24.1 42.9 36.71978 23.9 24.2 26.0 14.9 23.1 48.8 50.7 44.7 25.8 45.9 39.01979 28.2 28.4 29.3 16.8 29.9 57.2 59.1 53.4 30.4 54.1 43.51980 32.5 32.3 33.0 20.1 34.3 62.4 64.3 58.5 35.2 58.8 47.8

1981 35.9 36.1 36.9 23.1 38.4 67.8 70.2 63.5 38.7 65.3 52.81982 39.4 39.0 40.6 26.1 39.4 72.7 74.3 69.5 42.3 68.9 56.41983 41.1 41.1 43.8 27.7 38.8 79.9 81.7 76.3 46.3 77.2 59.51984 45.1 44.2 47.2 29.4 40.9 90.2 92.1 86.9 50.7 85.7 63.21985 47.6 45.4 48.6 31.3 41.0 90.5 91.7 88.0 52.1 83.6 64.6

1986 49.4 48.3 50.8 34.0 45.6 92.4 93.6 89.9 54.1 87.9 66.61987 53.7 52.5 53.6 36.8 54.0 94.6 96.4 91.9 59.3 91.4 68.81988 58.8 58.2 57.5 41.4 64.2 96.9 98.6 95.0 64.8 95.2 71.91989 65.9 64.3 62.8 47.5 72.7 101.3 101.4 100.8 72.6 98.6 77.51990 70.8 69.2 68.2 53.8 76.0 103.7 102.7 103.8 78.1 101.0 83.3

1991 77.2 74.7 74.1 59.4 80.4 105.8 104.6 106.1 84.4 102.9 85.81992 84.6 80.7 79.5 65.3 88.6 106.7 105.8 106.8 89.7 103.3 87.81993 91.7 87.0 84.2 72.5 98.0 106.3 105.5 106.3 94.6 102.7 89.01994 98.1 93.3 91.2 80.4 104.2 107.6 107.5 107.6 98.8 104.9 94.91995 100.5 98.0 98.9 87.7 103.2 110.4 110.0 110.4 103.9 109.9 103.8

1996 106.3 102.8 104.0 93.4 105.3 109.6 110.0 109.5 106.1 108.6 103.71997 112.2 107.4 108.1 99.4 111.6 107.5 107.3 107.5 107.0 106.5 104.41998 112.4 107.8 110.4 102.0 103.6 104.0 103.9 104.0 101.5 101.8 100.61999 105.9 105.3 104.7 101.9 104.0 100.5 101.4 100.3 98.4 99.2 100.32000 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

2001 98.2 97.7 99.0 101.1 93.4 97.4 94.4 97.8 95.7 96.5 98.92002 94.8 92.9 95.6 100.5 84.0 94.6 90.8 94.9 93.6 92.4 99.32003 88.7 88.7 92.8 97.8 76.1 92.7 91.3 92.8 90.4 91.6 101.92004 85.5 88.7 92.3 95.0 77.7 93.2 92.2 93.2 90.8 93.9 106.02005 85.2 89.4 93.7 93.5 78.1 93.1 92.5 93.2 94.2 95.1 107.6

2006 84.9 91.1 95.4 94.8 80.2 92.6 92.0 92.6 98.2 96.4 108.7@

@

22

Table 2 Implicit price deflators (2000=100) of GDP and of its expenditure components(b) Percentage changes of implicit price deflators

%(1) (2) (3) (4) (5) (6) (7)

Gross Exports of goods ( f.o.b.)domestic (4) (4a) (4b) Imports

Gross Private Government fixed Exports of Importsdomestic Domestic consumption consumption capital Total Domestic Re- of goods of

Year product demand expenditure expenditure formation exports exports exports services (f.o.b.) services

1961 - - - - - - - - - - -1962 1.2 -1.0 0.8 * 4.1 -2.3 -1.4 0.5 3.7 -4.1 -0.61963 4.6 * 0.8 3.2 5.2 4.7 4.6 1.0 4.8 1.0 0.61964 4.4 4.0 0.8 3.1 11.1 1.8 1.3 9.8 4.5 4.3 3.01965 2.1 1.0 * 3.0 1.1 -1.7 -2.2 -1.9 3.3 * 0.6

1966 1.0 0.9 1.6 1.4 -7.7 -2.7 -2.2 * 4.2 -1.4 *1967 7.1 4.7 5.5 1.4 -6.0 1.4 3.2 * 5.1 0.9 1.11968 2.9 2.7 0.7 2.8 -3.8 5.9 5.3 7.2 7.7 2.7 4.01969 5.6 5.2 4.4 * 11.8 6.0 5.9 7.1 8.0 7.1 6.61970 8.8 8.3 2.8 9.6 30.6 5.6 6.7 4.2 6.6 5.0 5.6

1971 8.1 3.8 2.1 3.8 12.6 5.7 6.3 0.8 7.0 2.0 2.41972 9.0 8.1 8.1 13.3 5.6 4.7 4.9 6.0 5.8 3.5 4.31973 14.4 15.6 17.4 11.7 12.1 18.6 17.0 22.5 15.8 21.0 16.41974 11.4 16.5 16.4 13.3 19.6 20.6 21.7 18.7 20.1 28.5 26.21975 4.8 1.5 1.8 3.4 -2.8 -1.4 -0.7 -2.1 3.9 -4.8 0.9

1976 9.7 6.0 5.8 7.3 7.6 8.0 10.8 * 8.1 4.1 6.11977 3.7 5.2 4.2 6.1 8.1 3.2 2.3 6.3 5.7 4.4 6.11978 7.7 8.0 5.3 6.4 15.5 6.8 5.4 10.6 7.1 7.0 6.31979 18.0 17.4 12.7 12.8 29.4 17.2 16.6 19.5 17.8 17.9 11.51980 15.2 13.7 12.6 19.6 14.7 9.1 8.8 9.6 15.8 8.7 9.9

1981 10.5 11.8 11.8 14.9 12.0 8.7 9.2 8.5 9.9 11.1 10.51982 9.7 8.0 10.0 13.0 2.6 7.2 5.8 9.4 9.3 5.5 6.81983 4.3 5.4 7.9 6.1 -1.5 9.9 10.0 9.8 9.5 12.0 5.51984 9.7 7.5 7.8 6.1 5.4 12.9 12.7 13.9 9.5 11.0 6.21985 5.5 2.7 3.0 6.5 0.2 0.3 -0.4 1.3 2.8 -2.5 2.2

1986 3.8 6.4 4.5 8.6 11.2 2.1 2.1 2.2 3.8 5.1 3.11987 8.7 8.7 5.5 8.2 18.4 2.4 3.0 2.2 9.6 4.0 3.31988 9.5 10.9 7.3 12.5 18.9 2.4 2.3 3.4 9.3 4.2 4.51989 12.1 10.5 9.2 14.7 13.2 4.5 2.8 6.1 12.0 3.6 7.81990 7.4 7.6 8.6 13.3 4.5 2.4 1.3 3.0 7.6 2.4 7.5

1991 9.0 7.9 8.7 10.4 5.8 2.0 1.9 2.2 8.1 1.9 3.01992 9.6 8.0 7.3 9.9 10.2 0.9 1.1 0.7 6.3 0.4 2.31993 8.4 7.8 5.9 11.0 10.6 -0.4 -0.3 -0.5 5.5 -0.6 1.41994 7.0 7.2 8.3 10.9 6.3 1.2 1.9 1.2 4.4 2.1 6.61995 2.4 5.0 8.4 9.1 -1.0 2.6 2.3 2.6 5.2 4.8 9.4

1996 5.8 4.9 5.2 6.5 2.0 -0.7 * -0.8 2.1 -1.2 -0.11997 5.6 4.5 3.9 6.4 6.0 -1.9 -2.5 -1.8 0.8 -1.9 0.71998 0.2 0.4 2.1 2.6 -7.2 -3.3 -3.2 -3.3 -5.1 -4.4 -3.61999 -5.8 -2.3 -5.2 -0.1 0.4 -3.4 -2.4 -3.6 -3.1 -2.6 -0.32000 -5.6 -5.0 -4.5 -1.9 -3.8 -0.5 -1.4 -0.3 1.6 0.8 -0.3

2001 -1.8 -2.3 -1.0 1.1 -6.6 -2.6 -5.6 -2.2 -4.3 -3.5 -1.12002 -3.5 -4.9 -3.4 -0.6 -10.1 -2.9 -3.8 -3.0 -2.2 -4.2 0.42003 -6.4 -4.5 -2.9 -2.7 -9.4 -2.0 0.6 -2.2 -3.4 -0.9 2.62004 -3.6 * -0.5 -2.9 2.1 0.5 1.0 0.4 0.4 2.5 4.02005 -0.4 0.8 1.5 -1.6 0.5 -0.1 0.3 * 3.7 1.3 1.5

2006 -0.4 1.9 1.8 1.4 2.7 -0.5 -0.5 -0.6 4.2 1.4 1.0

@

@

23

Table 3 Ratio of expenditure components to GDP at current market prices

%(1) (2) (3) (4) (5) (6) (7)

Gross Exports ImportsGross Private Government domestic of Exports of Imports

domestic consumption consumption capital goods of goods ofYear product expenditure expenditure formation (f.o.b.) services (f.o.b.) services

1961 100.0 75.3 8.3 24.0 52.7 30.3 76.1 14.51962 100.0 72.3 7.5 28.5 50.6 27.9 73.0 13.81963 100.0 66.4 7.2 33.5 47.9 25.2 67.8 12.51964 100.0 64.3 7.1 36.3 48.7 24.3 68.6 12.11965 100.0 61.7 6.8 34.9 46.8 22.0 61.4 10.9

1966 100.0 68.4 7.5 27.7 53.0 23.0 67.6 11.91967 100.0 67.5 7.8 20.1 56.8 23.9 64.7 11.31968 100.0 70.1 7.9 16.6 63.9 26.3 72.3 12.51969 100.0 67.5 7.3 16.4 67.9 27.1 73.6 12.61970 100.0 64.8 7.1 20.4 66.0 27.2 73.1 12.4

1971 100.0 64.9 6.5 24.4 64.4 25.1 73.0 12.21972 100.0 62.1 6.5 23.5 60.3 24.2 65.0 11.51973 100.0 64.6 6.2 22.9 63.0 22.5 67.6 11.61974 100.0 64.3 6.7 24.2 63.7 23.1 69.6 12.41975 100.0 64.4 7.0 23.0 60.2 23.3 65.1 12.7

1976 100.0 57.6 6.3 25.4 65.8 23.6 66.4 12.41977 100.0 60.6 6.4 26.5 61.2 22.2 64.3 12.61978 100.0 63.9 6.3 28.8 62.9 22.8 71.3 13.41979 100.0 60.0 6.0 32.7 67.5 22.3 74.1 14.31980 100.0 59.6 6.1 34.8 68.5 20.4 75.4 14.0

1981 100.0 59.4 7.1 35.0 70.6 20.6 77.9 14.81982 100.0 60.9 7.4 31.0 65.2 20.8 71.3 14.11983 100.0 63.9 7.5 26.7 74.3 21.9 79.2 15.11984 100.0 60.5 6.9 24.4 84.9 22.0 83.7 15.11985 100.0 61.2 7.1 21.5 84.9 22.6 81.7 15.7

1986 100.0 60.2 7.2 23.4 86.6 23.0 84.6 15.91987 100.0 56.9 6.5 26.0 96.1 24.0 94.0 15.51988 100.0 56.3 6.4 28.3 106.0 23.9 105.0 15.91989 100.0 55.3 6.7 26.4 106.4 23.7 102.8 15.81990 100.0 57.1 7.2 27.0 106.8 23.8 105.2 16.8

1991 100.0 58.9 7.4 26.8 110.9 23.3 110.7 16.71992 100.0 58.7 7.9 28.0 114.9 23.1 116.4 16.31993 100.0 58.3 7.8 27.1 112.7 22.6 113.5 15.11994 100.0 59.6 7.9 31.2 111.7 22.4 117.3 15.51995 100.0 62.0 8.4 34.1 120.5 22.7 131.5 16.2

1996 100.0 61.4 8.4 31.6 113.7 23.2 122.9 15.41997 100.0 61.1 8.3 34.0 106.7 21.0 116.5 14.51998 100.0 61.6 9.0 28.9 104.2 20.3 108.9 15.01999 100.0 60.4 9.5 24.8 106.5 21.8 108.4 14.62000 100.0 58.9 9.1 27.5 119.6 24.0 124.5 14.6

2001 100.0 60.3 9.9 25.3 114.0 24.7 119.3 15.02002 100.0 58.6 10.3 22.8 122.4 27.2 125.4 15.92003 100.0 58.3 10.5 21.9 141.7 29.4 145.4 16.52004 100.0 59.4 9.9 21.8 157.0 33.3 162.6 18.82005 100.0 58.2 8.8 20.6 162.9 35.9 167.1 19.1

2006 100.0 58.5 8.4 21.6 167.6 38.2 175.0 19.3

a Gross domestic capital formation consists of gross domestic fixed capital formation and changes in inventories.

a

@

@

24

Table 4 Private consumption expenditure on food, consumer goods and services(a) At current market prices

HK$ million(2) (3)

Consumption expenditure in the domestic market

Consumer goodsExpenditure of

Private Consumer Expenditure non-residentsconsumption Consumer non- of residents in the domestic

Year expenditure Total Food Sub-total durables durables Services abroad market

1966 9,763 10,688 3,145 3,646 866 2,780 3,897 437 1,3621967 10,439 11,474 3,506 3,763 875 2,888 4,205 432 1,4671968 11,592 12,749 3,716 4,444 1,183 3,261 4,589 496 1,6531969 13,117 14,512 4,209 5,186 1,476 3,710 5,117 578 1,9731970 14,975 16,755 4,842 6,042 1,797 4,245 5,871 670 2,450

1971 17,290 18,772 5,428 6,998 1,913 5,085 6,346 787 2,2691972 19,987 21,705 6,121 8,178 2,063 6,115 7,406 995 2,7131973 26,659 28,222 7,806 10,741 2,574 8,167 9,675 1,277 2,8401974 30,306 31,710 9,603 11,037 2,646 8,391 11,070 1,677 3,0811975 31,922 33,132 9,530 10,718 2,187 8,531 12,884 2,039 3,249

1976 36,358 38,130 10,408 12,418 3,187 9,231 15,304 2,399 4,1711977 44,343 45,717 11,620 16,033 4,300 11,733 18,064 2,987 4,3611978 54,747 56,664 14,078 21,139 6,320 14,819 21,447 3,533 5,4501979 67,544 69,434 16,292 26,299 8,688 17,611 26,843 4,888 6,7781980 85,411 85,943 19,226 31,811 9,705 22,106 34,906 6,483 7,015

1981 102,788 103,674 22,604 37,364 12,801 24,563 43,706 7,833 8,7191982 119,091 119,682 25,871 40,745 13,072 27,673 53,066 8,830 9,4211983 138,268 139,726 29,484 49,074 16,339 32,735 61,168 10,646 12,1041984 157,843 160,110 32,223 57,136 19,142 37,994 70,751 12,558 14,8251985 169,387 171,870 32,112 60,463 20,403 40,060 79,295 13,336 15,819

1986 192,143 196,192 33,893 73,269 26,179 47,090 89,030 14,712 18,7611987 224,020 232,277 37,087 90,729 32,950 57,779 104,461 17,523 25,7801988 261,754 272,112 40,818 110,669 42,709 67,960 120,625 21,997 32,3551989 296,603 305,747 44,786 118,409 43,560 74,849 142,552 26,383 35,5271990 342,168 347,943 50,351 131,123 48,455 82,668 166,469 31,823 37,598

1991 406,466 407,514 55,430 159,753 58,218 101,535 192,331 37,803 38,8511992 472,798 478,178 58,983 194,973 73,300 121,673 224,222 41,522 46,9021993 541,082 546,585 64,436 225,375 84,406 140,969 256,774 47,628 53,1311994 624,409 623,358 74,179 253,819 90,443 163,376 295,360 56,189 55,1381995 691,708 685,114 84,402 270,529 94,342 176,187 330,183 67,422 60,828

1996 755,508 754,769 92,475 297,167 103,104 194,063 365,127 72,819 72,0801997 833,825 815,920 96,492 313,321 115,105 198,216 406,107 78,059 60,1541998 795,948 757,204 89,502 259,174 89,699 169,475 408,528 83,090 44,3461999 765,282 726,290 87,274 231,292 82,194 149,098 407,724 82,273 43,2812000 774,280 740,391 88,768 234,183 89,222 144,961 417,440 80,433 46,544

2001 782,587 749,330 90,684 230,995 88,063 142,932 427,651 80,236 46,9792002 747,850 728,233 89,473 216,870 81,370 135,500 421,890 78,179 58,5622003 719,304 705,029 86,727 211,916 81,858 130,058 406,386 70,280 56,0052004 767,479 755,882 92,788 240,343 90,126 150,217 422,751 82,120 70,5232005 804,579 803,308 98,583 257,257 94,722 162,535 447,468 81,784 80,513

2006 860,856 864,727 104,513 274,362 97,893 176,469 485,852 85,319 89,190

a Private consumption expenditure = (1) + (2) - (3)

(1)

a,ba

@

@

25

Table 4 Private consumption expenditure on food, consumer goods and services(b) Volume indices (2000=100)

(2) (3)Consumption expenditure in the domestic market

Consumer goodsExpenditure of

Private Consumer Expenditure non-residentsconsumption Consumer non- of residents in the domestic

Year expenditure Total Food Sub-total durables durables Services abroad market

1966 9.9 12.0 28.9 9.4 4.1 13.9 9.3 3.8 29.71967 10.0 12.2 28.8 9.3 4.0 13.9 10.0 3.5 30.91968 11.0 13.4 29.5 11.1 5.0 16.5 10.7 3.9 32.71969 12.0 14.6 31.2 12.5 6.0 18.0 11.7 4.3 36.71970 13.2 16.3 32.8 14.9 6.9 21.8 12.9 4.7 43.5

1971 14.9 17.8 35.0 17.3 7.2 26.1 13.3 5.3 38.01972 16.1 19.1 37.1 18.5 7.5 28.3 14.5 6.3 42.71973 18.2 20.9 38.4 19.9 8.3 30.0 16.8 7.7 37.41974 17.8 20.2 40.1 16.7 7.3 24.9 17.7 8.4 35.51975 18.4 20.8 41.1 16.1 5.9 25.3 19.3 9.1 36.6

1976 19.8 22.8 43.0 17.8 8.2 26.3 21.6 9.9 46.21977 23.2 26.2 45.5 22.9 10.9 33.5 23.7 11.4 46.01978 27.2 30.7 52.3 28.8 15.2 40.7 26.5 12.7 52.31979 29.8 33.1 55.0 31.1 18.8 41.6 28.9 16.6 55.11980 33.4 36.0 57.8 33.4 20.0 44.9 32.2 19.9 46.2

1981 36.0 38.7 59.6 36.1 24.6 45.5 35.4 22.2 52.11982 37.9 40.6 62.5 36.6 24.3 46.8 38.1 23.7 52.11983 40.8 43.6 65.4 40.3 28.6 49.7 40.7 27.4 59.21984 43.1 46.0 66.3 42.7 30.3 52.7 43.5 30.9 64.61985 45.0 47.9 67.6 44.1 32.4 53.4 46.1 31.7 65.9

1986 48.8 52.1 71.0 49.7 38.3 58.3 49.3 34.3 72.51987 54.0 58.1 73.9 57.8 45.7 66.9 54.6 39.8 90.31988 58.8 63.2 74.8 65.8 56.0 73.2 58.4 47.7 102.91989 61.0 65.3 74.8 66.7 55.4 75.2 62.1 50.2 105.61990 64.8 68.7 79.7 69.6 59.9 77.0 65.3 55.4 104.8

1991 70.8 73.8 79.9 79.3 69.0 87.2 68.3 64.1 102.31992 76.8 80.6 80.0 91.3 83.6 97.1 72.9 67.4 115.11993 83.0 86.7 83.2 100.3 93.2 105.7 77.7 75.0 122.01994 88.5 91.7 90.9 107.4 97.4 114.9 80.3 79.1 116.51995 90.3 93.4 96.0 108.3 99.8 114.7 81.9 84.6 121.6

1996 93.8 97.5 99.3 113.5 106.2 119.0 85.3 89.5 133.71997 99.6 101.1 102.0 114.9 115.0 114.9 90.7 94.3 106.11998 93.1 91.7 92.9 93.2 89.4 96.1 90.3 103.0 86.61999 94.4 93.2 94.9 91.8 87.1 95.4 93.9 103.1 92.72000 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

2001 102.1 102.3 102.4 101.0 102.2 100.2 103.0 101.1 103.72002 101.1 103.1 105.2 98.3 103.8 95.0 105.4 98.8 130.22003 100.1 103.2 103.8 98.4 109.9 91.4 105.8 86.4 125.92004 107.4 111.3 108.6 108.9 122.8 100.3 113.1 96.3 149.92005 110.9 116.0 111.7 116.2 131.4 106.8 116.8 95.7 165.3

2006 116.6 122.2 116.5 121.1 138.3 110.5 124.0 98.5 175.2

(1)

@

@

26

Table 4 Private consumption expenditure on food, consumer goods and services(c) Percentage changes in real terms

%(2) (3)

Consumption expenditure in the domestic marketConsumer goods

Expenditure ofPrivate Consumer Expenditure non-residents

consumption Consumer non- of residents in the domesticYear expenditure Total Food Sub-total durables durables Services abroad market

1966 12.1 - - - - - - - - 1967 1.3 1.7 -0.6 -0.7 -2.9 0.6 6.7 -5.9 4.01968 10.1 9.4 2.6 19.4 23.9 18.2 7.7 9.4 5.81969 8.6 9.1 5.8 11.9 20.5 9.3 9.4 10.0 12.11970 10.6 11.6 5.2 19.6 15.0 20.9 9.8 10.4 18.7

1971 12.9 8.8 6.7 15.9 4.3 19.8 3.2 11.7 -12.71972 7.5 7.6 5.8 7.3 4.2 8.3 9.3 20.0 12.31973 13.3 9.2 3.5 7.1 10.4 6.3 15.6 21.9 -12.41974 -2.2 -3.0 4.5 -16.1 -12.3 -16.9 5.3 8.6 -5.21975 3.6 3.1 2.4 -3.3 -19.0 1.2 9.0 8.6 3.1

1976 7.6 9.5 4.8 10.4 39.8 4.0 12.2 8.5 26.31977 16.9 14.6 5.7 29.0 32.8 27.6 9.8 15.2 -0.51978 17.3 17.3 15.1 25.8 39.6 21.4 11.4 12.2 13.91979 9.5 7.7 5.1 8.0 23.6 2.3 9.1 30.4 5.31980 12.2 8.7 5.1 7.4 6.0 8.0 11.6 19.7 -16.2

1981 7.6 7.6 3.2 7.9 23.1 1.4 9.9 11.4 12.81982 5.3 4.8 4.8 1.5 -1.0 2.9 7.5 6.7 *1983 7.7 7.6 4.7 9.9 17.5 6.1 7.1 15.9 13.61984 5.7 5.4 1.3 6.1 6.1 6.0 6.9 12.5 9.21985 4.3 4.2 2.0 3.3 6.7 1.3 5.9 2.9 2.1

1986 8.5 8.6 5.0 12.7 18.3 9.2 6.8 8.0 9.91987 10.6 11.6 4.1 16.3 19.2 14.8 10.8 16.0 24.61988 8.9 8.6 1.2 13.9 22.7 9.4 7.0 20.1 13.91989 3.7 3.4 * 1.4 -1.0 2.7 6.3 5.2 2.61990 6.2 5.1 6.5 4.4 8.0 2.4 5.2 10.3 -0.8

1991 9.3 7.5 0.3 13.9 15.2 13.2 4.5 15.7 -2.41992 9.2 10.1 0.2 15.1 21.2 11.4 8.4 5.1 12.61993 8.0 7.6 4.0 9.9 11.5 8.8 6.5 11.3 6.01994 6.6 5.7 9.2 7.1 4.5 8.8 3.4 5.4 -4.51995 2.1 1.9 5.7 0.8 2.4 -0.2 2.0 6.9 4.4

1996 3.9 4.3 3.4 4.8 6.4 3.8 4.1 5.8 10.01997 6.2 3.7 2.7 1.3 8.3 -3.5 6.3 5.3 -20.61998 -6.6 -9.3 -8.9 -18.9 -22.2 -16.4 -0.4 9.2 -18.41999 1.4 1.7 2.1 -1.5 -2.6 -0.7 4.0 0.2 7.02000 6.0 7.2 5.4 8.9 14.9 4.8 6.5 -3.0 7.9

2001 2.1 2.3 2.4 1.0 2.2 0.2 3.0 1.1 3.72002 -1.0 0.9 2.8 -2.6 1.5 -5.2 2.3 -2.2 25.62003 -0.9 0.1 -1.4 0.1 5.9 -3.8 0.4 -12.6 -3.32004 7.2 7.8 4.7 10.6 11.7 9.8 6.9 11.5 19.02005 3.3 4.3 2.8 6.7 7.1 6.5 3.2 -0.6 10.3

2006 5.1 5.4 4.3 4.2 5.3 3.5 6.2 2.9 5.9

(1)

@

@

27

HK$ million(1) (2) (3) (4) (5) (6) (7)

Rent,Consumption Clothing, rates,

expenditure Food footwear water and Furniture,of goods and and and housing furnishings

services in non- other main- Fuel andthe domestic alcoholic Alcoholic personal tenance and household

Year market beverages beverages Tobacco effects charges light equipment

1966 10,688 3,145 231 238 1,600 1,433 190 6871967 11,474 3,506 241 273 1,686 1,568 212 6291968 12,749 3,716 252 261 2,018 1,707 227 8301969 14,512 4,209 306 272 2,426 1,791 249 9321970 16,755 4,842 358 304 2,814 1,901 264 1,168

1971 18,772 5,428 439 306 3,397 2,014 331 1,2331972 21,705 6,121 499 334 4,189 2,196 351 1,3371973 28,222 7,806 578 338 5,705 2,639 410 1,7781974 31,710 9,603 550 401 5,469 3,348 624 1,9911975 33,132 9,530 591 466 4,995 4,088 706 1,932

1976 38,130 10,408 672 512 5,482 4,815 746 2,6911977 45,717 11,620 752 549 7,569 5,599 883 3,2971978 56,664 14,078 891 613 10,678 6,562 919 4,2771979 69,434 16,292 1,021 779 12,640 8,176 1,263 6,1471980 85,943 19,226 1,040 907 14,646 10,022 2,031 7,539

1981 103,674 22,604 1,319 1,058 16,248 12,293 2,477 9,5971982 119,682 25,871 1,470 1,262 18,797 15,195 2,501 9,7431983 139,726 29,484 1,580 1,406 22,826 17,879 2,907 12,1791984 160,110 32,223 1,564 1,570 26,629 20,128 3,362 15,1071985 171,870 32,112 1,688 1,762 28,810 22,379 3,215 15,400

1986 196,192 33,893 2,083 1,682 36,526 25,001 3,385 18,7931987 232,277 37,087 2,527 1,815 45,328 28,232 3,719 24,0371988 272,112 40,818 2,944 2,179 55,895 33,068 3,950 29,1291989 305,747 44,786 2,603 2,724 61,531 38,228 4,511 30,5551990 347,943 50,351 2,927 3,033 69,772 44,206 5,177 31,733

1991 407,514 55,430 3,157 3,255 78,286 52,580 5,781 42,7641992 478,178 58,983 3,341 3,891 95,616 63,328 6,453 51,7671993 546,585 64,436 3,274 3,460 115,424 74,542 6,743 56,6151994 623,358 74,179 3,601 3,461 126,536 91,873 7,448 66,4681995 685,114 84,402 3,651 4,135 131,484 106,716 8,716 73,229

1996 754,769 92,475 4,320 4,447 151,695 122,500 9,945 73,3931997 815,920 96,492 3,869 4,327 159,997 136,317 11,118 75,6541998 757,204 89,502 2,957 3,870 129,329 146,674 11,982 64,7641999 726,290 87,274 3,320 3,394 110,245 139,767 11,853 63,0562000 740,391 88,768 2,478 2,754 104,686 132,386 13,366 71,978

2001 749,330 90,684 2,672 2,567 100,909 134,755 14,515 72,7722002 728,233 89,473 2,715 2,459 88,169 134,602 15,553 67,6212003 705,029 86,727 2,614 2,782 82,368 132,957 16,667 69,7782004 755,882 92,788 2,842 2,706 101,432 129,850 17,226 73,5402005 803,308 98,583 3,071 2,982 108,657 133,744 18,679 77,270

Table 5 Consumption expenditure in the domestic market by commodity group(a) At current market prices

@

28

HK$ million(8) (9) (10) (11) (12) (13) (14)

Medicalcareand Transport Recreation

Household Personal health and and Otheroperation care expenses communication entertainment Education services Year

164 218 320 710 716 202 834 1966182 226 363 747 732 217 892 1967203 255 335 841 813 233 1,058 1968245 292 373 1,027 924 253 1,213 1969276 318 463 1,233 1,085 288 1,441 1970

306 365 489 1,370 1,127 296 1,671 1971334 436 495 1,500 1,257 332 2,324 1972446 570 834 1,837 1,557 409 3,315 1973516 712 934 1,866 1,698 455 3,543 1974527 729 1,017 2,103 1,899 520 4,029 1975

599 785 1,164 2,550 2,281 570 4,855 1976722 868 1,734 2,924 2,782 601 5,817 1977872 1,071 2,014 3,671 3,373 667 6,978 1978

1,097 1,269 2,482 4,654 4,338 795 8,481 19791,344 1,509 3,060 6,354 5,605 966 11,694 1980

1,654 1,855 3,572 7,602 7,112 1,173 15,110 19811,948 2,084 4,179 9,050 8,259 1,393 17,930 19822,147 2,677 5,459 9,619 9,646 1,616 20,301 19832,427 3,038 6,160 10,959 11,460 1,890 23,593 19842,684 3,217 6,766 12,056 13,135 2,035 26,611 1985

3,007 3,477 7,703 13,356 14,506 2,335 30,445 19863,350 4,201 8,700 16,019 17,362 2,654 37,246 19873,900 4,686 9,567 20,156 20,367 3,003 42,450 19884,471 5,492 10,233 22,398 22,771 3,492 51,952 19895,077 6,437 13,240 27,232 24,547 4,102 60,109 1990

5,650 8,007 16,144 33,899 28,824 4,713 69,024 19916,434 8,279 19,217 44,530 30,765 5,349 80,225 19927,175 10,385 20,934 48,022 39,616 6,335 89,624 19937,802 12,827 25,305 53,297 43,657 7,941 98,963 19948,985 15,351 29,034 54,141 49,512 9,409 106,349 1995

10,280 16,258 31,049 57,113 56,489 11,170 113,635 199611,442 15,325 31,745 67,848 56,336 13,237 132,213 199712,274 11,234 30,962 67,267 48,820 14,747 122,822 199811,943 10,538 30,846 65,827 43,167 15,801 129,259 199912,173 10,073 31,029 71,145 45,212 16,897 137,446 2000

12,482 10,572 31,164 73,261 43,442 17,572 141,963 200113,587 10,449 31,854 70,265 45,611 17,588 138,287 200212,518 11,372 31,424 64,726 39,894 17,837 133,365 200313,161 12,678 33,435 70,104 46,940 17,980 141,200 200414,268 13,742 34,780 70,882 51,522 17,867 157,261 2005

(a) At current market pricesTable 5 Consumption expenditure in the domestic market by commodity group

@

29

%(1) (2) (3) (4) (5) (6) (7)

Rent,Consumption Clothing, rates,

expenditure Food footwear water and Furniture,of goods and and and housing furnishings

services in non- other main- Fuel andthe domestic alcoholic Alcoholic personal tenance and household

Year market beverages beverages Tobacco effects charges light equipment

1966 100.0 29.4 2.2 2.2 15.0 13.4 1.8 6.41967 100.0 30.6 2.1 2.4 14.7 13.7 1.8 5.51968 100.0 29.1 2.0 2.0 15.8 13.4 1.8 6.51969 100.0 29.0 2.1 1.9 16.7 12.3 1.7 6.41970 100.0 28.9 2.1 1.8 16.8 11.3 1.6 7.0

1971 100.0 28.9 2.3 1.6 18.1 10.7 1.8 6.61972 100.0 28.2 2.3 1.5 19.3 10.1 1.6 6.21973 100.0 27.7 2.0 1.2 20.2 9.4 1.5 6.31974 100.0 30.3 1.7 1.3 17.2 10.6 2.0 6.31975 100.0 28.8 1.8 1.4 15.1 12.3 2.1 5.8

1976 100.0 27.3 1.8 1.3 14.4 12.6 2.0 7.11977 100.0 25.4 1.6 1.2 16.6 12.2 1.9 7.21978 100.0 24.8 1.6 1.1 18.8 11.6 1.6 7.51979 100.0 23.5 1.5 1.1 18.2 11.8 1.8 8.91980 100.0 22.4 1.2 1.1 17.0 11.7 2.4 8.8

1981 100.0 21.8 1.3 1.0 15.7 11.9 2.4 9.31982 100.0 21.6 1.2 1.1 15.7 12.7 2.1 8.11983 100.0 21.1 1.1 1.0 16.3 12.8 2.1 8.71984 100.0 20.1 1.0 1.0 16.6 12.6 2.1 9.41985 100.0 18.7 1.0 1.0 16.8 13.0 1.9 9.0

1986 100.0 17.3 1.1 0.9 18.6 12.7 1.7 9.61987 100.0 16.0 1.1 0.8 19.5 12.2 1.6 10.31988 100.0 15.0 1.1 0.8 20.5 12.2 1.5 10.71989 100.0 14.6 0.9 0.9 20.1 12.5 1.5 10.01990 100.0 14.5 0.8 0.9 20.1 12.7 1.5 9.1

1991 100.0 13.6 0.8 0.8 19.2 12.9 1.4 10.51992 100.0 12.3 0.7 0.8 20.0 13.2 1.3 10.81993 100.0 11.8 0.6 0.6 21.1 13.6 1.2 10.41994 100.0 11.9 0.6 0.6 20.3 14.7 1.2 10.71995 100.0 12.3 0.5 0.6 19.2 15.6 1.3 10.7

1996 100.0 12.3 0.6 0.6 20.1 16.2 1.3 9.71997 100.0 11.8 0.5 0.5 19.6 16.7 1.4 9.31998 100.0 11.8 0.4 0.5 17.1 19.4 1.6 8.61999 100.0 12.0 0.5 0.5 15.2 19.2 1.6 8.72000 100.0 12.0 0.3 0.4 14.1 17.9 1.8 9.7

2001 100.0 12.1 0.4 0.3 13.5 18.0 1.9 9.72002 100.0 12.3 0.4 0.3 12.1 18.5 2.1 9.32003 100.0 12.3 0.4 0.4 11.7 18.9 2.4 9.92004 100.0 12.3 0.4 0.4 13.4 17.2 2.3 9.72005 100.0 12.3 0.4 0.4 13.5 16.6 2.3 9.6

Table 5 Consumption expenditure in the domestic market by commodity group(b) Percentage distribution at current market prices

@

30

%(8) (9) (10) (11) (12) (13) (14)



1.5 2.0 3.0 6.6 6.7 1.9 7.8 19661.6 2.0 3.2 6.5 6.4 1.9 7.8 19671.6 2.0 2.6 6.6 6.4 1.8 8.3 19681.7 2.0 2.6 7.1 6.4 1.7 8.4 19691.6 1.9 2.8 7.4 6.5 1.7 8.6 1970

1.6 1.9 2.6 7.3 6.0 1.6 8.9 19711.5 2.0 2.3 6.9 5.8 1.5 10.7 19721.6 2.0 3.0 6.5 5.5 1.4 11.7 19731.6 2.2 2.9 5.9 5.4 1.4 11.2 19741.6 2.2 3.1 6.3 5.7 1.6 12.2 1975

1.6 2.1 3.1 6.7 6.0 1.5 12.7 19761.6 1.9 3.8 6.4 6.1 1.3 12.7 19771.5 1.9 3.6 6.5 6.0 1.2 12.3 19781.6 1.8 3.6 6.7 6.2 1.1 12.2 19791.6 1.8 3.6 7.4 6.5 1.1 13.6 1980

1.6 1.8 3.4 7.3 6.9 1.1 14.6 19811.6 1.7 3.5 7.6 6.9 1.2 15.0 19821.5 1.9 3.9 6.9 6.9 1.2 14.5 19831.5 1.9 3.8 6.8 7.2 1.2 14.7 19841.6 1.9 3.9 7.0 7.6 1.2 15.5 1985

1.5 1.8 3.9 6.8 7.4 1.2 15.5 19861.4 1.8 3.7 6.9 7.5 1.1 16.0 19871.4 1.7 3.5 7.4 7.5 1.1 15.6 19881.5 1.8 3.3 7.3 7.4 1.1 17.0 19891.5 1.9 3.8 7.8 7.1 1.2 17.3 1990

1.4 2.0 4.0 8.3 7.1 1.2 16.9 19911.3 1.7 4.0 9.3 6.4 1.1 16.8 19921.3 1.9 3.8 8.8 7.2 1.2 16.4 19931.3 2.1 4.1 8.5 7.0 1.3 15.9 19941.3 2.2 4.2 7.9 7.2 1.4 15.5 1995

1.4 2.2 4.1 7.6 7.5 1.5 15.1 19961.4 1.9 3.9 8.3 6.9 1.6 16.2 19971.6 1.5 4.1 8.9 6.4 1.9 16.2 19981.6 1.5 4.2 9.1 5.9 2.2 17.8 19991.6 1.4 4.2 9.6 6.1 2.3 18.6 2000

1.7 1.4 4.2 9.8 5.8 2.3 18.9 20011.9 1.4 4.4 9.6 6.3 2.4 19.0 20021.8 1.6 4.5 9.2 5.7 2.5 18.9 20031.7 1.7 4.4 9.3 6.2 2.4 18.7 20041.8 1.7 4.3 8.8 6.4 2.2 19.6 2005

Table 5 Consumption expenditure in the domestic market by commodity group(b) Percentage distribution at current market prices

@

31

(1) (2) (3) (4) (5) (6) (7)Rent,

Consumption Clothing, rates,expenditure Food footwear water and Furniture,

of goods and and and housing furnishingsservices in non- other main- Fuel and

the domestic alcoholic Alcoholic personal tenance and householdYear market beverages beverages Tobacco effects charges light equipment

1966 12.0 28.9 62.0 202.5 9.6 8.8 11.5 3.51967 12.2 28.8 65.8 232.4 9.5 9.7 12.5 3.01968 13.4 29.5 67.4 225.6 12.5 10.6 13.2 3.71969 14.6 31.2 80.8 236.8 14.2 11.2 14.9 3.91970 16.3 32.8 93.6 248.5 18.2 11.5 15.0 4.7

1971 17.8 35.0 108.0 245.9 22.1 11.7 18.7 5.01972 19.1 37.1 115.0 272.5 23.9 12.1 18.8 5.31973 20.9 38.4 124.6 264.1 24.3 13.5 20.5 6.31974 20.2 40.1 100.0 274.6 18.1 15.9 21.5 6.11975 20.8 41.1 104.1 265.5 17.2 17.8 23.2 6.1

1976 22.8 43.0 112.8 268.1 18.5 20.0 23.4 8.01977 26.2 45.5 125.7 269.4 26.4 21.6 27.5 9.61978 30.7 52.3 144.8 278.5 35.7 23.8 28.3 11.91979 33.1 55.0 147.7 306.6 36.0 25.7 31.5 15.61980 36.0 57.8 142.9 308.5 36.8 28.4 34.5 18.3

1981 38.7 59.6 163.6 323.8 38.4 31.3 33.2 21.51982 40.6 62.5 176.1 347.3 40.6 34.8 32.7 21.31983 43.6 65.4 153.8 244.1 45.0 37.9 35.2 25.21984 46.0 66.3 132.3 231.8 47.5 39.7 40.8 28.51985 47.9 67.6 135.2 235.3 49.6 41.6 39.1 29.2

1986 52.1 71.0 149.7 207.6 56.9 44.9 44.3 33.51987 58.1 73.9 168.3 210.7 65.7 48.9 48.8 40.91988 63.2 74.8 191.6 240.6 75.1 55.2 51.0 46.91989 65.3 74.8 157.8 281.9 77.6 60.1 56.9 47.91990 68.7 79.7 153.0 261.0 82.9 64.0 59.4 48.5

1991 73.8 79.9 153.6 186.6 86.8 68.0 63.0 63.31992 80.6 80.0 143.4 194.9 98.7 74.0 66.8 74.61993 86.7 83.2 133.1 154.9 112.0 80.9 67.9 80.41994 91.7 90.9 156.3 161.5 114.1 85.8 72.5 91.71995 93.4 96.0 126.3 180.9 110.5 88.5 78.7 98.7

1996 97.5 99.3 142.6 185.6 121.2 92.0 85.2 96.81997 101.1 102.0 154.3 155.3 121.8 94.3 90.0 96.81998 91.7 92.9 111.8 139.3 96.5 95.9 95.7 80.51999 93.2 94.9 123.6 120.5 96.0 97.2 94.8 82.72000 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

2001 102.3 102.4 107.1 88.8 99.3 105.0 109.3 105.02002 103.1 105.2 107.5 85.5 86.9 111.2 118.9 108.02003 103.2 103.8 113.2 100.0 81.3 115.2 126.6 117.92004 111.3 108.6 112.5 97.5 94.7 118.5 122.8 126.62005 116.0 111.7 121.1 106.8 100.6 122.0 127.1 135.7

Table 5 Consumption expenditure in the domestic market by commodity group(c) Volume indices (2000=100)

@

32

(8) (9) (10) (11) (12) (13) (14)



24.5 18.3 15.0 7.0 14.1 29.0 7.6 196624.9 18.6 16.8 7.4 14.4 30.9 7.9 196726.0 20.1 14.7 8.2 15.5 32.8 9.1 196826.6 21.7 15.9 9.9 16.7 35.6 10.2 196927.5 21.7 18.4 11.5 18.6 41.6 11.6 1970

28.8 23.3 19.0 12.5 18.9 40.8 12.2 197129.5 25.9 18.6 13.0 20.2 45.2 15.1 197231.6 30.5 29.1 14.8 22.0 53.2 17.8 197332.4 32.5 29.0 13.2 21.4 55.1 17.9 197432.9 32.7 28.7 13.7 21.8 56.3 19.7 1975

34.2 34.9 29.8 15.7 25.1 56.0 22.3 197636.9 36.3 40.1 17.5 28.4 56.1 25.0 197740.4 42.0 41.9 20.8 32.2 59.4 28.1 197842.4 43.7 47.9 21.7 36.7 69.0 30.5 197945.5 45.0 52.0 24.9 41.1 73.9 34.8 1980

48.4 49.0 53.5 26.2 46.9 77.6 38.8 198149.3 49.5 55.7 26.7 49.6 78.6 40.5 198249.5 58.6 63.9 26.7 55.2 76.5 42.6 198350.5 61.2 61.3 27.8 60.6 78.1 46.2 198452.1 61.8 63.3 28.8 66.3 74.9 49.9 1985

55.2 62.9 69.3 29.9 70.1 74.2 53.9 198657.5 73.3 74.1 34.0 78.4 75.4 61.1 198760.9 77.0 75.2 40.4 82.8 73.2 63.3 198863.3 83.8 73.9 41.2 83.1 71.9 67.6 198965.1 91.1 86.8 45.3 83.0 70.5 69.1 1990

67.4 105.1 96.5 50.8 91.1 68.9 71.6 199170.5 101.5 103.8 63.6 90.1 67.0 76.5 199274.5 122.6 104.2 65.3 105.2 68.0 79.4 199374.5 145.0 114.6 67.9 105.2 72.5 81.3 199479.8 164.5 121.5 64.7 109.6 73.3 80.8 1995

87.1 167.2 121.1 67.2 115.4 76.9 84.6 199692.6 151.1 114.2 80.3 106.9 83.3 96.3 199798.1 106.3 103.8 82.2 98.5 87.4 90.5 199896.2 100.6 100.0 88.2 93.4 93.8 94.3 1999

100.0 100.0 100.0 100.0 100.0 100.0 100.0 2000

101.9 104.9 99.3 102.9 96.2 102.6 102.0 2001111.2 105.7 101.3 106.7 103.0 101.3 100.6 2002103.8 117.8 99.7 105.9 91.8 102.1 100.2 2003112.7 132.8 105.1 118.6 104.9 102.4 108.6 2004123.9 144.5 108.0 121.3 110.6 100.0 113.4 2005

(c) Volume indices (2000=100)Table 5 Consumption expenditure in the domestic market by commodity group

@

33

(1) (2) (3) (4)

Government Public order,consumption General public safety and Economic Environmental

Year expenditure services defence affairs protection

HK$ million

2000 120,172 13,901 36,002 9,741 4,074

2001 128,866 15,525 38,183 10,226 4,1072002 131,291 15,203 37,983 11,211 4,3142003 130,151 14,776 36,989 11,572 4,2662004 127,328 14,607 37,460 11,731 4,1982005 121,419 13,871 35,711 10,787 3,927

2006 123,340 14,286 36,359 10,813 3,894

Percentage distribution (%)

2000 100.0 11.6 30.0 8.1 3.4

2001 100.0 12.0 29.6 7.9 3.22002 100.0 11.6 28.9 8.5 3.32003 100.0 11.4 28.4 8.9 3.32004 100.0 11.5 29.4 9.2 3.32005 100.0 11.4 29.4 8.9 3.2

2006 100.0 11.6 29.5 8.8 3.2

Table 6 Government consumption expenditure bysocial and economic function at current market prices

@

@

@

@

34

(5) (6) (7) (8) (9)

Housing and Recreation,community culture and Social amenities Health religion Education protection Year

HK$ million

1,736 37,088 6,796 8,230 2,604 2000

1,886 39,282 7,864 8,923 2,870 20012,078 39,647 8,001 9,548 3,306 20021,932 39,654 7,771 9,439 3,752 20031,655 37,282 7,701 8,799 3,895 20041,350 36,523 7,614 8,097 3,539 2005

1,508 37,087 7,764 8,076 3,553 2006

Percentage distribution (%)

1.4 30.9 5.7 6.8 2.2 2000

1.5 30.5 6.1 6.9 2.2 20011.6 30.2 6.1 7.3 2.5 20021.5 30.5 6.0 7.3 2.9 20031.3 29.3 6.0 6.9 3.1 20041.1 30.1 6.3 6.7 2.9 2005

1.2 30.1 6.3 6.5 2.9 2006

Table 6 Government consumption expenditure bysocial and economic function at current market prices

@

@

@

@

35


Sales bygovernment departments

Government not engaged inconsumption Compensation of Purchases of market activities to

Year expenditure employees goods and services households and enterprises

1966 1,070 720 409 591967 1,199 758 499 581968 1,300 833 527 601969 1,412 916 562 661970 1,630 1,029 680 79

1971 1,741 1,142 687 881972 2,078 1,533 646 1011973 2,559 1,674 996 1111974 3,171 2,074 1,227 1301975 3,493 2,320 1,322 149

1976 4,008 2,658 1,552 2021977 4,655 3,071 1,806 2221978 5,436 3,573 2,107 2441979 6,755 4,255 2,790 2901980 8,706 5,661 3,431 386

1981 12,211 7,126 5,599 5141982 14,547 9,631 5,569 6531983 16,336 11,237 5,937 8381984 18,027 12,942 6,080 9951985 19,751 14,750 6,062 1,061

1986 22,843 17,009 6,963 1,1291987 25,672 19,086 7,907 1,3211988 29,943 21,933 9,543 1,5331989 36,168 26,029 11,812 1,6731990 43,141 31,169 14,042 2,070

1991 51,294 38,181 15,617 2,5041992 63,795 48,425 18,420 3,0501993 72,283 54,775 21,141 3,6331994 83,148 62,867 24,584 4,3031995 93,624 70,996 27,851 5,223

1996 103,541 79,560 30,032 6,0511997 112,751 86,451 33,277 6,9771998 116,550 91,309 32,719 7,4781999 119,993 95,784 32,454 8,2452000 120,172 95,430 32,850 8,108

2001 128,866 105,534 32,678 9,3462002 131,291 105,570 34,989 9,2682003 130,151 103,911 35,177 8,9372004 127,328 101,983 35,250 9,9052005 121,419 95,469 35,755 9,805

2006 123,340 96,392 37,592 10,644

a Government consumption expenditure = (1) + (2) - (3)

Table 7 Government consumption expenditure by component(a) At current market prices

@

a

@

36

(1) (2) (3)Sales by

government departmentsGovernment not engaged inconsumption Compensation of Purchases of market activities to


1966 12.7 14.9 9.6 20.21967 14.0 15.3 11.9 19.11968 14.8 15.9 12.9 18.61969 16.1 17.3 13.8 18.11970 17.0 17.8 15.5 21.9

1971 17.4 19.2 14.7 25.21972 18.5 22.5 12.6 27.91973 20.3 22.1 17.8 28.01974 22.2 23.9 19.6 30.01975 23.6 25.6 20.2 28.5

1976 25.2 27.0 22.5 33.61977 27.6 28.6 25.5 32.71978 30.3 30.9 29.1 35.81979 33.5 32.9 33.9 39.51980 36.0 36.2 34.7 37.3

1981 43.9 38.8 50.4 41.41982 46.3 45.5 46.0 44.81983 49.1 49.4 46.6 44.71984 51.1 52.5 46.4 43.21985 52.5 54.6 46.1 40.7

1986 55.8 56.8 50.9 39.21987 58.0 59.3 52.7 43.61988 60.2 61.5 54.8 45.91989 63.3 64.0 58.4 44.51990 66.7 67.1 62.9 50.3

1991 71.8 73.3 65.3 53.31992 81.3 83.6 72.0 57.11993 83.0 85.2 74.6 62.41994 86.1 88.7 76.7 64.81995 88.8 90.9 81.4 72.1

1996 92.2 94.0 85.9 77.91997 94.4 95.3 90.6 83.61998 95.0 95.0 94.3 90.61999 98.0 98.7 97.2 102.22000 100.0 100.0 100.0 100.0

2001 106.0 109.1 99.5 114.92002 108.7 109.3 109.6 119.52003 110.7 109.8 112.1 105.92004 111.5 111.4 111.5 109.92005 108.0 107.5 109.6 108.1

2006 108.3 108.2 110.6 115.6

Table 7 Government consumption expenditure by component(b) Volume indices (2000=100)

@

@

37

%(1) (2) (3)

Sales bygovernment departments

Government not engaged inconsumption Compensation of Purchases of market activities to


1966 11.2 - - -1967 10.6 3.2 24.8 -5.21968 5.8 3.9 8.1 -2.51969 8.6 8.4 6.9 -2.71970 5.8 3.1 12.6 20.7

1971 2.4 7.9 -5.4 15.11972 6.1 16.8 -14.4 10.71973 10.1 -1.8 41.3 0.41974 9.2 8.5 10.1 6.91975 6.3 7.0 3.3 -4.8

1976 6.8 5.3 11.4 17.61977 9.3 6.2 13.1 -2.71978 9.9 7.7 14.1 9.51979 10.6 6.7 16.8 10.31980 7.4 9.9 2.2 -5.5

1981 21.9 7.3 45.3 10.91982 5.5 17.1 -8.6 8.31983 6.0 8.7 1.2 -0.21984 3.9 6.2 -0.5 -3.51985 2.7 4.0 -0.6 -5.6

1986 6.5 4.0 10.3 -3.71987 3.9 4.4 3.7 11.11988 3.7 3.8 3.8 5.41989 5.2 4.0 6.6 -3.11990 5.4 4.8 7.8 13.0

1991 7.7 9.3 3.9 5.81992 7.1 7.7 4.2 -1.31993 2.1 1.9 3.7 9.31994 3.7 4.2 2.8 3.81995 3.2 2.5 6.1 11.3

1996 3.8 3.4 5.5 8.01997 2.4 1.4 5.5 7.31998 0.7 -0.3 4.0 8.41999 3.1 3.9 3.1 12.82000 2.1 1.3 2.9 -2.1

2001 6.0 9.1 -0.5 14.92002 2.5 0.2 10.2 4.02003 1.9 0.5 2.3 -11.42004 0.7 1.4 -0.6 3.82005 -3.1 -3.5 -1.6 -1.7

2006 0.3 0.7 0.8 6.9

Table 7 Government consumption expenditure by component(c) Percentage changes in real terms

@

@

38

HK$ million (1) (2) (3) (4) (5)

GovernmentPrivate Government consumption

consumption consumption expenditure for Individual CollectiveYear expenditure expenditure individual use consumption consumption

1961 5,612 619 134 5,746 4851962 6,275 654 142 6,417 5121963 6,924 746 162 7,086 5841964 7,639 847 184 7,823 6631965 8,610 949 206 8,816 743

1966 9,763 1,070 235 9,998 8351967 10,439 1,199 260 10,699 9391968 11,592 1,300 282 11,874 1,0181969 13,117 1,412 309 13,426 1,1031970 14,975 1,630 350 15,325 1,280

1971 17,290 1,741 374 17,664 1,3671972 19,987 2,078 452 20,439 1,6261973 26,659 2,559 641 27,300 1,9181974 30,306 3,171 839 31,145 2,3321975 31,922 3,493 926 32,848 2,567

1976 36,358 4,008 1,067 37,425 2,9411977 44,343 4,655 1,212 45,555 3,4431978 54,747 5,436 1,383 56,130 4,0531979 67,544 6,755 1,689 69,233 5,0661980 85,411 8,706 2,213 87,624 6,493

1981 102,788 12,211 2,950 105,738 9,2611982 119,091 14,547 3,582 122,673 10,9651983 138,268 16,336 4,253 142,521 12,0831984 157,843 18,027 4,677 162,520 13,3501985 169,387 19,751 5,087 174,474 14,664

1986 192,143 22,843 6,249 198,392 16,5941987 224,020 25,672 7,149 231,169 18,5231988 261,754 29,943 8,321 270,075 21,6221989 296,603 36,168 10,049 306,652 26,1191990 342,168 43,141 11,952 354,120 31,189

1991 406,466 51,294 14,958 421,424 36,3361992 472,798 63,795 22,338 495,136 41,4571993 541,082 72,283 25,899 566,981 46,3841994 624,409 83,148 30,111 654,520 53,0371995 691,708 93,624 35,184 726,892 58,440

1996 755,508 103,541 39,717 795,225 63,8241997 833,825 112,751 45,901 879,726 66,8501998 795,948 116,550 49,109 845,057 67,4411999 765,282 119,993 51,230 816,512 68,7632000 774,280 120,172 48,388 822,668 71,784

2001 782,587 128,866 51,968 834,555 76,8982002 747,850 131,291 52,715 800,565 78,5762003 719,304 130,151 52,963 772,267 77,1882004 767,479 127,328 50,276 817,755 77,0522005 804,579 121,419 49,137 853,716 72,282

2006 860,856 123,340 49,821 910,677 73,519

a

beconomic terms, they are called public goods. It is equal to column (2) less column (3).Collective consumption refers to government services provided to the community as a whole (e.g. security services provided by police). InCaritas schools) or government (e.g. attending government schools). It is equal to the sum of columns (1) and (3).

Table 8 Individual and collective consumption(a) At current market prices

Individual consumption covers goods and services which are actually consumed by households (e.g. educational services), irrespective of whetherthe ultimate bearers of the expenses are households themselves (e.g. employing private tutors) or private non-profit institutions (e.g. attending

a b

@

@

39

% (1) (2) (3) (4) (5)

GovernmentPrivate Government consumption

consumption consumption expenditure for Individual CollectiveYear expenditure expenditure individual use consumption consumption

1961 - - - - -1962 11.8 5.7 6.0 11.7 5.61963 10.3 14.1 14.1 10.4 14.11964 10.3 13.5 13.6 10.4 13.51965 12.7 12.0 12.0 12.7 12.1

1966 13.4 12.8 14.1 13.4 12.41967 6.9 12.1 10.6 7.0 12.51968 11.0 8.4 8.5 11.0 8.41969 13.2 8.6 9.6 13.1 8.31970 14.2 15.4 13.3 14.1 16.0

1971 15.5 6.8 6.9 15.3 6.81972 15.6 19.4 20.9 15.7 18.91973 33.4 23.1 41.8 33.6 18.01974 13.7 23.9 30.9 14.1 21.61975 5.3 10.2 10.4 5.5 10.1

1976 13.9 14.7 15.2 13.9 14.61977 22.0 16.1 13.6 21.7 17.11978 23.5 16.8 14.1 23.2 17.71979 23.4 24.3 22.1 23.3 25.01980 26.5 28.9 31.0 26.6 28.2

1981 20.3 40.3 33.3 20.7 42.61982 15.9 19.1 21.4 16.0 18.41983 16.1 12.3 18.7 16.2 10.21984 14.2 10.4 10.0 14.0 10.51985 7.3 9.6 8.8 7.4 9.8

1986 13.4 15.7 22.8 13.7 13.21987 16.6 12.4 14.4 16.5 11.61988 16.8 16.6 16.4 16.8 16.71989 13.3 20.8 20.8 13.5 20.81990 15.4 19.3 18.9 15.5 19.4

1991 18.8 18.9 25.2 19.0 16.51992 17.2 17.7 24.9 17.5 14.11993 14.4 13.3 15.9 14.5 11.91994 15.4 15.0 16.3 15.4 14.31995 10.8 12.6 16.8 11.1 10.2

1996 9.2 10.6 12.9 9.4 9.21997 10.4 8.9 15.6 10.6 4.71998 -4.5 3.4 7.0 -3.9 0.91999 -3.9 3.0 4.3 -3.4 2.02000 1.2 0.1 -5.5 0.8 4.4

2001 1.1 7.2 7.4 1.4 7.12002 -4.4 1.9 1.4 -4.1 2.22003 -3.8 -0.9 0.5 -3.5 -1.82004 6.7 -2.2 -5.1 5.9 -0.22005 4.8 -4.6 -2.3 4.4 -6.2

2006 7.0 1.6 1.4 6.7 1.7

Table 8 Individual and collective consumption(b) Percentage changes in nominal terms

@

@

40

HK$ million (2)

Costs c

ofPrivate b,c Public b Private b Public b ownership Private b Public b

Year Total sector sector Total sector sector transfer Total sector sector

1966 3,841 3,289 552 2,767 2,256 511 52 1,022 981 411967 2,997 2,572 425 1,903 1,508 395 42 1,052 1,022 301968 2,625 2,270 355 1,448 1,121 327 44 1,133 1,105 281969 3,036 2,705 331 1,446 1,142 304 52 1,538 1,511 271970 4,544 4,146 398 2,337 1,978 359 77 2,130 2,091 39

1971 6,298 5,722 576 3,496 2,963 533 99 2,703 2,660 431972 7,308 6,583 725 4,285 3,619 666 161 2,862 2,803 591973 9,154 8,049 1,105 5,406 4,395 1,011 216 3,532 3,438 941974 10,746 9,027 1,719 6,826 5,229 1,597 145 3,775 3,653 1221975 10,648 8,967 1,681 6,620 5,027 1,593 186 3,842 3,754 88

1976 13,051 11,108 1,943 7,982 6,119 1,863 279 4,790 4,710 801977 17,734 14,703 3,031 11,741 8,819 2,922 372 5,621 5,512 1091978 22,578 18,139 4,439 14,450 10,304 4,146 563 7,565 7,272 2931979 33,521 27,614 5,907 21,491 16,204 5,287 669 11,361 10,741 6201980 46,226 39,361 6,865 29,959 23,796 6,163 1,110 15,157 14,455 702

1981 56,582 48,167 8,415 35,972 28,700 7,272 1,965 18,645 17,502 1,1431982 59,182 47,282 11,900 39,519 28,929 10,590 1,601 18,062 16,752 1,3101983 53,438 40,867 12,571 32,510 21,439 11,071 1,262 19,666 18,166 1,5001984 57,944 46,467 11,477 30,934 20,648 10,286 1,373 25,637 24,446 1,1911985 58,073 49,193 8,880 29,810 21,842 7,968 2,064 26,199 25,287 912

1986 68,596 59,785 8,811 33,997 25,955 8,042 2,726 31,873 31,104 7691987 92,727 81,656 11,071 45,206 35,088 10,118 4,283 43,238 42,285 9531988 117,438 103,867 13,571 59,347 47,204 12,143 5,052 53,039 51,611 1,4281989 138,102 120,310 17,792 73,166 57,212 15,954 7,636 57,300 55,462 1,8381990 156,158 136,110 20,048 85,669 67,462 18,207 8,296 62,193 60,352 1,841

1991 180,809 159,959 20,850 93,814 75,226 18,588 12,958 74,037 71,775 2,2621992 217,637 194,859 22,778 107,666 87,161 20,505 17,917 92,054 89,781 2,2731993 249,443 215,880 33,563 130,034 99,636 30,398 19,873 99,536 96,371 3,1651994 305,757 264,970 40,787 164,916 128,504 36,412 21,320 119,521 115,146 4,3751995 334,363 280,732 53,631 158,898 111,833 47,065 13,903 161,562 154,996 6,566

1996 378,486 313,391 65,095 185,648 130,109 55,539 22,186 170,652 161,096 9,5561997 451,891 387,665 64,226 223,264 170,104 53,160 37,867 190,760 179,694 11,0661998 388,731 327,519 61,212 208,235 157,247 50,988 15,319 165,177 154,953 10,2241999 325,328 259,677 65,651 171,930 116,952 54,978 12,049 141,349 130,676 10,6732000 347,375 286,975 60,400 155,441 104,125 51,316 11,730 180,204 171,120 9,084

2001 333,036 275,041 57,995 142,651 94,401 48,250 10,374 180,011 170,266 9,7452002 286,020 232,475 53,545 131,752 88,477 43,275 9,436 144,832 134,562 10,2702003 261,367 209,911 51,456 116,419 74,197 42,222 8,411 136,537 127,303 9,2342004 275,000 226,555 48,445 107,658 67,499 40,159 16,797 150,545 142,259 8,2862005 289,223 247,904 41,319 105,964 70,792 35,172 19,890 163,369 157,222 6,147

2006 320,701 285,979 34,722 98,696 69,985 28,711 16,792 205,213 199,202 6,011

a Gross domestic fixed capital formation = (1) + (2) + (3) b For the coverage of private and public sectors, see paragraphs 3.32, 3.33, 3.37 and 3.38.c Costs of ownership transfer are classified to the private sector.

Gross domestica

Building and construction and computer software fixed capital formation

Table 9 Gross domestic fixed capital formationby type of assets and by private/public sector

(a) At current market prices

(3) (1) Machinery, equipment

@

@

41

by type of assets and by private/public sector (b) Volume indices (2000=100)

(2)

Costs b

ofPrivate a,b Public a Private a Public a ownership Private a Public a


1966 13.2 13.1 14.1 28.7 33.6 17.1 16.6 3.7 3.7 3.01967 10.9 10.8 12.2 22.3 25.4 15.0 14.7 3.8 3.9 2.21968 9.9 9.7 11.3 18.9 21.1 13.9 16.9 4.1 4.2 2.01969 10.3 10.3 10.1 18.0 20.4 12.3 19.3 5.2 5.3 1.91970 11.8 12.2 8.4 20.4 24.7 10.1 19.9 6.1 6.3 2.3

1971 14.6 15.1 10.6 26.4 32.0 13.0 21.8 7.0 7.2 2.21972 15.9 16.5 12.0 28.7 34.7 14.4 33.3 7.3 7.5 3.01973 17.8 18.0 15.8 31.1 36.2 18.8 39.7 8.6 8.8 4.61974 17.5 16.9 21.1 33.3 36.8 25.4 22.0 7.6 7.7 5.01975 17.8 17.2 22.1 34.8 38.2 27.2 25.1 7.1 7.4 3.3

1976 20.3 19.6 24.8 39.2 42.9 30.6 28.6 8.4 8.7 2.91977 25.5 24.1 35.2 51.6 55.2 43.7 33.0 9.4 9.7 3.71978 28.1 25.6 44.9 54.4 54.9 54.4 40.2 11.7 11.9 9.21979 32.3 30.5 44.5 58.6 62.0 51.2 35.0 16.2 16.1 17.91980 38.9 38.1 44.1 69.4 77.6 50.5 36.5 20.2 20.3 18.8

1981 42.4 41.6 48.3 75.2 84.5 53.5 51.5 22.0 21.8 26.61982 43.2 40.3 62.7 82.5 87.6 71.5 49.9 19.2 18.7 28.01983 39.7 36.0 64.5 74.0 74.8 73.5 47.1 18.6 18.0 28.71984 40.7 38.4 56.9 69.8 71.9 66.2 47.0 22.6 22.7 21.11985 40.8 40.2 44.5 67.4 74.3 51.9 67.3 23.2 23.5 16.1

1986 43.3 43.5 41.8 70.7 79.8 49.8 86.3 24.4 25.1 11.91987 49.4 50.1 45.2 73.9 82.6 53.5 120.1 31.0 31.9 13.81988 52.7 54.0 44.9 75.6 85.9 51.6 111.8 35.9 36.7 19.61989 54.7 55.2 51.4 80.4 89.7 58.8 97.9 36.9 37.6 23.81990 59.1 60.0 54.2 88.4 99.6 62.4 104.5 39.1 39.9 23.7

1991 64.7 66.8 52.6 89.5 102.6 59.0 144.7 45.7 46.6 28.41992 70.7 73.3 55.6 88.2 99.1 63.0 165.4 55.5 56.9 28.01993 73.3 72.8 77.1 93.6 96.1 87.7 157.3 56.9 57.9 37.11994 84.5 83.8 90.6 109.8 113.4 101.6 141.4 66.6 67.5 49.21995 93.3 90.8 110.7 111.1 106.4 121.9 100.3 82.6 83.3 68.8

1996 103.5 99.6 129.4 118.8 111.4 135.9 147.6 92.5 91.8 105.01997 116.6 116.1 122.7 131.3 135.0 122.7 191.3 104.6 103.7 122.41998 108.1 107.9 110.7 128.1 136.5 108.6 107.4 96.3 95.2 118.81999 90.1 86.6 111.4 108.3 107.7 109.7 94.3 78.8 76.7 118.02000 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

2001 102.6 103.7 97.7 98.9 100.9 94.9 98.3 106.2 105.8 113.52002 98.0 98.3 96.3 97.8 101.9 89.5 98.4 98.1 96.1 134.62003 98.9 99.1 97.6 92.4 93.1 91.0 95.3 104.7 103.1 135.02004 101.9 104.2 91.1 81.6 79.6 85.8 151.1 116.2 115.9 120.62005 106.6 112.9 76.4 74.8 75.2 73.8 151.5 131.1 133.2 91.4

2006 115.1 125.7 64.3 69.4 73.7 60.5 127.1 153.7 157.3 85.4

a For the coverage of private and public sectors, see paragraphs 3.32, 3.33, 3.37 and 3.38.b Costs of ownership transfer are classified to the private sector.

fixed capital formation Building and construction and computer software

Table 9 Gross domestic fixed capital formation

Gross domestic Machinery, equipment (1) (3)

@

@

42

by type of assets and by private/public sector (c) Percentage changes in real terms

% (2)

Costs b

ofPrivate a,b Public a Private a Public a ownership Private a Public a


1966 -13.1 - - - - - - - - -1967 -17.3 -17.6 -12.9 -22.3 -24.3 -12.3 -11.3 4.1 6.2 -25.21968 -9.1 -9.9 -7.4 -15.1 -16.9 -7.4 14.9 5.9 6.9 -7.91969 4.1 6.7 -11.3 -4.9 -3.2 -11.6 14.2 26.9 27.5 -9.11970 14.1 18.3 -16.0 13.4 20.9 -17.7 2.7 17.5 17.3 21.3

1971 23.8 23.7 25.9 29.3 29.5 28.2 10.0 14.9 15.3 -1.01972 9.2 9.0 12.6 8.9 8.5 11.0 52.6 4.3 3.7 36.01973 11.7 9.3 32.2 8.2 4.4 30.6 19.1 18.1 16.9 52.91974 -1.6 -6.2 33.1 7.2 1.5 34.7 -44.7 -11.8 -12.3 8.51975 2.0 1.7 4.8 4.5 3.9 7.1 14.3 -5.5 -4.5 -33.6

1976 13.7 14.1 12.1 12.5 12.4 12.8 14.2 17.4 17.8 -13.51977 25.9 22.9 42.1 31.7 28.7 42.6 15.4 12.1 12.0 27.81978 10.3 6.4 27.5 5.4 -0.7 24.5 21.5 24.4 22.2 147.91979 14.9 19.1 -0.8 7.7 13.0 -5.8 -12.8 38.3 35.7 95.41980 20.2 24.9 -0.9 18.6 25.1 -1.5 4.2 25.2 26.4 4.7

1981 9.2 9.1 9.6 8.3 8.8 6.0 41.3 8.9 7.1 41.91982 1.9 -3.0 29.7 9.7 3.7 33.6 -3.3 -13.0 -14.0 5.11983 -8.2 -10.8 2.8 -10.3 -14.6 2.9 -5.5 -3.2 -3.6 2.71984 2.7 6.6 -11.8 -5.6 -3.9 -10.0 -0.2 21.9 25.8 -26.41985 0.1 4.9 -21.8 -3.4 3.3 -21.6 43.1 2.4 3.7 -23.6

1986 6.1 8.3 -6.0 4.9 7.4 -4.0 28.1 5.5 6.6 -26.51987 14.2 15.1 8.0 4.4 3.6 7.5 39.2 27.0 27.2 16.11988 6.6 7.7 -0.6 2.3 3.9 -3.5 -6.9 15.6 15.0 42.21989 3.8 2.3 14.6 6.4 4.5 13.9 -12.4 2.9 2.3 21.71990 8.2 8.6 5.4 9.9 11.1 6.0 6.8 6.0 6.3 -0.7

1991 9.4 11.3 -3.0 1.2 3.0 -5.4 38.4 16.9 16.8 19.91992 9.3 9.8 5.8 -1.4 -3.4 6.8 14.3 21.3 22.0 -1.51993 3.6 -0.7 38.5 6.0 -3.1 39.2 -4.9 2.6 1.8 32.81994 15.3 15.1 17.5 17.4 18.0 15.8 -10.1 17.1 16.5 32.61995 10.4 8.4 22.3 1.1 -6.2 20.0 -29.1 24.1 23.5 39.8

1996 10.9 9.7 16.8 7.0 4.7 11.5 47.2 12.0 10.2 52.51997 12.6 16.5 -5.2 10.5 21.1 -9.7 29.6 13.1 12.9 16.61998 -7.3 -7.0 -9.7 -2.4 1.1 -11.5 -43.9 -7.9 -8.2 -2.91999 -16.6 -19.8 0.6 -15.5 -21.1 1.0 -12.2 -18.2 -19.4 -0.62000 11.0 15.5 -10.3 -7.6 -7.1 -8.8 6.0 27.0 30.3 -15.3

2001 2.6 3.7 -2.3 -1.1 0.9 -5.1 -1.7 6.2 5.8 13.52002 -4.5 -5.2 -1.4 -1.1 1.1 -5.7 0.1 -7.6 -9.1 18.62003 0.9 0.8 1.4 -5.6 -8.7 1.7 -3.1 6.7 7.2 0.32004 3.1 5.1 -6.7 -11.6 -14.5 -5.7 58.5 11.0 12.5 -10.62005 4.6 8.4 -16.1 -8.4 -5.5 -14.0 0.2 12.9 14.9 -24.2

2006 7.9 11.3 -15.9 -7.2 -2.0 -18.0 -16.1 17.2 18.1 -6.6

a For the coverage of private and public sectors, see paragraphs 3.32, 3.33, 3.37 and 3.38.b Costs of ownership transfer are classified to the private sector.

and computer software fixed capital formation Building and construction Machinery, equipment

Table 9 Gross domestic fixed capital formation

Gross domestic (1) (3)

@

@

43

HK$ million

Merchanting

and other

Insurance Financial trade-related OtherYear Total Transportation Travel services services services services

1980 29,239 12,325 6,529 582 1,274 5,618 2,911

1981 35,655 15,100 8,143 562 1,904 6,510 3,4361982 40,736 16,976 8,771 600 2,798 7,594 3,9971983 47,327 19,605 11,378 734 3,824 7,315 4,4711984 57,396 22,274 14,035 874 4,690 9,845 5,6771985 62,564 22,967 15,003 870 5,556 11,932 6,237

1986 73,482 26,005 17,909 763 7,924 13,325 7,5561987 94,324 32,411 24,880 1,147 10,086 15,884 9,9161988 111,305 38,117 31,395 1,013 10,826 18,506 11,4481989 127,209 43,852 34,485 1,087 12,652 22,467 12,6671990 142,505 50,760 36,474 1,299 13,749 26,431 13,791

1991 161,106 59,517 37,645 1,460 16,406 29,434 16,6441992 185,907 67,178 45,618 2,295 18,361 32,672 19,7841993 209,576 72,564 51,849 3,413 24,250 39,583 17,9181994 234,284 81,115 53,953 3,430 29,135 44,531 22,1191995 253,643 84,937 60,028 3,617 28,627 49,032 27,402

1996 285,385 88,367 71,349 2,443 30,819 65,111 27,2961997 286,595 87,342 59,661 2,665 32,786 73,441 30,7001998 262,099 85,074 43,965 3,102 21,007 76,866 32,0861999 276,385 89,230 42,840 3,065 30,054 81,524 29,6722000 315,012 99,513 46,019 3,452 34,058 97,616 34,355

2001 320,799 93,675 46,362 3,556 34,966 106,447 35,7942002 347,836 103,751 58,134 3,421 32,708 115,996 33,8262003 362,420 107,688 55,575 3,065 29,301 130,183 36,6092004 429,563 135,188 70,084 3,197 35,460 146,527 39,1072005 495,799 158,007 80,061 3,218 49,158 162,179 43,176

a For the coverage of service groups, see paragraph 3.45.

Table 10 Exports and imports of services by major service group(a) At current market prices

(1)

Exports of services a

@

44

HK$ million

Merchanting

and other

Insurance Financial trade-related OtherTotal Transportation Travel services services services services Year

20,047 9,038 5,379 819 286 1,322 3,203 1980

25,572 10,876 6,930 823 424 1,537 4,982 198127,615 11,516 7,978 906 706 1,777 4,731 198232,735 13,279 9,794 1,084 982 1,740 5,857 198339,441 15,625 12,052 1,486 1,209 2,316 6,753 198443,536 16,186 14,432 1,603 1,487 2,767 7,061 1985

50,632 18,621 16,294 1,683 2,351 3,100 8,583 198661,047 22,636 19,717 2,065 2,689 3,709 10,231 198774,036 27,434 24,933 2,231 2,798 4,318 12,321 198884,540 30,409 29,401 2,507 3,128 5,208 13,887 1989

100,778 34,057 37,117 3,231 3,038 7,008 16,327 1990

115,211 37,029 43,742 3,636 3,662 9,175 17,968 1991130,846 42,816 47,488 4,790 3,948 10,095 21,709 1992139,975 44,274 54,907 4,508 5,910 8,058 22,318 1993162,363 48,233 66,745 6,417 7,643 8,149 25,175 1994180,623 51,181 81,203 6,048 7,035 9,600 25,558 1995

189,753 51,122 88,640 4,720 7,292 10,866 27,114 1996198,424 50,240 98,155 4,501 7,853 9,856 27,818 1997194,245 42,865 104,361 4,600 7,423 8,505 26,490 1998185,174 39,238 101,889 4,975 6,850 10,510 21,711 1999192,427 48,628 97,402 4,111 6,421 11,170 24,695 2000

194,180 50,916 96,057 4,028 6,969 11,802 24,408 2001202,494 48,518 96,846 4,618 7,694 14,660 30,158 2002203,400 52,305 89,133 4,840 6,835 16,008 34,279 2003242,507 67,657 103,347 4,761 9,070 16,517 41,155 2004264,237 81,361 103,474 4,710 10,932 18,628 45,132 2005

Imports of services a

Table 10 Exports and imports of services by major service group(a) At current market prices

(2)

@

45

Merchanting

and other


1980 26.4 26.7 43.6 56.8 10.3 27.1 21.5

1981 29.2 29.9 49.5 50.1 13.9 28.0 22.91982 30.6 30.8 49.4 49.1 19.2 29.0 24.61983 32.5 33.3 56.5 54.8 24.5 24.9 25.01984 36.0 36.0 61.8 61.0 28.0 28.7 29.31985 38.1 37.4 63.2 60.1 33.0 31.4 31.8

1986 43.1 42.4 69.9 51.5 46.4 31.6 37.41987 50.5 48.5 87.9 70.2 56.8 33.2 45.81988 54.6 53.2 100.7 57.5 58.4 33.9 49.81989 55.7 53.2 103.5 51.7 61.1 36.4 47.81990 57.9 59.3 102.7 54.4 62.4 37.2 46.5

1991 60.6 64.8 100.3 54.7 67.8 37.2 51.41992 65.8 71.0 113.3 76.2 69.9 38.0 56.91993 70.4 75.9 120.4 101.0 83.6 42.9 47.31994 75.3 81.9 115.1 98.3 97.7 46.4 58.01995 77.5 81.5 121.0 101.0 92.5 48.1 71.2

1996 85.4 88.4 133.4 63.9 93.9 63.2 69.71997 85.0 88.4 105.7 69.4 98.4 70.4 77.21998 82.0 89.7 86.7 79.4 66.7 74.7 86.91999 89.2 94.1 92.7 83.7 94.6 80.9 86.12000 100.0 100.0 100.0 100.0 100.0 100.0 100.0

2001 106.4 98.4 103.5 101.3 110.4 113.6 109.32002 118.0 110.3 130.7 91.6 105.2 128.0 109.72003 127.3 111.9 126.3 81.2 114.2 151.2 123.12004 150.1 133.2 150.5 86.9 156.5 173.1 133.22005 167.1 147.3 166.2 84.8 180.5 192.9 147.8


Table 10 Exports and imports of services by major service group(b) Volume indices (2000=100)

(1)


@

46

Merchanting

and other


21.8 30.1 14.8 33.4 7.6 20.1 25.0 1980

25.2 33.3 17.1 30.8 10.1 21.0 35.0 198125.4 33.0 18.5 31.6 15.9 23.0 30.5 198228.6 35.9 22.0 35.9 21.4 20.1 35.4 198332.4 39.0 26.4 46.2 25.0 24.1 38.3 198435.0 39.5 30.6 48.6 30.1 29.5 39.3 1985

39.5 44.0 33.9 49.7 46.9 31.5 45.6 198646.1 52.0 39.7 59.1 52.7 36.2 52.3 198753.5 59.2 48.3 60.7 53.2 40.5 60.4 198856.7 62.4 49.9 66.8 57.6 47.2 66.2 198962.9 65.8 57.0 80.7 52.2 61.9 73.2 1990

69.8 68.6 66.4 86.6 59.2 79.6 76.7 199177.4 79.6 68.8 111.8 61.8 87.3 89.7 199281.7 83.6 76.0 105.4 93.1 70.0 92.0 199388.9 90.6 81.0 143.3 114.7 69.2 99.8 199490.5 91.4 86.8 125.6 99.7 77.8 95.0 1995

95.1 97.2 90.7 103.0 101.2 89.2 100.9 199698.8 96.3 98.8 101.2 110.9 82.5 106.8 1997

100.4 90.9 106.4 109.5 130.4 74.7 107.1 199896.0 86.0 105.0 118.8 102.4 94.9 87.4 1999

100.0 100.0 100.0 100.0 100.0 100.0 100.0 2000

102.0 103.1 100.9 101.5 98.9 109.2 102.0 2001106.0 99.8 100.4 112.9 95.9 140.9 126.1 2002103.8 102.7 89.8 112.1 92.6 154.5 139.5 2003118.9 127.9 99.4 106.7 121.3 154.6 163.2 2004127.6 149.7 98.7 103.7 159.2 170.0 175.0 2005

Table 10 Exports and imports of services by major service group(b) Volume indices (2000=100)

(2)


@

47

%

Merchanting

and other


1980 0.6 - - - - - -

1981 10.8 11.9 13.6 -11.9 34.9 3.5 6.71982 4.5 3.1 -0.2 -1.9 38.0 3.7 7.11983 6.2 7.9 14.4 11.6 27.9 -14.2 1.81984 10.8 8.4 9.4 11.2 14.1 15.1 17.01985 6.0 3.9 2.3 -1.5 18.2 9.7 8.8

1986 13.1 13.2 10.5 -14.3 40.3 0.4 17.61987 17.1 14.3 25.8 36.4 22.6 5.2 22.41988 8.1 9.7 14.6 -18.1 2.7 1.9 8.71989 2.0 0.1 2.7 -10.1 4.6 7.4 -4.01990 4.1 11.4 -0.7 5.3 2.1 2.4 -2.6

1991 4.7 9.3 -2.4 0.6 8.6 -0.1 10.51992 8.6 9.5 13.0 39.3 3.2 2.1 10.51993 6.9 6.9 6.3 32.4 19.6 12.8 -16.81994 7.1 8.0 -4.4 -2.6 16.8 8.2 22.61995 2.9 -0.5 5.2 2.7 -5.4 3.7 22.7

1996 10.2 8.4 10.2 -36.7 1.6 31.4 -2.11997 -0.4 0.1 -20.8 8.5 4.8 11.4 10.71998 -3.5 1.5 -18.0 14.4 -32.2 6.1 12.61999 8.8 4.9 7.0 5.4 41.7 8.3 -0.92000 12.1 6.3 7.9 19.5 5.7 23.6 16.2

2001 6.4 -1.6 3.5 1.3 10.4 13.6 9.32002 10.9 12.1 26.3 -9.6 -4.7 12.7 0.42003 7.9 1.4 -3.4 -11.4 8.5 18.2 12.12004 17.9 19.1 19.2 7.0 37.0 14.4 8.22005 11.3 10.6 10.4 -2.4 15.4 11.4 11.0



Table 10 Exports and imports of services by major service group(c) Percentage changes in real terms

(1)

@

48

%

Merchanting

and other


13.2 - - - - - - 1980

15.6 10.4 15.8 -7.7 34.0 4.8 39.8 19811.1 -0.8 8.3 2.6 57.5 9.3 -12.8 1982

12.4 8.8 19.1 13.5 34.5 -12.5 15.9 198313.5 8.6 19.6 28.6 16.7 19.8 8.4 1984

8.0 1.2 16.0 5.2 20.2 22.4 2.5 1985

12.8 11.5 10.8 2.4 55.8 6.9 16.1 198616.8 18.0 17.1 18.8 12.4 15.0 14.7 198715.9 14.0 21.7 2.8 1.0 11.8 15.5 1988

6.0 5.3 3.2 10.1 8.3 16.4 9.6 198910.9 5.5 14.2 20.7 -9.4 31.3 10.6 1990

10.9 4.3 16.6 7.3 13.4 28.5 4.7 199111.0 16.0 3.7 29.1 4.4 9.7 17.0 1992

5.6 5.0 10.4 -5.8 50.6 -19.8 2.6 19938.8 8.4 6.6 36.0 23.2 -1.1 8.5 19941.8 0.9 7.1 -12.4 -13.0 12.4 -4.8 1995

5.1 6.3 4.5 -17.9 1.5 14.6 6.2 19963.9 -0.9 9.0 -1.7 9.6 -7.6 5.8 19971.6 -5.6 7.7 8.2 17.7 -9.4 0.3 1998

-4.4 -5.4 -1.3 8.5 -21.5 27.0 -18.4 19994.2 16.3 -4.8 -15.8 -2.3 5.4 14.4 2000

2.0 3.1 0.9 1.5 -1.1 9.2 2.0 20013.9 -3.2 -0.5 11.2 -3.1 29.0 23.6 2002

-2.1 2.9 -10.6 -0.7 -3.4 9.6 10.6 200314.6 24.5 10.6 -4.8 31.1 0.1 17.0 2004

7.4 17.1 -0.7 -2.8 31.2 10.0 7.2 2005

(2)


Table 10 Exports and imports of services by major service group(c) Percentage changes in real terms

@

49

HK$ million

GDP by expenditure component 2000 2001 2002 2003

Gross Domestic Product 1,314,789 1,323,167 1,347,495 1,390,610

Private consumption expenditure 774,280 790,288 782,580 775,219Consumption expenditure in the domestic market 740,391 757,255 763,695 764,309

Food 88,768 90,900 93,425 92,123Consumer goods 234,183 236,411 230,297 230,501

Consumer durables 89,222 91,183 92,580 98,075Consumer non-durables 144,961 145,228 137,717 132,426

Services 417,440 429,944 439,973 441,685Expenditure of residents abroad 80,433 81,303 79,500 69,515Less:Expenditure of non-residents 46,544 48,270 60,615 58,605

in the domestic market

Government consumption expenditure 120,172 127,441 130,603 133,055

Gross domestic fixed capital formation 347,375 356,572 340,354 343,415Building and construction 155,441 153,720 152,081 143,604

Private sector 104,125 105,013 106,143 96,901Public sector 51,316 48,707 45,938 46,703

Costs of ownership transfer 11,730 11,528 11,541 11,181Machinery, equipment & computer software 180,204 191,324 176,732 188,630

Private sector 171,120 181,018 164,505 176,369Public sector 9,084 10,306 12,227 12,261

Changes in inventories 14,399 -4,889 6,884 10,354

Exports of goods and services 1,887,701 1,855,392 2,023,529 2,287,824Exports of goods (f.o.b.) 1,572,689 1,520,244 1,651,945 1,886,760

Domestic exports 180,967 162,588 144,376 133,810Re-exports 1,391,722 1,357,656 1,507,569 1,752,949

Exports of services 315,012 335,148 371,584 401,064Transportation 99,513 97,945 109,769 111,317Travel 46,019 47,643 60,167 58,141Merchanting and other trade-related services 97,616 110,890 124,951 147,642Other services 71,865 78,670 76,697 83,964

Less:Imports of goods and services 1,829,138 1,801,637 1,936,455 2,159,257Imports of goods (f.o.b.) 1,636,711 1,605,267 1,732,470 1,959,603Imports of services 192,427 196,370 203,985 199,654

Transportation 48,628 50,129 48,516 49,936Travel 97,402 98,318 97,790 87,468Merchanting and other trade-related services 11,170 12,202 15,743 17,259Other services 35,227 35,721 41,936 44,991

Per capita GDP (HK$) 197,268 197,067 199,804 206,604

Implicit price deflator of GDP (2000=100) 100.0 98.2 94.8 88.7


Table 11 GDP and its expenditure components at constant (2000) market prices

a

50

HK$ million

2004 2005 2006 GDP by expenditure component

1,509,915 1,623,479 1,734,280 Gross Domestic Product

831,410 858,837 902,494 Private consumption expenditure823,685 858,811 904,783 Consumption expenditure in the domestic market

96,444 99,154 103,449 Food254,939 272,091 283,632 Consumer goods109,525 117,270 123,436 Consumer durables145,414 154,821 160,196 Consumer non-durables472,302 487,566 517,702 Services77,478 76,983 79,236 Expenditure of residents abroad69,753 76,957 81,525 Less:Expenditure of non-residents


133,991 129,797 130,167 Government consumption expenditure

353,988 370,278 399,675 Gross domestic fixed capital formation126,899 116,202 107,814 Building and construction

82,856 78,340 76,761 Private sector44,043 37,862 31,053 Public sector17,724 17,767 14,911 Costs of ownership transfer

209,365 236,309 276,950 Machinery, equipment & computer software198,408 228,002 269,193 Private sector

10,957 8,307 7,757 Public sector

7,318 -4,982 -1,644 Changes in inventories

2,648,569 2,944,879 3,237,306 Exports of goods and services2,175,685 2,418,344 2,664,805 Exports of goods (f.o.b.)

137,012 147,372 150,786 Domestic exports2,038,674 2,270,972 2,514,019 Re-exports

472,884 526,535 572,501 Exports of services132,593 146,598 155,706 Transportation

69,281 76,473 81,029 Travel168,965 188,266 208,515 Merchanting and other trade-related services102,045 115,198 127,251 Other services

2,465,361 2,675,330 2,933,718 Less:Imports of goods and services2,236,642 2,429,700 2,672,573 Imports of goods (f.o.b.)

228,719 245,630 261,145 Imports of services62,181 72,804 77,378 Transportation96,779 96,127 99,433 Travel17,270 18,991 19,266 Merchanting and other trade-related services52,489 57,708 65,068 Other services

222,586 238,284 252,917 Per capita GDP (HK$)

85.5 85.2 84.9 Implicit price deflator of GDP (2000=100)


@ @

a

51

53

(B) Quarterly GDP by expenditure component


Gross domestic fixed capital formationof which:

(3) (3a) (3b) Gross Private Government Building and construction Machinery,

domestic Domestic consumption consumption All Private Public equipment andYear Quarter product demand expenditure expenditure Total sectors sector sector computer software

1973 1 9,698 9,039 6,114 623 2,147 1,327 1,030 297 7612 9,586 9,070 6,056 586 2,320 1,330 1,127 203 9193 10,966 9,673 6,696 655 2,261 1,309 1,092 217 9104 11,033 10,893 7,793 695 2,426 1,440 1,146 294 942

1974 1 11,664 10,826 6,994 767 2,568 1,741 1,299 442 7942 11,354 11,281 7,705 723 2,701 1,645 1,317 328 1,0233 12,389 11,582 7,669 844 2,826 1,765 1,352 413 1,0204 11,759 11,212 7,938 837 2,651 1,675 1,261 414 938

1975 1 11,915 11,244 7,619 912 2,621 1,666 1,140 526 9182 11,831 11,048 7,521 839 2,540 1,632 1,269 363 8513 13,004 12,061 7,902 855 2,678 1,600 1,229 371 1,0314 12,817 12,441 8,880 887 2,809 1,722 1,389 333 1,042

1976 1 14,890 13,443 8,130 973 2,944 1,841 1,355 486 1,0332 14,721 13,321 8,951 973 3,177 1,872 1,482 390 1,2293 16,650 14,383 8,751 1,019 3,324 2,030 1,557 473 1,2344 16,881 15,249 10,526 1,043 3,606 2,239 1,725 514 1,294

1977 1 17,492 16,780 9,801 1,150 4,226 2,828 2,134 694 1,3112 17,108 16,278 10,461 1,113 4,319 2,674 2,110 564 1,5613 19,130 16,788 11,377 1,158 4,291 2,979 2,287 692 1,2184 19,491 18,588 12,704 1,234 4,898 3,260 2,288 972 1,531

1978 1 20,323 20,729 12,107 1,336 5,200 3,452 2,397 1,055 1,6442 20,639 20,002 12,825 1,294 5,297 3,364 2,526 838 1,7853 21,658 20,464 13,767 1,385 5,621 3,660 2,579 1,081 1,8204 23,077 23,633 16,048 1,421 6,460 3,974 2,802 1,172 2,316

1979 1 24,858 25,292 14,696 1,672 7,426 5,020 3,443 1,577 2,2172 26,774 26,332 15,925 1,555 7,627 4,742 3,727 1,015 2,7343 29,327 27,792 17,351 1,661 8,638 5,186 4,050 1,136 3,2884 31,573 31,660 19,572 1,867 9,830 6,543 4,984 1,559 3,122

1980 1 31,746 33,245 19,480 2,006 10,779 7,477 5,610 1,867 3,0352 34,800 34,403 19,906 2,089 11,012 6,770 5,573 1,197 4,0123 37,952 36,200 22,094 2,190 11,913 7,755 6,090 1,665 3,9064 38,904 40,240 23,931 2,421 12,522 7,957 6,523 1,434 4,204

1981 1 39,224 42,150 24,245 3,288 13,193 8,886 6,792 2,094 3,8022 41,053 42,220 24,423 2,784 14,146 8,449 6,962 1,487 5,1493 44,753 43,598 25,697 2,864 14,296 9,074 7,323 1,751 4,7824 47,934 47,566 28,423 3,275 14,947 9,563 7,623 1,940 4,912

1982 1 45,578 46,891 28,647 3,558 15,132 10,263 7,610 2,653 4,3552 46,521 46,215 27,445 3,600 13,812 9,424 7,290 2,134 3,9763 51,303 49,852 30,830 3,720 15,286 9,749 7,092 2,657 5,1804 52,007 51,265 32,169 3,669 14,952 10,083 6,937 3,146 4,551

1983 1 47,882 48,517 32,914 4,081 12,734 8,298 5,500 2,798 4,1322 50,911 50,494 32,440 4,042 12,583 7,565 5,365 2,200 4,7093 56,747 54,236 35,308 4,083 13,733 8,227 5,219 3,008 5,1744 60,844 59,124 37,606 4,130 14,388 8,420 5,355 3,065 5,651

1984 1 58,667 56,820 38,525 4,469 13,842 8,174 4,884 3,290 5,3312 63,663 59,852 37,005 4,358 14,486 7,319 5,112 2,207 6,7873 69,395 60,788 40,735 4,602 14,504 7,586 5,231 2,355 6,5734 69,035 62,157 41,578 4,598 15,112 7,855 5,421 2,434 6,946


ab d

cd

54

HK$ million(4) (6) (7) (8)


(5) (5a) (5b) Changes in Total Domestic Re- Exports of Imports of Imports ofinventories exports exports exports services goods (f.o.b.) services Year Quarter

155 4,946 3,769 1,176 2,265 5,487 1,065 1973 1108 5,758 4,408 1,350 2,268 6,404 1,106 261 7,479 5,503 1,976 2,352 7,248 1,290 3

-21 7,816 5,794 2,022 2,418 8,773 1,321 4

497 7,077 5,272 1,805 2,977 7,758 1,458 1974 1152 8,093 6,199 1,894 2,928 9,402 1,546 2243 8,085 6,273 1,812 2,670 8,384 1,564 3

-214 6,781 5,167 1,614 2,315 7,289 1,260 4

92 6,087 4,528 1,558 2,839 6,736 1,519 1975 1148 6,930 5,275 1,655 2,846 7,537 1,456 2626 8,315 6,469 1,846 2,939 8,572 1,739 3

-135 8,501 6,586 1,914 2,901 9,436 1,590 4

1,396 8,955 6,843 2,112 3,790 9,410 1,888 1976 1220 10,104 7,957 2,147 3,759 10,542 1,921 2

1,289 11,254 9,022 2,232 3,734 10,632 2,089 374 11,244 8,807 2,437 3,648 11,355 1,905 4

1,603 9,534 7,271 2,263 4,208 10,767 2,263 1977 1385 10,852 8,505 2,347 4,158 11,875 2,305 2-38 12,175 9,696 2,479 3,982 11,355 2,460 3

-248 12,272 9,532 2,740 3,909 13,063 2,215 4

2,086 10,351 7,705 2,646 4,660 12,640 2,777 1978 1586 13,045 9,763 3,282 4,953 14,683 2,678 2

-309 14,686 11,290 3,396 4,902 15,338 3,056 3-296 15,825 11,953 3,873 4,993 18,413 2,961 4

1,498 14,323 10,116 4,207 5,939 17,073 3,623 1979 11,225 18,281 13,292 4,989 6,465 20,430 3,874 2

142 21,412 16,272 5,140 6,390 21,874 4,393 3391 21,918 16,232 5,686 6,279 24,060 4,224 4

980 19,744 13,708 6,036 7,026 23,414 4,855 1980 11,396 24,615 17,414 7,201 7,622 26,927 4,913 2

3 26,702 18,810 7,892 7,336 27,062 5,224 31,366 27,181 18,238 8,943 7,256 30,718 5,055 4

1,424 25,590 16,064 9,526 8,656 30,426 6,746 1981 1867 29,551 19,540 10,010 8,948 33,540 6,126 2741 33,162 22,485 10,677 8,962 34,353 6,616 3921 33,860 22,334 11,526 9,088 36,496 6,084 4

-446 28,131 17,504 10,627 10,450 32,721 7,173 1982 11,358 31,113 20,323 10,790 10,256 34,317 6,746 2

16 33,495 22,597 10,898 9,996 34,840 7,200 3475 34,646 22,608 12,038 10,035 37,443 6,496 4

-1,212 29,781 18,629 11,152 10,757 33,472 7,701 1983 11,429 37,355 24,532 12,824 11,539 40,812 7,665 21,112 44,115 29,475 14,640 11,951 44,757 8,798 33,000 49,449 31,770 17,679 13,080 52,238 8,571 4

-16 45,837 28,115 17,722 13,718 47,915 9,793 1984 14,003 54,034 34,525 19,509 14,873 55,296 9,800 2

947 60,599 39,248 21,351 14,420 56,237 10,175 3869 60,970 36,048 24,922 14,384 58,804 9,672 4


(5)

55





1985 1 67,055 60,148 40,900 4,822 14,326 7,874 5,282 2,592 6,0362 66,784 60,178 40,426 4,747 14,584 6,890 5,329 1,561 7,2513 70,959 61,497 42,850 5,023 13,694 7,157 5,276 1,881 5,9304 72,025 66,857 45,211 5,159 15,469 7,889 5,955 1,934 6,982

1986 1 70,278 66,691 45,951 5,631 15,384 8,094 5,707 2,387 6,7252 74,319 69,461 44,953 5,526 15,914 7,731 6,241 1,490 7,5823 84,719 73,354 49,045 5,723 16,883 8,541 6,572 1,969 7,5544 89,916 80,259 52,194 5,963 20,415 9,631 7,435 2,196 10,012

1987 1 85,984 80,585 52,791 6,322 20,514 10,622 7,789 2,833 8,9352 91,583 84,267 53,941 6,128 21,393 9,859 7,939 1,920 10,5503 107,113 90,308 57,130 6,471 24,336 11,506 8,987 2,519 11,6254 108,862 97,005 60,158 6,751 26,484 13,219 10,373 2,846 12,128

1988 1 102,244 93,780 62,146 7,117 26,023 14,104 10,712 3,392 10,9092 108,857 103,105 61,823 7,198 28,079 13,843 11,486 2,357 13,2083 124,212 109,655 66,398 7,886 30,390 14,320 11,098 3,222 14,4054 129,933 116,727 71,387 7,742 32,946 17,080 13,908 3,172 14,517

1989 1 120,383 115,381 72,469 8,681 33,666 17,997 13,685 4,312 13,6042 128,240 120,203 70,906 8,798 35,048 17,299 14,351 2,948 15,4313 141,874 117,335 74,726 9,131 34,787 18,387 14,380 4,007 14,9324 145,773 121,417 78,502 9,558 34,601 19,483 14,796 4,687 13,333

1990 1 133,587 124,216 78,916 10,512 35,758 19,781 14,354 5,427 13,9672 143,397 134,254 81,293 10,257 37,799 20,004 16,295 3,709 15,8273 158,892 140,144 88,531 11,128 39,529 21,910 17,478 4,432 15,6724 163,075 148,581 93,428 11,244 43,072 23,974 19,335 4,639 16,727

1991 1 152,147 148,749 92,972 12,716 40,345 22,563 16,911 5,652 15,5092 164,176 159,252 96,731 12,545 44,152 22,054 18,417 3,637 19,2153 183,843 164,182 106,264 12,820 46,545 23,559 18,709 4,850 19,3254 190,157 170,484 110,499 13,213 49,767 25,638 21,189 4,449 19,988

1992 1 180,066 174,097 109,065 15,429 47,798 26,682 20,848 5,834 17,3262 192,541 189,903 113,336 15,677 54,278 24,938 21,344 3,594 23,8253 213,491 193,883 123,440 16,263 57,359 26,806 22,111 4,695 25,5524 218,982 204,534 126,957 16,426 58,202 29,240 22,858 6,382 25,351

1993 1 209,239 199,923 124,234 17,157 57,214 33,214 24,479 8,735 20,5052 222,292 217,646 130,267 18,100 63,290 30,360 24,452 5,908 27,6123 245,344 221,418 137,501 18,396 64,956 32,077 24,237 7,840 26,3394 251,119 226,120 149,080 18,630 63,983 34,383 26,468 7,915 25,080

1994 1 240,606 233,349 146,736 19,776 71,334 41,886 30,698 11,188 22,6202 253,671 262,585 150,316 20,908 77,578 38,358 32,507 5,851 33,1163 273,312 262,588 156,553 21,146 75,341 41,405 32,425 8,980 29,3284 279,883 276,055 170,804 21,318 81,504 43,267 32,874 10,393 34,457

1995 1 258,375 272,680 164,017 22,527 77,152 40,803 28,439 12,364 33,1652 271,118 299,905 168,964 23,282 87,064 38,779 28,587 10,192 44,1773 288,502 290,817 171,717 23,952 85,334 37,972 25,866 12,106 44,0424 297,744 301,949 187,010 23,863 84,813 41,344 28,941 12,403 40,178

1996 1 278,196 291,335 178,456 24,809 86,156 45,181 28,746 16,435 36,7722 296,533 310,845 181,815 25,720 93,535 42,610 31,274 11,336 45,7353 318,240 307,521 187,929 26,497 92,147 43,548 31,038 12,510 43,5274 336,515 337,596 207,308 26,515 106,648 54,309 39,051 15,258 44,618

Table 12 (a) ---- Continued

ab d

cd

56

HK$ million(4) (6) (7) (8)



100 54,449 28,976 25,473 16,363 52,710 11,195 1985 1421 58,601 31,432 27,169 16,283 57,394 10,884 2-70 60,541 34,535 26,006 14,704 54,888 10,895 3

1,018 61,562 34,940 26,622 15,213 61,045 10,562 4

-275 53,151 29,146 24,005 16,958 54,406 12,116 1986 13,068 65,256 36,228 29,028 18,064 66,184 12,278 21,703 75,332 43,013 32,320 18,613 69,578 13,002 31,687 82,791 45,597 37,194 19,847 79,745 13,236 4

958 75,012 38,528 36,485 21,608 76,685 14,536 1987 12,805 90,907 47,264 43,643 23,216 91,807 15,000 22,371 104,296 55,347 48,949 24,083 95,931 15,643 33,612 107,819 54,115 53,704 25,417 105,512 15,867 4

-1,506 97,037 44,169 52,868 26,037 96,749 17,861 1988 16,005 115,902 51,449 64,453 28,120 120,274 17,996 24,981 136,382 60,755 75,627 27,665 130,148 19,342 34,652 143,748 61,291 82,457 29,483 141,189 18,836 4

565 123,049 47,927 75,121 30,251 127,312 20,986 1989 15,451 140,105 54,130 85,975 31,784 143,593 20,259 2

-1,309 155,562 61,870 93,692 31,494 140,684 21,833 3-1,244 151,794 60,176 91,617 33,680 139,657 21,461 4

-970 129,609 46,460 83,149 33,361 129,967 23,632 1990 14,905 154,026 54,078 99,948 35,564 155,980 24,467 2

956 170,659 61,062 109,598 35,683 160,857 26,737 3837 185,580 64,276 121,305 37,897 183,042 25,941 4

2,716 152,860 48,500 104,360 37,903 159,517 27,848 1991 15,824 185,178 56,425 128,753 40,230 192,803 27,681 2

-1,447 207,911 62,068 145,843 40,155 198,959 29,446 3-2,995 219,937 64,052 155,885 42,817 212,845 30,236 4

1,805 188,318 48,707 139,611 43,438 194,160 31,627 1992 16,612 227,855 58,235 169,620 46,430 240,105 31,542 2

-3,179 249,428 63,343 186,086 47,204 242,693 34,331 32,949 259,351 63,839 195,512 48,835 260,391 33,347 4

1,318 222,907 48,709 174,198 48,781 228,699 33,673 1993 15,989 256,064 54,473 201,591 52,049 268,612 34,855 2

565 285,057 60,453 224,604 54,214 278,661 36,684 3-5,573 282,222 59,392 222,830 54,531 276,990 34,764 4

-4,497 242,001 44,744 197,257 55,204 251,351 38,597 1994 113,783 285,028 53,999 231,028 56,944 311,414 39,472 29,548 320,928 61,430 259,498 59,613 327,309 42,508 32,429 322,057 61,918 260,138 62,523 338,967 41,785 4

8,984 290,656 50,588 240,068 59,965 320,766 44,160 1995 120,595 332,569 57,485 275,084 62,253 378,827 44,782 29,814 370,027 63,802 306,224 64,432 389,471 47,303 36,263 350,876 59,783 291,093 66,992 377,695 44,378 4

1,914 307,287 47,564 259,723 67,436 341,386 46,476 1996 19,775 342,773 51,697 291,076 69,466 380,761 45,790 2

948 382,902 57,243 325,659 71,977 395,388 48,772 3-2,875 364,956 55,656 309,300 76,506 393,829 48,714 4

(5)


57





1997 1 312,619 332,139 195,006 27,606 104,926 51,219 34,721 16,498 44,2492 337,833 353,511 205,712 29,081 113,142 51,368 40,481 10,887 50,1393 356,702 362,009 212,727 28,128 113,367 57,250 44,417 12,833 46,2364 357,871 363,121 220,380 27,936 120,456 63,427 50,485 12,942 50,136

1998 1 313,263 326,500 195,497 29,425 103,441 60,259 43,983 16,276 39,0002 322,211 336,065 200,275 28,149 108,158 54,962 43,050 11,912 49,1133 329,406 312,954 197,208 29,759 88,801 47,392 36,452 10,940 38,6134 327,886 310,059 202,968 29,217 88,331 45,622 33,762 11,860 38,451

1999 1 295,461 288,458 183,509 31,370 81,439 48,808 32,261 16,547 29,5652 310,662 298,731 194,170 28,677 80,716 41,604 29,763 11,841 35,6123 324,379 301,216 189,575 29,518 81,375 40,843 28,287 12,556 37,6434 336,201 311,586 198,028 30,428 81,798 40,675 26,641 14,034 38,529

2000 1 314,858 309,118 189,247 31,993 83,397 41,834 26,732 15,102 38,5792 319,447 311,091 194,549 28,705 83,316 35,095 24,529 10,566 45,5043 337,239 315,638 191,154 29,656 91,118 38,789 26,339 12,450 49,1564 343,246 320,379 199,330 29,818 89,544 39,723 26,525 13,198 46,965

2001 1 314,548 311,608 192,955 32,958 84,767 38,346 23,010 15,336 43,8032 317,700 312,280 199,926 30,778 79,927 33,687 23,106 10,581 43,5263 331,134 311,694 193,544 32,516 88,267 34,078 23,116 10,962 51,1704 335,430 304,847 196,162 32,614 80,075 36,540 25,169 11,371 41,512

2002 1 303,079 288,516 188,041 34,217 67,825 34,010 21,830 12,180 31,4552 310,547 293,113 188,924 31,572 70,995 33,167 22,850 10,317 35,1963 328,493 294,885 184,519 33,453 75,028 33,159 23,427 9,732 39,6004 334,637 294,307 186,366 32,049 72,172 31,416 20,370 11,046 38,581

2003 1 299,904 279,526 178,157 33,659 63,975 31,006 19,675 11,331 31,1282 287,095 267,698 174,368 30,577 61,251 28,330 18,501 9,829 31,2253 317,326 275,898 177,668 32,502 67,314 29,694 19,283 10,411 35,6864 329,658 296,811 189,111 33,413 68,827 27,389 16,738 10,651 38,498

2004 1 307,234 296,930 184,659 34,404 67,893 27,692 16,487 11,205 36,2502 310,556 300,174 192,563 29,650 69,314 25,627 16,750 8,877 39,2053 328,063 287,189 189,184 31,241 69,055 26,449 17,252 9,197 39,0454 345,572 292,590 201,073 32,033 68,738 27,890 17,010 10,880 36,045

2005 1 321,726 290,526 192,477 32,264 69,867 28,838 17,471 11,367 35,9512 330,973 299,955 200,174 28,518 73,550 25,061 17,735 7,326 41,9543 356,413 303,135 199,819 30,260 72,290 26,816 18,461 8,355 40,9344 373,563 316,844 212,109 30,377 73,516 25,249 17,125 8,124 44,530

2006 1 347,166 313,894 205,729 33,038 73,825 25,589 16,945 8,644 44,6792 348,441 321,952 214,458 28,457 78,879 24,168 17,993 6,175 50,2833 378,748 322,712 212,022 30,358 84,302 24,212 17,701 6,511 55,3914 397,937 344,311 228,647 31,487 83,695 24,727 17,346 7,381 54,860

a Gross domestic product = (1) + (2) + (3) + (4) + (5) + (6) - (7) - (8)b Domestic demand = (1) + (2) + (3) + (4)c

d For the coverage of private and public sectors for building and construction, see paragraphs 3.32 and 3.33.


Gross domestic fixed capital formation comprises building and construction, costs of ownership transfer and machinery, equipment and computersoftware; hence (3) is not equal to the sum of (3a) and (3b).

ab d

cd

@

@

58

HK$ million(4) (6) (7) (8)



4,601 313,957 44,667 269,291 72,088 355,997 49,568 1997 15,576 357,030 51,201 305,829 72,839 398,215 47,332 27,787 392,971 58,828 334,143 71,671 417,406 52,543 3

-5,651 391,991 56,715 335,277 69,997 418,258 48,980 4

-1,863 310,964 41,368 269,596 63,878 338,390 49,689 1998 1-517 345,841 49,326 296,514 61,927 374,828 46,794 2

-2,814 352,354 51,805 300,548 66,704 353,478 49,128 3-10,457 338,491 45,955 292,537 69,590 341,620 48,634 4

-7,860 283,055 36,327 246,728 62,310 291,816 46,546 1999 1-4,832 325,470 41,788 283,683 63,405 332,901 44,043 2

748 367,635 46,779 320,856 73,008 368,703 48,777 31,332 372,839 45,706 327,134 77,662 380,079 45,807 4

4,481 339,574 41,486 298,088 71,934 358,919 46,849 2000 14,521 381,572 44,304 337,268 74,356 400,901 46,671 23,710 432,067 50,405 381,663 83,587 442,554 51,499 31,687 419,477 44,772 374,704 85,135 434,337 47,408 4

928 347,384 35,120 312,264 76,629 372,029 49,044 2001 11,649 363,449 39,240 324,210 77,091 387,337 47,783 2

-2,633 400,989 41,380 359,609 82,983 413,747 50,785 3-4,004 369,165 37,780 331,384 84,096 376,110 46,568 4

-1,567 326,087 29,010 297,077 76,477 338,531 49,470 2002 11,622 373,691 32,257 341,434 81,265 390,072 47,450 21,885 435,519 37,128 398,391 93,000 440,498 54,413 33,720 426,824 32,684 394,139 97,094 432,427 51,161 4

3,735 383,436 26,005 357,431 85,917 399,421 49,554 2003 11,502 419,318 28,605 390,713 70,820 429,129 41,612 2

-1,586 467,515 35,282 432,234 98,909 468,901 56,095 35,460 478,820 32,234 446,586 106,774 496,608 56,139 4

9,974 434,433 25,900 408,533 98,369 467,247 55,251 2004 18,647 497,894 29,997 467,896 97,858 527,326 58,044 2

-2,291 546,732 35,506 511,225 114,551 555,243 65,166 3-9,254 547,972 34,982 512,990 118,785 549,729 64,046 4

-4,082 479,096 24,066 455,030 113,420 498,773 62,543 2005 1-2,287 555,352 28,066 527,286 112,700 574,998 62,036 2

766 614,625 40,428 574,197 131,513 621,566 71,294 3842 602,671 43,765 558,906 138,166 615,754 68,364 4

1,302 538,460 34,498 503,963 128,843 568,261 65,770 2006 1158 586,741 34,992 551,749 129,770 622,110 67,912 2

-3,970 667,228 38,916 628,312 150,777 685,797 76,172 3482 674,929 30,354 644,575 152,914 700,172 74,045 4


(5)

@

@

59

%(1) (2) (3)




1973 1 - - - - - - - - -2 - - - - - - - - -3 - - - - - - - - -4 - - - - - - - - -

1974 1 20.3 19.8 14.4 23.1 19.6 31.2 26.1 48.8 4.32 18.4 24.4 27.2 23.4 16.4 23.7 16.9 61.6 11.33 13.0 19.7 14.5 28.9 25.0 34.8 23.8 90.3 12.14 6.6 2.9 1.9 20.4 9.3 16.3 10.0 40.8 -0.4

1975 1 2.2 3.9 8.9 18.9 2.1 -4.3 -12.2 19.0 15.62 4.2 -2.1 -2.4 16.0 -6.0 -0.8 -3.6 10.7 -16.83 5.0 4.1 3.0 1.3 -5.2 -9.3 -9.1 -10.2 1.14 9.0 11.0 11.9 6.0 6.0 2.8 10.2 -19.6 11.1

1976 1 25.0 19.6 6.7 6.7 12.3 10.5 18.9 -7.6 12.52 24.4 20.6 19.0 16.0 25.1 14.7 16.8 7.4 44.43 28.0 19.3 10.7 19.2 24.1 26.9 26.7 27.5 19.74 31.7 22.6 18.5 17.6 28.4 30.0 24.2 54.4 24.2

1977 1 17.5 24.8 20.6 18.2 43.5 53.6 57.5 42.8 26.92 16.2 22.2 16.9 14.4 35.9 42.8 42.4 44.6 27.03 14.9 16.7 30.0 13.6 29.1 46.7 46.9 46.3 -1.34 15.5 21.9 20.7 18.3 35.8 45.6 32.6 89.1 18.3

1978 1 16.2 23.5 23.5 16.2 23.0 22.1 12.3 52.0 25.42 20.6 22.9 22.6 16.3 22.6 25.8 19.7 48.6 14.33 13.2 21.9 21.0 19.6 31.0 22.9 12.8 56.2 49.44 18.4 27.1 26.3 15.2 31.9 21.9 22.5 20.6 51.3

1979 1 22.3 22.0 21.4 25.1 42.8 45.4 43.6 49.5 34.92 29.7 31.6 24.2 20.2 44.0 41.0 47.5 21.1 53.23 35.4 35.8 26.0 19.9 53.7 41.7 57.0 5.1 80.74 36.8 34.0 22.0 31.4 52.2 64.6 77.9 33.0 34.8

1980 1 27.7 31.4 32.6 20.0 45.2 48.9 62.9 18.4 36.92 30.0 30.7 25.0 34.3 44.4 42.8 49.5 17.9 46.73 29.4 30.3 27.3 31.8 37.9 49.5 50.4 46.6 18.84 23.2 27.1 22.3 29.7 27.4 21.6 30.9 -8.0 34.7

1981 1 23.6 26.8 24.5 63.9 22.4 18.8 21.1 12.2 25.32 18.0 22.7 22.7 33.3 28.5 24.8 24.9 24.2 28.33 17.9 20.4 16.3 30.8 20.0 17.0 20.2 5.2 22.44 23.2 18.2 18.8 35.3 19.4 20.2 16.9 35.3 16.8

1982 1 16.2 11.2 18.2 8.2 14.7 15.5 12.0 26.7 14.52 13.3 9.5 12.4 29.3 -2.4 11.5 4.7 43.5 -22.83 14.6 14.3 20.0 29.9 6.9 7.4 -3.2 51.7 8.34 8.5 7.8 13.2 12.0 * 5.4 -9.0 62.2 -7.3

1983 1 5.1 3.5 14.9 14.7 -15.8 -19.1 -27.7 5.5 -5.12 9.4 9.3 18.2 12.3 -8.9 -19.7 -26.4 3.1 18.43 10.6 8.8 14.5 9.8 -10.2 -15.6 -26.4 13.2 -0.14 17.0 15.3 16.9 12.6 -3.8 -16.5 -22.8 -2.6 24.2

1984 1 22.5 17.1 17.0 9.5 8.7 -1.5 -11.2 17.6 29.02 25.0 18.5 14.1 7.8 15.1 -3.3 -4.7 0.3 44.13 22.3 12.1 15.4 12.7 5.6 -7.8 0.2 -21.7 27.04 13.5 5.1 10.6 11.3 5.0 -6.7 1.2 -20.6 22.9

Table 12 GDP by major expenditure component(b) Year-on-year percentage changes in nominal terms

a a

60

%(4) (5) (6) (7)



exports exports exports services goods (f.o.b.) services Year Quarter

- - - - - - 1973 1- - - - - - 2- - - - - - 3- - - - - - 4

43.1 39.9 53.4 31.4 41.4 36.9 1974 140.6 40.6 40.2 29.1 46.8 39.8 2

8.1 14.0 -8.3 13.5 15.7 21.2 3-13.2 -10.8 -20.2 -4.3 -16.9 -4.6 4

-14.0 -14.1 -13.7 -4.6 -13.2 4.2 1975 1-14.4 -14.9 -12.6 -2.8 -19.8 -5.8 2

2.8 3.1 1.9 10.1 2.2 11.2 325.4 27.5 18.6 25.3 29.5 26.2 4

47.1 51.1 35.5 33.5 39.7 24.3 1976 145.8 50.8 29.8 32.1 39.9 31.9 235.3 39.5 20.9 27.1 24.0 20.1 332.3 33.7 27.3 25.7 20.3 19.8 4

6.5 6.2 7.2 11.0 14.4 19.9 1977 17.4 6.9 9.3 10.6 12.6 20.0 28.2 7.5 11.1 6.6 6.8 17.8 39.1 8.2 12.4 7.2 15.0 16.3 4

8.6 6.0 16.9 10.7 17.4 22.7 1978 120.2 14.8 39.8 19.1 23.6 16.2 220.6 16.4 37.0 23.1 35.1 24.2 329.0 25.4 41.3 27.7 41.0 33.7 4

38.4 31.3 59.0 27.4 35.1 30.5 1979 140.1 36.1 52.0 30.5 39.1 44.7 245.8 44.1 51.3 30.4 42.6 43.8 338.5 35.8 46.8 25.8 30.7 42.7 4

37.8 35.5 43.5 18.3 37.1 34.0 1980 134.6 31.0 44.4 17.9 31.8 26.8 224.7 15.6 53.5 14.8 23.7 18.9 324.0 12.4 57.3 15.6 27.7 19.7 4

29.6 17.2 57.8 23.2 29.9 38.9 1981 120.1 12.2 39.0 17.4 24.6 24.7 224.2 19.5 35.3 22.2 26.9 26.6 324.6 22.5 28.9 25.2 18.8 20.4 4

9.9 9.0 11.6 20.7 7.5 6.3 1982 15.3 4.0 7.8 14.6 2.3 10.1 21.0 0.5 2.1 11.5 1.4 8.8 32.3 1.2 4.4 10.4 2.6 6.8 4

5.9 6.4 4.9 2.9 2.3 7.4 1983 120.1 20.7 18.8 12.5 18.9 13.6 231.7 30.4 34.3 19.6 28.5 22.2 342.7 40.5 46.9 30.3 39.5 31.9 4

53.9 50.9 58.9 27.5 43.1 27.2 1984 144.6 40.7 52.1 28.9 35.5 27.9 237.4 33.2 45.8 20.7 25.6 15.7 323.3 13.5 41.0 10.0 12.6 12.8 4

Table 12 GDP by major expenditure component(b) Year-on-year percentage changes in nominal terms

61

%(1) (2) (3)




1985 1 14.3 5.9 6.2 7.9 3.5 -3.7 8.1 -21.2 13.22 4.9 0.5 9.2 8.9 0.7 -5.9 4.2 -29.3 6.83 2.3 1.2 5.2 9.1 -5.6 -5.7 0.9 -20.1 -9.84 4.3 7.6 8.7 12.2 2.4 0.4 9.9 -20.5 0.5

1986 1 4.8 10.9 12.3 16.8 7.4 2.8 8.0 -7.9 11.42 11.3 15.4 11.2 16.4 9.1 12.2 17.1 -4.5 4.63 19.4 19.3 14.5 13.9 23.3 19.3 24.6 4.7 27.44 24.8 20.0 15.4 15.6 32.0 22.1 24.9 13.5 43.4

1987 1 22.3 20.8 14.9 12.3 33.3 31.2 36.5 18.7 32.92 23.2 21.3 20.0 10.9 34.4 27.5 27.2 28.9 39.13 26.4 23.1 16.5 13.1 44.1 34.7 36.7 27.9 53.94 21.1 20.9 15.3 13.2 29.7 37.3 39.5 29.6 21.1

1988 1 18.9 16.4 17.7 12.6 26.9 32.8 37.5 19.7 22.12 18.9 22.4 14.6 17.5 31.3 40.4 44.7 22.8 25.23 16.0 21.4 16.2 21.9 24.9 24.5 23.5 27.9 23.94 19.4 20.3 18.7 14.7 24.4 29.2 34.1 11.5 19.7

1989 1 17.7 23.0 16.6 22.0 29.4 27.6 27.8 27.1 24.72 17.8 16.6 14.7 22.2 24.8 25.0 24.9 25.1 16.83 14.2 7.0 12.5 15.8 14.5 28.4 29.6 24.4 3.74 12.2 4.0 10.0 23.5 5.0 14.1 6.4 47.8 -8.2

1990 1 11.0 7.7 8.9 21.1 6.2 9.9 4.9 25.9 2.72 11.8 11.7 14.6 16.6 7.8 15.6 13.5 25.8 2.63 12.0 19.4 18.5 21.9 13.6 19.2 21.5 10.6 5.04 11.9 22.4 19.0 17.6 24.5 23.1 30.7 -1.0 25.5

1991 1 13.9 19.8 17.8 21.0 12.8 14.1 17.8 4.1 11.02 14.5 18.6 19.0 22.3 16.8 10.2 13.0 -1.9 21.43 15.7 17.2 20.0 15.2 17.7 7.5 7.0 9.4 23.34 16.6 14.7 18.3 17.5 15.5 6.9 9.6 -4.1 19.5

1992 1 18.4 17.0 18.2 15.4 18.5 18.3 23.3 3.2 11.72 17.3 19.2 18.0 18.0 22.9 13.1 15.9 -1.2 24.03 16.1 18.1 16.9 19.9 23.2 13.8 18.2 -3.2 32.24 15.2 20.0 15.7 17.3 16.9 14.0 7.9 43.4 26.8

1993 1 16.2 14.8 13.9 11.2 19.7 24.5 17.4 49.7 18.32 15.5 14.6 14.9 15.5 16.6 21.7 14.6 64.4 15.93 14.9 14.2 11.4 13.1 13.2 19.7 9.6 67.0 3.14 14.7 10.6 17.4 13.4 9.9 17.6 15.8 24.0 -1.1

1994 1 15.0 16.7 18.1 15.3 24.7 26.1 25.4 28.1 10.32 14.1 20.6 15.4 15.5 22.6 26.3 32.9 -1.0 19.93 11.4 18.6 13.9 14.9 16.0 29.1 33.8 14.5 11.34 11.5 22.1 14.6 14.4 27.4 25.8 24.2 31.3 37.4

1995 1 7.4 16.9 11.8 13.9 8.2 -2.6 -7.4 10.5 46.62 6.9 14.2 12.4 11.4 12.2 1.1 -12.1 74.2 33.43 5.6 10.8 9.7 13.3 13.3 -8.3 -20.2 34.8 50.24 6.4 9.4 9.5 11.9 4.1 -4.4 -12.0 19.3 16.6

1996 1 7.7 6.8 8.8 10.1 11.7 10.7 1.1 32.9 10.92 9.4 3.6 7.6 10.5 7.4 9.9 9.4 11.2 3.53 10.3 5.7 9.4 10.6 8.0 14.7 20.0 3.3 -1.24 13.0 11.8 10.9 11.1 25.7 31.4 34.9 23.0 11.1

Table 12 (b) ---- Continued

a a

62

%(4) (5) (6) (7)




18.8 3.1 43.7 19.3 10.0 14.3 1985 18.5 -9.0 39.3 9.5 3.8 11.1 2

-0.1 -12.0 21.8 2.0 -2.4 7.1 31.0 -3.1 6.8 5.8 3.8 9.2 4

-2.4 0.6 -5.8 3.6 3.2 8.2 1986 111.4 15.3 6.8 10.9 15.3 12.8 224.4 24.5 24.3 26.6 26.8 19.3 334.5 30.5 39.7 30.5 30.6 25.3 4

41.1 32.2 52.0 27.4 40.9 20.0 1987 139.3 30.5 50.3 28.5 38.7 22.2 238.4 28.7 51.5 29.4 37.9 20.3 330.2 18.7 44.4 28.1 32.3 19.9 4

29.4 14.6 44.9 20.5 26.2 22.9 1988 127.5 8.9 47.7 21.1 31.0 20.0 230.8 9.8 54.5 14.9 35.7 23.6 333.3 13.3 53.5 16.0 33.8 18.7 4

26.8 8.5 42.1 16.2 31.6 17.5 1989 120.9 5.2 33.4 13.0 19.4 12.6 214.1 1.8 23.9 13.8 8.1 12.9 3

5.6 -1.8 11.1 14.2 -1.1 13.9 4

5.3 -3.1 10.7 10.3 2.1 12.6 1990 19.9 -0.1 16.3 11.9 8.6 20.8 29.7 -1.3 17.0 13.3 14.3 22.5 3

22.3 6.8 32.4 12.5 31.1 20.9 4

17.9 4.4 25.5 13.6 22.7 17.8 1991 120.2 4.3 28.8 13.1 23.6 13.1 221.8 1.6 33.1 12.5 23.7 10.1 318.5 -0.3 28.5 13.0 16.3 16.6 4

23.2 0.4 33.8 14.6 21.7 13.6 1992 123.0 3.2 31.7 15.4 24.5 13.9 220.0 2.1 27.6 17.6 22.0 16.6 317.9 -0.3 25.4 14.1 22.3 10.3 4

18.4 * 24.8 12.3 17.8 6.5 1993 112.4 -6.5 18.8 12.1 11.9 10.5 214.3 -4.6 20.7 14.9 14.8 6.9 3

8.8 -7.0 14.0 11.7 6.4 4.2 4

8.6 -8.1 13.2 13.2 9.9 14.6 1994 111.3 -0.9 14.6 9.4 15.9 13.2 212.6 1.6 15.5 10.0 17.5 15.9 314.1 4.3 16.7 14.7 22.4 20.2 4

20.1 13.1 21.7 8.6 27.6 14.4 1995 116.7 6.5 19.1 9.3 21.6 13.5 215.3 3.9 18.0 8.1 19.0 11.3 3

8.9 -3.4 11.9 7.1 11.4 6.2 4

5.7 -6.0 8.2 12.5 6.4 5.2 1996 13.1 -10.1 5.8 11.6 0.5 2.3 23.5 -10.3 6.3 11.7 1.5 3.1 34.0 -6.9 6.3 14.2 4.3 9.8 4


63

%(1) (2) (3)




1997 1 12.4 14.0 9.3 11.3 21.8 13.4 20.8 0.4 20.32 13.9 13.7 13.1 13.1 21.0 20.6 29.4 -4.0 9.63 12.1 17.7 13.2 6.2 23.0 31.5 43.1 2.6 6.24 6.3 7.6 6.3 5.4 12.9 16.8 29.3 -15.2 12.4

1998 1 0.2 -1.7 0.3 6.6 -1.4 17.6 26.7 -1.3 -11.92 -4.6 -4.9 -2.6 -3.2 -4.4 7.0 6.3 9.4 -2.03 -7.7 -13.6 -7.3 5.8 -21.7 -17.2 -17.9 -14.8 -16.54 -8.4 -14.6 -7.9 4.6 -26.7 -28.1 -33.1 -8.4 -23.3

1999 1 -5.7 -11.7 -6.1 6.6 -21.3 -19.0 -26.7 1.7 -24.22 -3.6 -11.1 -3.0 1.9 -25.4 -24.3 -30.9 -0.6 -27.53 -1.5 -3.8 -3.9 -0.8 -8.4 -13.8 -22.4 14.8 -2.54 2.5 0.5 -2.4 4.1 -7.4 -10.8 -21.1 18.3 0.2

2000 1 6.6 7.2 3.1 2.0 2.4 -14.3 -17.1 -8.7 30.52 2.8 4.1 0.2 0.1 3.2 -15.6 -17.6 -10.8 27.83 4.0 4.8 0.8 0.5 12.0 -5.0 -6.9 -0.8 30.64 2.1 2.8 0.7 -2.0 9.5 -2.3 -0.4 -6.0 21.9

2001 1 -0.1 0.8 2.0 3.0 1.6 -8.3 -13.9 1.5 13.52 -0.5 0.4 2.8 7.2 -4.1 -4.0 -5.8 0.1 -4.33 -1.8 -1.2 1.3 9.6 -3.1 -12.1 -12.2 -12.0 4.14 -2.3 -4.8 -1.6 9.4 -10.6 -8.0 -5.1 -13.8 -11.6

2002 1 -3.6 -7.4 -2.5 3.8 -20.0 -11.3 -5.1 -20.6 -28.22 -2.3 -6.1 -5.5 2.6 -11.2 -1.5 -1.1 -2.5 -19.13 -0.8 -5.4 -4.7 2.9 -15.0 -2.7 1.3 -11.2 -22.64 -0.2 -3.5 -5.0 -1.7 -9.9 -14.0 -19.1 -2.9 -7.1

2003 1 -1.0 -3.1 -5.3 -1.6 -5.7 -8.8 -9.9 -7.0 -1.02 -7.6 -8.7 -7.7 -3.2 -13.7 -14.6 -19.0 -4.7 -11.33 -3.4 -6.4 -3.7 -2.8 -10.3 -10.4 -17.7 7.0 -9.94 -1.5 0.9 1.5 4.3 -4.6 -12.8 -17.8 -3.6 -0.2

2004 1 2.4 6.2 3.6 2.2 6.1 -10.7 -16.2 -1.1 16.52 8.2 12.1 10.4 -3.0 13.2 -9.5 -9.5 -9.7 25.63 3.4 4.1 6.5 -3.9 2.6 -10.9 -10.5 -11.7 9.44 4.8 -1.4 6.3 -4.1 -0.1 1.8 1.6 2.2 -6.4

2005 1 4.7 -2.2 4.2 -6.2 2.9 4.1 6.0 1.4 -0.82 6.6 -0.1 4.0 -3.8 6.1 -2.2 5.9 -17.5 7.03 8.6 5.6 5.6 -3.1 4.7 1.4 7.0 -9.2 4.84 8.1 8.3 5.5 -5.2 7.0 -9.5 0.7 -25.3 23.5

2006 1 7.9 8.0 6.9 2.4 5.7 -11.3 -3.0 -24.0 24.32 5.3 7.3 7.1 -0.2 7.2 -3.6 1.5 -15.7 19.93 6.3 6.5 6.1 0.3 16.6 -9.7 -4.1 -22.1 35.34 6.5 8.7 7.8 3.7 13.8 -2.1 1.3 -9.1 23.2

a For the coverage of private and public sectors for building and construction, see paragraphs 3.32 and 3.33.


a

@

a

@

64

%(4) (5) (6) (7)




2.2 -6.1 3.7 6.9 4.3 6.7 1997 14.2 -1.0 5.1 4.9 4.6 3.4 22.6 2.8 2.6 -0.4 5.6 7.7 37.4 1.9 8.4 -8.5 6.2 0.5 4

-1.0 -7.4 0.1 -11.4 -4.9 0.2 1998 1-3.1 -3.7 -3.0 -15.0 -5.9 -1.1 2

-10.3 -11.9 -10.1 -6.9 -15.3 -6.5 3-13.6 -19.0 -12.7 -0.6 -18.3 -0.7 4

-9.0 -12.2 -8.5 -2.5 -13.8 -6.3 1999 1-5.9 -15.3 -4.3 2.4 -11.2 -5.9 24.3 -9.7 6.8 9.5 4.3 -0.7 3

10.1 -0.5 11.8 11.6 11.3 -5.8 4

20.0 14.2 20.8 15.4 23.0 0.7 2000 117.2 6.0 18.9 17.3 20.4 6.0 217.5 7.7 19.0 14.5 20.0 5.6 312.5 -2.0 14.5 9.6 14.3 3.5 4

2.3 -15.3 4.8 6.5 3.7 4.7 2001 1-4.7 -11.4 -3.9 3.7 -3.4 2.4 2-7.2 -17.9 -5.8 -0.7 -6.5 -1.4 3

-12.0 -15.6 -11.6 -1.2 -13.4 -1.8 4

-6.1 -17.4 -4.9 -0.2 -9.0 0.9 2002 12.8 -17.8 5.3 5.4 0.7 -0.7 28.6 -10.3 10.8 12.1 6.5 7.1 3

15.6 -13.5 18.9 15.5 15.0 9.9 4

17.6 -10.4 20.3 12.3 18.0 0.2 2003 112.2 -11.3 14.4 -12.9 10.0 -12.3 2

7.3 -5.0 8.5 6.4 6.4 3.1 312.2 -1.4 13.3 10.0 14.8 9.7 4

13.3 -0.4 14.3 14.5 17.0 11.5 2004 118.7 4.9 19.8 38.2 22.9 39.5 216.9 0.6 18.3 15.8 18.4 16.2 314.4 8.5 14.9 11.2 10.7 14.1 4

10.3 -7.1 11.4 15.3 6.7 13.2 2005 111.5 -6.4 12.7 15.2 9.0 6.9 212.4 13.9 12.3 14.8 11.9 9.4 310.0 25.1 9.0 16.3 12.0 6.7 4

12.4 43.3 10.8 13.6 13.9 5.2 2006 15.7 24.7 4.6 15.1 8.2 9.5 28.6 -3.7 9.4 14.6 10.3 6.8 3

12.0 -30.6 15.3 10.7 13.7 8.3 4


@

@

65

(1) (2) (3) Gross domestic fixed capital formation

of which:(3) (3a) (3b)

Gross Private Government Building and construction Machinery,domestic Domestic consumption consumption All Private Public equipment and

Year Quarter product demand expenditure expenditure Total sectors sector sector computer software

1973 1 19.1 18.0 17.7 19.4 18.7 35.2 39.6 24.4 7.52 18.5 17.6 17.6 18.9 18.4 31.8 38.6 16.1 9.03 19.0 17.6 17.8 21.0 16.8 28.7 34.3 15.4 8.84 18.7 18.9 20.1 22.0 16.9 28.9 32.9 19.6 9.1

1974 1 20.3 17.8 16.9 21.0 17.8 36.3 39.3 28.5 6.52 18.9 18.0 18.6 20.5 17.3 31.5 36.3 20.9 8.83 19.7 18.6 17.8 23.8 18.0 33.6 37.2 25.7 8.14 18.0 17.3 18.2 23.5 16.5 32.0 34.6 26.3 6.9

1975 1 19.4 17.8 17.7 24.0 17.8 36.0 36.1 35.5 6.62 19.3 17.8 17.8 23.0 17.1 34.1 38.4 25.3 6.53 19.7 18.8 18.2 23.4 17.7 33.4 37.1 25.2 7.74 19.0 19.4 20.3 24.0 18.5 35.8 41.3 22.9 7.8

1976 1 22.7 20.7 18.0 24.9 20.4 40.1 42.6 33.7 7.72 21.9 20.3 20.2 24.4 19.7 37.1 42.0 26.5 8.93 22.6 20.8 18.7 25.6 20.0 38.5 42.2 30.3 8.44 22.9 22.2 22.6 25.9 20.9 41.0 45.0 32.1 8.5

1977 1 25.2 24.2 20.4 27.6 25.9 54.0 58.1 43.6 8.62 24.2 23.5 22.5 26.4 24.5 47.6 53.6 34.9 10.73 25.5 23.6 23.6 27.3 24.8 51.2 56.0 40.9 8.24 25.7 25.9 26.5 28.6 26.7 53.6 53.6 55.1 10.2

1978 1 28.0 28.7 24.7 30.4 29.1 59.3 58.7 60.1 10.62 27.5 27.2 26.6 28.9 27.2 52.8 56.2 47.0 11.43 26.4 26.3 27.0 30.8 27.3 52.7 52.5 54.9 11.24 27.1 29.4 30.9 31.0 28.8 53.0 52.7 55.4 13.6

1979 1 30.3 31.1 27.7 34.9 33.6 66.4 64.7 69.8 13.02 30.3 30.6 29.4 31.6 30.2 53.7 59.8 41.3 16.23 30.0 30.0 29.7 32.9 31.8 52.8 58.3 40.5 18.64 31.2 33.0 32.6 34.4 33.7 61.8 65.8 53.6 16.9

1980 1 32.3 34.5 31.5 35.1 39.7 77.1 82.1 64.4 16.72 34.0 35.0 32.5 34.3 37.6 63.9 74.4 40.5 22.33 34.0 34.6 33.6 35.8 39.4 69.7 77.2 53.0 20.74 34.0 38.0 36.2 38.8 38.9 67.4 77.5 44.2 21.4

1981 1 35.9 39.4 35.7 49.6 43.2 81.2 87.6 65.1 19.42 36.2 38.2 35.4 40.0 42.7 70.3 81.8 44.9 25.83 36.2 37.1 34.7 40.5 42.3 74.0 84.3 50.5 22.44 38.6 40.0 38.2 45.4 41.7 75.4 84.9 53.7 20.6

1982 1 37.9 39.6 38.0 47.5 45.8 89.4 95.8 73.0 18.32 36.8 38.5 35.9 45.8 40.3 78.5 87.9 58.9 17.33 37.4 39.5 38.1 46.7 44.5 80.0 84.8 70.4 22.54 39.1 40.7 39.6 45.2 42.6 82.4 83.1 83.2 18.6

1983 1 38.1 39.4 40.5 49.3 41.0 81.1 82.4 77.2 16.32 39.0 40.2 39.8 48.9 37.5 69.2 74.3 60.1 18.43 40.2 40.9 40.8 49.1 40.1 72.4 71.1 78.1 19.64 42.7 43.7 42.3 49.1 40.3 73.5 72.5 78.4 19.9

1984 1 42.8 42.0 43.0 51.9 40.6 75.5 71.1 85.4 18.72 44.6 43.5 41.4 48.9 40.1 66.2 70.9 58.0 24.13 44.5 42.6 43.5 52.0 40.7 68.0 72.1 59.8 23.34 44.1 44.4 44.9 51.3 41.7 69.8 73.9 61.8 24.3


a a

66

(4) (6) (7) (8)



50.9 4.1 26.2 1.2 18.1 4.7 9.6 1973 17.8 4.4 28.7 1.3 17.5 5.0 9.1 2

13.5 5.5 34.0 1.7 17.3 5.4 10.1 3-8.0 5.3 33.1 1.6 16.8 5.8 9.6 4

112.3 4.5 28.9 1.3 19.2 4.6 9.9 1974 12.6 4.9 31.6 1.4 17.9 5.4 9.8 2

35.8 4.8 31.4 1.3 16.4 4.8 9.7 3-37.9 4.2 26.6 1.2 14.5 4.3 7.9 4

9.6 3.9 24.4 1.2 17.4 4.2 10.1 1975 18.9 4.4 28.4 1.3 17.2 4.6 9.2 2

40.2 5.1 33.3 1.4 17.7 5.2 10.7 3-23.6 5.2 32.8 1.5 17.1 5.8 10.0 4

335.1 5.4 33.5 1.7 21.4 5.7 11.9 1976 120.7 5.9 37.9 1.7 20.8 6.3 11.6 274.4 6.3 41.7 1.7 20.7 6.2 12.0 315.1 6.4 40.5 1.8 20.2 6.6 11.3 4

368.3 5.4 34.0 1.6 22.6 6.1 13.2 1977 128.8 6.1 39.4 1.7 21.8 6.7 13.0 2

5.2 6.6 43.9 1.8 20.8 6.4 13.4 3-34.7 6.8 43.6 1.9 20.6 7.4 12.5 4

478.8 5.6 34.9 1.8 23.5 6.9 15.4 1978 142.1 6.9 43.2 2.2 24.3 7.8 14.4 2

-14.7 7.5 48.9 2.1 24.0 8.1 15.8 3-37.8 8.0 50.5 2.4 24.0 9.5 15.5 4

303.0 6.9 41.1 2.5 26.6 8.3 18.9 1979 177.1 8.3 50.8 2.7 27.1 9.4 18.8 2

9.9 9.2 59.2 2.6 25.9 9.6 20.1 333.2 9.4 58.2 2.9 25.1 10.4 19.2 4

169.1 8.4 49.2 3.1 26.2 10.0 21.8 1980 182.4 10.2 60.7 3.6 27.4 11.3 21.5 2

0.1 10.7 63.6 3.8 26.4 11.1 22.2 3113.9 10.8 60.9 4.2 25.5 12.5 21.6 4

225.2 10.1 53.6 4.4 29.2 11.9 28.3 1981 147.9 11.3 62.9 4.6 29.3 12.7 24.4 232.9 12.2 68.7 4.8 29.1 12.7 25.3 373.7 12.4 68.3 5.0 29.1 13.1 23.0 4

-77.4 10.0 53.2 4.4 31.4 11.4 27.0 1982 173.8 10.9 60.4 4.5 30.5 12.2 24.9 2

0.8 11.6 66.0 4.5 30.1 12.6 26.4 332.2 12.3 67.6 5.0 30.1 13.1 23.6 4

-180.0 10.2 54.5 4.4 30.6 11.3 28.6 1983 170.6 12.3 68.9 4.9 32.0 13.3 27.2 238.4 13.8 78.1 5.4 32.7 14.0 30.2 3

183.5 14.9 81.0 6.3 34.4 15.5 28.4 4

-4.5 13.6 71.1 6.1 35.3 13.8 33.4 1984 1165.2 15.4 83.7 6.4 37.0 15.6 31.9 2

26.5 16.7 91.5 6.9 35.9 15.8 32.7 352.8 16.9 85.0 8.1 35.5 16.9 31.8 4


(5)

67





1985 1 45.4 43.6 44.4 52.9 42.2 73.7 75.7 67.9 21.52 43.4 42.7 43.9 50.0 40.4 62.5 72.3 41.1 26.53 43.4 42.1 44.3 53.0 38.7 63.8 70.8 48.3 21.34 45.1 46.2 47.4 54.0 42.0 70.0 78.7 50.2 23.4

1986 1 45.6 45.6 47.8 56.3 41.8 71.6 75.3 62.0 21.52 47.1 46.4 46.6 53.9 40.4 65.9 78.3 37.8 23.93 50.7 47.3 48.7 55.6 42.4 69.5 79.1 47.5 22.84 53.2 51.9 52.2 57.5 48.4 75.9 86.2 52.0 29.5

1987 1 51.6 51.1 52.3 59.1 48.3 77.8 82.3 66.0 26.22 53.4 51.8 53.0 55.5 46.6 68.5 79.7 43.3 30.83 58.5 53.3 54.1 57.9 50.7 72.1 81.2 51.3 33.84 59.5 57.2 56.7 59.6 52.0 77.2 87.5 53.6 33.3

1988 1 56.1 54.0 57.5 60.2 50.7 80.1 87.4 62.1 29.62 58.0 57.1 56.6 57.7 51.4 74.0 88.2 41.8 36.33 62.6 58.6 58.5 62.4 53.5 69.5 76.8 52.8 39.64 64.2 61.8 62.5 60.5 55.0 78.8 91.4 49.8 38.1

1989 1 59.5 60.2 61.3 64.9 56.1 84.3 91.2 66.9 34.82 59.8 59.4 59.0 60.6 54.9 76.2 90.2 44.6 40.43 63.5 56.5 60.3 62.5 55.0 79.3 88.9 57.5 38.84 64.6 59.0 63.3 65.2 52.7 81.9 88.8 66.1 33.4

1990 1 60.1 59.5 61.9 69.1 56.7 85.7 89.0 76.7 35.62 62.4 62.6 62.7 62.5 58.2 84.1 98.4 51.9 41.23 66.8 63.2 65.7 67.7 59.3 88.6 101.3 59.5 39.64 67.9 66.6 68.9 67.6 62.3 95.0 109.6 61.5 40.0

1991 1 63.6 66.0 66.5 74.1 59.4 91.0 97.7 74.1 36.52 65.8 68.9 68.5 69.5 64.1 85.7 102.8 46.9 48.23 70.4 68.3 72.9 70.9 66.2 87.2 99.0 60.3 48.74 72.1 70.9 75.3 72.8 69.1 94.0 110.9 54.8 49.5

1992 1 67.5 70.8 72.6 82.7 64.1 92.6 99.9 74.1 41.02 70.1 75.6 74.5 78.9 70.8 81.2 97.6 44.1 58.33 75.3 74.6 78.8 81.6 73.4 84.9 97.4 56.5 61.84 76.4 79.9 81.3 81.8 74.6 94.3 101.7 77.3 60.9

1993 1 71.9 75.7 78.4 83.0 69.7 100.3 97.1 106.2 47.32 74.5 80.7 81.2 82.3 74.4 86.5 94.0 70.1 63.03 80.3 79.4 83.2 83.2 75.0 90.4 92.1 86.7 59.64 81.1 80.9 89.2 83.5 74.0 97.2 101.3 87.8 57.6

1994 1 76.7 81.5 87.0 86.3 79.6 117.2 111.9 127.6 50.52 78.8 90.9 85.9 85.7 85.6 100.1 115.9 64.7 74.83 84.0 88.2 87.0 86.1 82.8 108.9 112.9 100.3 65.14 85.5 92.5 93.9 86.4 89.9 113.1 112.9 113.7 76.1

1995 1 81.2 91.8 89.1 89.3 88.9 118.1 110.5 133.6 68.92 82.3 97.0 88.4 86.8 93.5 107.1 108.3 105.7 86.23 86.3 92.8 88.0 89.8 96.1 106.3 98.3 125.3 90.44 88.0 97.0 95.7 89.4 94.6 112.9 108.7 122.9 84.8

1996 1 83.3 93.3 91.4 91.4 97.0 124.6 105.5 166.6 77.02 85.2 96.5 90.2 90.7 102.1 110.0 109.9 111.5 97.43 90.9 94.0 92.2 93.5 101.8 110.4 106.3 120.5 95.44 92.7 102.8 101.4 93.4 113.0 130.3 124.0 145.2 100.1

Table 12 (c) ---- Continued

a a

68

(4) (6) (7) (8)



11.7 15.3 70.1 8.3 39.8 15.3 37.0 1985 118.3 16.4 75.7 8.8 39.2 16.8 34.8 2-1.1 16.9 82.1 8.5 36.1 16.1 34.6 356.4 17.5 85.5 8.7 37.2 17.9 33.8 4

-27.9 15.0 70.5 7.8 39.4 15.4 39.3 1986 1125.4 18.0 86.5 9.2 42.2 18.4 38.2 2

51.5 20.5 100.5 10.3 44.3 19.2 39.9 3104.4 22.6 106.0 11.8 46.6 22.1 40.8 4

14.8 20.6 90.4 11.6 46.5 20.9 45.7 1987 187.9 24.7 109.4 13.8 49.4 24.6 45.1 261.1 27.8 125.5 15.2 51.8 25.6 46.6 3

250.0 28.6 122.4 16.5 54.1 27.9 47.3 4

-59.6 25.9 100.2 16.3 51.8 25.2 53.9 1988 1186.3 30.7 116.1 19.7 54.8 30.9 51.9 2145.6 35.6 135.8 22.7 54.5 33.4 54.8 3249.5 37.2 135.9 24.5 57.1 36.0 53.4 4

71.8 31.4 105.7 21.9 53.7 31.8 59.4 1989 1157.1 35.3 118.7 24.6 55.4 35.6 54.0 2-73.9 38.8 134.1 26.5 55.3 34.8 57.0 3-70.6 37.6 130.1 25.7 58.1 34.5 56.7 4

-31.5 32.0 100.7 23.2 54.9 31.7 61.3 1990 1148.9 37.9 116.9 27.7 58.2 38.0 61.2 2

27.5 41.7 131.2 30.2 58.4 39.0 65.4 346.0 45.2 137.4 33.3 60.2 43.7 63.8 4

135.1 37.0 103.2 28.4 57.3 37.6 69.7 1991 1177.0 44.8 119.6 35.2 60.8 46.0 67.0 2-65.6 49.7 130.7 39.3 60.7 47.4 70.1 3

-187.8 52.6 134.9 42.0 63.6 50.5 72.5 4

63.8 45.0 102.6 37.6 62.5 45.8 77.6 1992 1201.7 54.8 122.5 46.1 66.0 57.0 74.7 2-83.1 59.1 130.9 49.8 66.8 57.2 78.9 3144.4 61.7 133.3 52.5 67.9 61.9 78.6 4

42.3 53.6 103.5 47.2 66.3 54.6 81.9 1993 1178.9 61.3 114.9 54.4 69.7 63.6 80.8 2

12.5 67.7 124.7 60.4 72.8 66.0 83.6 3-279.1 67.8 124.0 60.6 72.5 66.4 80.5 4

-137.6 57.7 93.6 53.1 72.1 59.2 89.9 1994 1406.9 68.2 112.3 62.5 73.2 73.4 86.4 2250.4 75.0 124.3 68.7 76.7 75.7 90.4 3109.0 75.5 126.2 68.9 79.2 77.9 89.0 4

260.2 67.9 103.7 63.3 74.6 72.1 92.9 1995 1548.9 76.9 116.1 71.8 76.2 83.4 88.8 2231.2 84.2 125.9 78.8 78.7 86.0 91.8 3271.0 80.6 119.7 75.6 80.3 84.5 88.6 4

82.2 71.2 96.1 68.0 81.6 76.0 95.9 1996 1247.0 79.8 105.6 76.5 83.4 85.3 91.6 2

27.1 88.4 113.5 85.1 86.7 89.0 95.5 3-108.6 85.0 111.1 81.7 89.7 89.6 97.3 4

(5)


69





1997 1 88.0 101.8 95.4 95.5 113.3 131.3 119.4 156.6 95.52 90.9 104.2 97.8 95.8 115.5 122.3 131.9 101.6 108.43 96.2 105.8 100.9 93.4 113.6 129.6 135.3 116.9 100.74 94.9 106.4 104.4 93.0 124.0 141.8 153.1 116.1 113.4

1998 1 85.4 97.0 93.2 97.4 110.7 145.4 144.8 144.4 87.72 85.7 99.6 93.2 90.6 119.5 132.9 146.3 103.4 114.43 89.2 91.7 90.9 96.9 101.3 119.0 131.4 90.8 92.24 89.5 91.3 95.2 95.3 100.8 115.8 124.2 96.5 90.5

1999 1 83.6 84.9 88.7 101.2 88.1 124.7 118.1 138.1 63.42 87.8 89.6 94.6 93.6 89.9 104.6 108.7 96.3 81.73 93.9 91.7 94.4 96.8 90.5 101.2 103.2 97.0 84.54 98.4 96.5 99.8 100.4 91.9 103.1 101.3 107.6 85.6

2000 1 94.7 97.3 97.1 104.8 94.1 105.7 99.6 118.1 84.02 96.5 98.7 100.2 96.1 95.0 89.9 93.6 82.4 99.73 103.4 101.1 99.5 99.3 105.1 100.4 102.1 96.9 108.94 105.4 102.9 103.2 99.8 105.8 104.0 104.7 102.6 107.5

2001 1 97.0 101.2 100.2 110.3 103.4 103.9 96.0 119.8 103.52 98.1 101.1 103.8 100.6 97.7 92.8 97.6 82.9 101.83 103.1 101.7 101.3 106.5 108.3 95.0 99.1 86.6 119.44 104.4 100.2 103.0 106.9 101.1 104.0 110.7 90.2 100.0

2002 1 96.0 97.4 100.6 112.9 90.8 98.3 97.8 99.4 84.12 98.5 99.9 101.5 103.7 96.7 97.4 103.4 85.3 95.53 106.1 101.8 100.4 110.2 103.5 100.2 109.4 81.5 106.94 109.4 102.3 101.7 107.9 100.8 95.4 97.2 91.9 105.8

2003 1 100.2 98.5 97.3 113.9 95.3 96.8 97.3 95.8 94.82 97.8 95.8 96.9 104.3 92.2 90.7 93.8 84.4 94.33 110.4 100.9 100.6 110.8 104.4 95.2 97.8 89.7 113.34 114.6 106.6 105.7 113.9 103.5 86.9 83.3 94.1 116.3

2004 1 108.3 106.2 103.6 120.4 99.6 84.4 78.6 96.2 109.52 109.9 107.4 107.6 104.3 101.7 78.1 79.3 75.5 118.13 117.8 104.1 106.1 109.4 105.2 81.1 81.4 80.3 124.54 123.3 104.7 112.3 111.9 101.0 83.0 78.9 91.2 112.6

2005 1 115.2 103.7 107.4 114.9 100.9 81.7 75.0 95.3 113.72 118.2 106.6 110.2 102.0 106.8 70.3 74.3 62.1 132.53 127.7 108.4 110.3 107.6 108.6 74.9 77.6 69.5 135.84 132.9 112.4 115.7 107.5 110.0 72.1 74.0 68.2 142.4

2006 1 124.4 110.6 112.5 116.2 108.3 72.4 72.4 72.6 139.22 124.7 112.3 116.2 100.4 111.6 67.4 75.3 51.6 148.33 136.3 113.2 115.2 106.5 119.8 67.3 73.6 54.6 163.64 142.2 119.4 122.4 110.1 120.5 70.2 73.6 63.2 163.7


Note: The above volume indices are annualised. They are derived by multiplying the quarterly volume indices by 4.


a a

@

@

70

(4) (6) (7) (8)



130.2 74.1 92.3 71.7 84.9 80.9 100.9 1997 1139.9 84.8 105.5 82.1 85.5 91.2 94.9 2196.5 92.3 120.3 88.7 85.4 95.4 102.2 3

-263.6 93.2 117.3 90.1 84.1 97.2 97.3 4

-50.1 75.2 88.0 73.5 79.3 79.5 104.4 1998 1-24.6 84.3 104.8 81.7 77.3 89.6 97.1 2-78.1 85.8 109.0 82.8 83.9 85.5 101.0 3

-506.2 84.3 99.2 82.3 87.5 83.6 99.4 4

-222.3 71.6 80.0 70.5 80.8 71.3 97.8 1999 1-133.3 82.6 91.7 81.5 81.3 82.4 91.2 2

3.0 92.7 100.4 91.7 94.9 91.1 100.1 332.5 94.7 99.9 94.0 99.7 93.5 94.9 4

126.7 86.4 92.4 85.6 91.7 87.8 98.1 2000 1127.3 97.0 99.3 96.7 93.5 98.0 96.8 2100.2 109.8 109.9 109.7 106.6 108.0 106.4 3

45.8 106.9 98.4 108.0 108.2 106.2 98.7 4

26.4 89.5 80.4 90.6 99.4 92.7 103.3 2001 147.4 94.8 91.9 95.2 100.8 97.6 100.1 2

-81.8 105.0 96.8 106.0 111.4 105.0 106.3 3-127.8 97.4 90.2 98.4 114.0 97.0 98.5 4

-49.4 87.3 71.5 89.3 103.9 89.0 106.4 2002 156.7 100.4 79.4 103.2 108.7 103.4 99.2 262.6 117.0 89.6 120.6 126.1 116.4 112.3 3

121.4 115.4 78.6 120.2 133.0 114.7 106.2 4

115.9 103.9 62.9 109.3 119.0 105.7 103.1 2003 153.6 114.8 69.4 120.7 100.6 114.6 85.0 2

-51.6 128.8 84.9 134.5 139.7 125.9 114.6 3169.7 132.4 78.5 139.4 149.9 132.6 112.4 4

285.9 119.5 63.4 126.8 138.7 123.0 110.6 2004 1264.5 136.2 72.9 144.5 136.6 137.9 114.4 2-73.2 148.5 84.4 156.8 159.8 143.8 127.0 3

-273.9 149.1 82.1 157.8 165.4 141.9 123.4 4

-121.5 130.2 57.3 139.7 154.9 127.7 122.2 2005 1-56.0 151.3 66.9 162.3 152.6 147.6 119.4 2

5.4 167.5 96.4 176.7 177.9 159.6 137.2 333.7 166.1 105.2 174.0 183.2 158.9 131.8 4

19.4 148.9 82.8 157.5 168.8 145.5 128.5 2006 122.6 160.9 84.1 170.9 166.8 157.5 129.6 2

-91.8 182.4 93.3 194.0 194.5 173.2 144.6 34.2 185.5 73.2 200.1 196.8 177.0 140.1 4

(5)


@

@

71

%(1) (2) (3)




1973 1 - - - - - - - - -2 - - - - - - - - -3 - - - - - - - - -4 - - - - - - - - -

1974 1 6.1 -1.5 -4.2 8.2 -4.7 3.0 -0.6 17.2 -12.72 2.3 2.0 5.6 8.5 -5.7 -1.0 -5.9 29.6 -2.53 3.9 6.1 0.3 13.4 7.2 17.1 8.3 66.4 -7.74 -3.6 -8.5 -9.4 7.1 -2.7 10.8 5.2 34.5 -24.0

1975 1 -4.6 0.4 4.4 14.5 * -0.8 -8.3 24.3 1.72 2.1 -1.3 -4.0 12.2 -1.0 8.4 5.6 21.0 -26.13 -0.2 1.0 1.8 -2.0 -1.9 -0.6 -0.3 -1.9 -5.24 5.2 12.2 11.5 2.0 12.0 11.8 19.3 -13.1 12.7

1976 1 17.3 16.3 1.9 3.8 14.3 11.5 18.2 -5.0 16.52 13.2 14.3 13.6 5.8 14.8 8.7 9.6 5.0 36.43 14.8 10.3 3.1 9.8 13.1 15.3 13.9 20.1 9.34 20.7 14.1 11.3 7.9 13.3 14.6 9.0 40.1 9.8

1977 1 11.0 16.7 13.4 10.9 27.0 34.6 36.3 29.4 10.92 10.6 15.7 11.2 8.6 24.6 28.4 27.5 31.6 20.33 12.7 13.8 25.9 6.6 24.0 33.2 32.7 34.9 -2.74 12.2 16.8 17.0 10.7 27.9 30.7 19.2 71.8 19.2

1978 1 11.2 18.4 20.8 10.0 12.6 9.8 1.0 37.9 23.12 14.0 15.9 18.1 9.4 11.1 10.8 4.8 34.5 7.13 3.8 11.1 14.5 12.6 10.3 2.8 -6.4 34.5 37.14 5.5 13.5 16.7 8.3 7.8 -1.0 -1.7 0.5 33.3

1979 1 8.0 8.6 12.1 14.7 15.4 12.0 10.3 16.1 22.92 10.0 12.5 10.6 9.3 10.8 1.8 6.3 -12.1 41.83 13.7 14.0 10.1 7.0 16.5 0.2 11.2 -26.2 65.94 14.8 12.1 5.5 11.1 17.0 16.6 24.8 -3.2 24.4

1980 1 6.7 11.0 13.9 0.6 18.1 16.1 26.9 -7.8 28.42 12.2 14.4 10.4 8.4 24.5 18.9 24.5 -1.9 37.53 13.2 15.4 13.1 8.6 23.6 32.0 32.4 30.7 11.34 9.0 15.2 11.0 12.6 15.3 9.2 17.7 -17.6 26.4

1981 1 11.0 14.0 13.2 41.5 8.7 5.3 6.6 1.1 16.32 6.4 8.9 9.1 16.7 13.6 10.0 9.9 10.9 15.93 6.5 7.5 3.3 13.2 7.6 6.3 9.2 -4.6 8.14 13.6 5.2 5.5 17.0 7.2 11.8 9.6 21.4 -3.5

1982 1 5.7 0.7 6.4 -4.2 6.0 10.1 9.4 12.1 -5.62 1.6 0.9 1.3 14.4 -5.7 11.7 7.5 31.3 -33.23 3.3 6.5 9.9 15.4 5.1 8.1 0.6 39.4 0.54 1.3 1.8 3.8 -0.3 2.3 9.2 -2.1 54.9 -9.6

1983 1 0.5 -0.5 6.8 3.7 -10.4 -9.2 -14.0 5.8 -11.12 6.2 4.4 10.8 6.9 -6.7 -11.9 -15.5 1.9 6.93 7.6 3.5 7.1 5.0 -9.9 -9.5 -16.2 10.9 -12.94 9.2 7.4 6.7 8.5 -5.6 -10.8 -12.7 -5.7 6.9

1984 1 12.4 6.6 6.0 5.3 -1.0 -6.9 -13.8 10.6 15.12 14.2 8.2 4.1 -0.2 6.8 -4.3 -4.6 -3.5 30.93 10.7 4.2 6.5 6.0 1.3 -6.2 1.4 -23.5 19.04 3.3 1.5 6.3 4.5 3.6 -5.0 1.9 -21.2 22.0

Table 12 GDP by major expenditure component(d) Year-on-year percentage changes in real terms

a a

72

Table 12 GDP by major expenditure component

%(4) (5) (6) (7)




- - - - - - 1973 1- - - - - - 2- - - - - - 3- - - - - - 4

11.5 10.2 14.6 6.3 -0.7 3.3 1974 110.6 10.2 11.4 2.3 8.4 7.2 2

-11.5 -7.9 -21.7 -5.2 -11.1 -4.1 3-20.7 -19.5 -23.6 -13.6 -27.0 -18.1 4

-14.7 -15.5 -12.8 -9.6 -10.4 1.3 1975 1-9.6 -10.0 -10.2 -3.9 -14.5 -5.6 25.7 6.2 4.2 7.5 9.6 10.1 3

23.4 23.3 23.8 17.6 36.4 26.3 4

38.4 37.3 41.5 23.0 38.0 18.0 1976 133.6 33.3 34.1 20.8 35.9 25.1 223.1 25.2 18.4 17.0 18.1 12.8 322.7 23.3 21.2 18.0 13.7 13.4 4

0.7 1.5 -1.7 5.5 7.3 11.3 1977 12.6 3.8 * 4.5 7.3 12.7 25.6 5.2 6.9 0.5 3.1 11.3 37.4 7.8 7.9 1.9 11.5 11.1 4

4.3 2.5 10.5 4.2 12.9 16.7 1978 114.2 9.9 28.8 11.4 16.9 10.6 213.6 11.4 19.3 15.5 26.7 18.2 317.2 15.6 22.0 16.6 28.9 23.8 4

22.9 17.8 36.5 13.3 19.6 22.2 1979 119.8 17.4 25.0 11.8 19.3 30.4 222.4 21.1 24.3 8.0 18.3 27.1 317.2 15.4 22.9 4.7 9.3 23.3 4

21.5 19.8 24.4 -1.7 20.5 15.8 1980 123.1 19.6 32.6 1.2 21.0 14.4 216.6 7.4 44.6 1.7 16.3 10.6 315.5 4.6 45.1 1.5 20.2 12.9 4

20.0 8.9 44.9 11.8 19.3 29.4 1981 110.7 3.6 28.6 7.0 12.4 13.3 213.5 8.0 25.6 10.3 14.1 14.0 314.5 12.2 18.9 14.3 4.7 6.2 4

-1.2 -0.7 -1.9 7.4 -4.3 -4.3 1982 1-3.8 -4.1 -3.7 3.8 -3.8 2.3 2-4.8 -3.9 -6.0 3.4 -0.8 4.2 3-0.9 -1.1 -0.6 3.1 0.4 2.7 4

2.4 2.5 2.0 -2.6 -1.2 5.9 1983 112.9 14.1 10.3 5.2 9.0 9.2 219.3 18.2 21.0 8.9 11.6 14.3 321.7 19.8 25.7 14.4 18.1 20.6 4

32.6 30.3 37.4 15.4 22.5 16.8 1984 124.8 21.5 30.8 15.4 16.5 17.1 220.7 17.3 27.4 9.8 12.8 8.2 313.1 5.0 28.2 3.3 9.4 11.8 4

(d) Year-on-year percentage changes in real terms

73

%(1) (2) (3)




1985 1 6.0 3.6 3.4 1.9 3.8 -2.4 6.6 -20.5 14.92 -2.6 -1.7 6.1 2.3 0.7 -5.5 2.0 -29.2 9.73 -2.6 -1.3 2.0 1.9 -4.8 -6.1 -1.8 -19.1 -8.54 2.4 4.2 5.5 5.2 0.7 0.3 6.6 -18.8 -3.8

1986 1 0.5 4.6 7.6 6.5 -0.9 -2.8 -0.6 -8.7 -0.12 8.4 8.6 6.1 7.9 0.2 5.4 8.4 -7.9 -9.63 16.9 12.4 9.9 5.0 9.7 8.9 11.8 -1.8 6.84 18.0 12.3 10.0 6.6 15.2 8.3 9.5 3.7 26.4

1987 1 13.2 12.1 9.3 4.9 15.7 8.6 9.3 6.5 22.12 13.6 11.5 13.8 3.0 15.3 3.9 1.7 14.4 28.83 15.2 12.8 11.0 4.1 19.3 3.7 2.5 8.0 48.34 11.7 10.3 8.7 3.6 7.4 1.8 1.4 3.1 12.6

1988 1 8.6 5.7 10.1 1.9 5.0 3.0 6.2 -5.9 12.82 8.5 10.2 6.8 3.9 10.2 8.0 10.7 -3.5 17.83 7.1 9.9 8.2 7.7 5.7 -3.5 -5.3 3.0 17.04 7.9 8.0 10.3 1.5 5.9 2.0 4.5 -7.1 14.4

1989 1 6.1 11.5 6.6 7.8 10.5 5.2 4.4 7.7 17.72 3.2 4.0 4.2 5.0 6.9 3.0 2.2 6.8 11.23 1.4 -3.6 3.1 0.2 2.7 14.1 15.7 8.8 -1.94 0.7 -4.6 1.2 7.8 -4.3 4.0 -2.8 32.6 -12.3

1990 1 1.0 -1.2 0.9 6.4 1.1 1.7 -2.4 14.6 2.42 4.4 5.5 6.2 3.2 6.0 10.4 9.1 16.2 2.13 5.2 11.7 9.0 8.3 7.9 11.7 13.9 3.5 1.94 5.1 12.9 8.8 3.7 18.2 16.0 23.4 -7.0 19.7

1991 1 5.8 10.9 7.5 7.3 4.7 6.1 9.7 -3.5 2.52 5.4 10.0 9.3 11.1 10.1 1.9 4.5 -9.5 17.03 5.4 8.2 11.0 4.8 11.6 -1.6 -2.3 1.4 23.14 6.2 6.4 9.4 7.6 10.9 -1.1 1.2 -10.8 23.8

1992 1 6.2 7.2 10.0 6.1 8.0 1.8 2.3 0.1 12.32 6.6 9.8 9.4 7.2 10.5 -5.2 -5.1 -6.0 21.03 7.0 9.2 9.0 8.8 10.8 -2.6 -1.6 -6.4 26.74 6.0 12.7 8.3 6.1 7.9 0.3 -8.3 40.9 23.0

1993 1 6.4 7.0 8.0 0.3 8.7 8.3 -2.9 43.2 15.22 6.2 6.7 9.0 4.3 5.1 6.5 -3.6 58.9 8.03 6.5 6.5 5.6 1.9 2.2 6.4 -5.4 53.6 -3.54 6.1 1.3 9.8 2.1 -0.8 3.1 -0.4 13.7 -5.4

1994 1 6.8 7.7 10.9 4.0 14.3 16.9 15.3 20.2 6.82 5.8 12.6 5.8 4.1 15.1 15.7 23.2 -7.7 18.73 4.6 11.1 4.6 3.4 10.5 20.5 22.5 15.6 9.24 5.4 14.4 5.3 3.4 21.5 16.3 11.5 29.4 32.1

1995 1 5.9 12.6 2.5 3.5 11.6 0.7 -1.2 4.7 36.52 4.4 6.8 2.9 1.3 9.3 7.0 -6.5 63.3 15.23 2.7 5.2 1.1 4.3 16.0 -2.4 -12.9 25.0 38.94 2.9 4.8 1.9 3.5 5.3 -0.2 -3.8 8.1 11.5

1996 1 2.5 1.6 2.6 2.3 9.2 5.5 -4.6 24.7 11.72 3.5 -0.5 2.1 4.5 9.2 2.7 1.5 5.6 13.03 5.3 1.3 4.8 4.1 5.9 3.9 8.1 -3.8 5.64 5.3 6.0 5.9 4.4 19.4 15.4 14.1 18.1 18.0

Table 12 (d) ---- Continued

a a

74

%(4) (5) (6) (7)




12.7 -1.4 35.7 12.7 10.5 10.6 1985 16.9 -9.6 37.3 6.0 7.9 9.3 21.2 -10.4 22.7 0.5 2.0 6.1 33.7 0.6 8.2 4.6 5.5 6.2 4

-2.2 0.6 -5.6 -1.1 0.8 6.3 1986 19.9 14.4 4.4 7.6 9.8 9.7 2

21.5 22.5 20.6 22.7 18.8 15.1 328.8 24.1 35.6 25.3 23.9 20.8 4

37.8 28.2 48.9 18.2 36.2 16.3 1987 136.7 26.4 49.1 17.1 33.5 18.1 235.1 24.9 48.0 16.9 33.3 16.7 326.7 15.4 39.6 16.3 25.8 16.0 4

25.6 10.9 40.3 11.3 20.3 18.0 1988 124.4 6.1 43.0 10.8 25.7 15.1 228.4 8.2 49.8 5.2 30.6 17.8 330.1 11.1 48.1 5.6 29.0 12.9 4

21.5 5.5 34.1 3.7 26.1 10.1 1989 115.2 2.2 25.1 1.1 15.1 4.0 2

8.8 -1.2 16.5 1.5 4.1 4.0 31.2 -4.3 5.0 1.7 -4.1 6.2 4

1.9 -4.7 6.0 2.2 -0.3 3.2 1990 17.3 -1.5 12.7 5.0 7.0 13.3 27.7 -2.2 14.2 5.5 12.1 14.6 3

20.1 5.6 29.5 3.6 26.7 12.5 4

15.4 2.6 22.6 4.4 18.6 13.7 1991 118.2 2.4 26.8 4.5 21.1 9.4 219.1 -0.3 29.9 4.0 21.6 7.2 316.3 -1.8 25.9 5.7 15.6 13.6 4

21.7 -0.6 32.1 9.1 21.8 11.4 1992 122.2 2.5 30.9 8.5 23.8 11.6 218.8 0.1 26.8 10.0 20.7 12.6 317.4 -1.2 25.1 6.7 22.6 8.4 4

19.1 0.8 25.6 6.2 19.3 5.6 1993 111.8 -6.2 18.0 5.7 11.5 8.1 214.6 -4.7 21.2 8.9 15.3 6.0 3

9.8 -6.9 15.3 6.7 7.2 2.5 4

7.7 -9.5 12.6 8.7 8.4 9.7 1994 111.3 -2.3 15.0 5.0 15.5 6.8 210.8 -0.3 13.8 5.3 14.8 8.1 311.3 1.8 13.8 9.3 17.4 10.5 4

17.6 10.8 19.2 3.4 21.9 3.4 1995 112.7 3.3 14.9 4.1 13.6 2.8 212.2 1.3 14.8 2.6 13.7 1.5 3

6.8 -5.2 9.7 1.4 8.4 -0.5 4

4.9 -7.4 7.5 9.5 5.4 3.2 1996 13.9 -9.0 6.5 9.5 2.3 3.2 24.9 -9.9 8.0 10.2 3.5 4.0 35.4 -7.2 8.0 11.6 6.1 9.9 4


75

%(1) (2) (3)




1997 1 5.7 9.2 4.4 4.5 16.7 5.4 13.2 -6.0 24.02 6.7 7.9 8.4 5.6 13.1 11.2 20.0 -8.9 11.33 5.9 12.5 9.4 -0.1 11.6 17.3 27.2 -3.0 5.54 2.5 3.5 2.9 -0.4 9.7 8.9 23.5 -20.0 13.3

1998 1 -3.0 -4.7 -2.4 2.0 -2.3 10.7 21.3 -7.8 -8.22 -5.7 -4.4 -4.8 -5.4 3.5 8.6 10.9 1.7 5.53 -7.3 -13.3 -9.9 3.8 -10.8 -8.1 -2.8 -22.3 -8.44 -5.7 -14.1 -8.8 2.5 -18.7 -18.4 -18.9 -16.9 -20.2

1999 1 -2.1 -12.4 -4.8 3.9 -20.4 -14.2 -18.5 -4.4 -27.72 2.4 -10.0 1.5 3.2 -24.8 -21.3 -25.7 -6.8 -28.63 5.3 * 3.9 * -10.7 -15.0 -21.5 6.9 -8.44 10.0 5.7 4.9 5.3 -8.9 -10.9 -18.5 11.5 -5.4

2000 1 13.3 14.6 9.4 3.5 6.7 -15.3 -15.6 -14.5 32.52 9.9 10.1 5.9 2.7 5.7 -14.0 -13.9 -14.5 22.03 10.1 10.2 5.4 2.5 16.2 -0.8 -1.0 -0.2 28.84 7.1 6.7 3.4 -0.5 15.1 0.9 3.4 -4.6 25.6

2001 1 2.4 4.0 3.2 5.2 10.0 -1.7 -3.6 1.5 23.32 1.6 2.5 3.6 4.6 2.8 3.2 4.3 0.7 2.13 -0.3 0.6 1.8 7.2 3.0 -5.4 -3.0 -10.6 9.74 -1.0 -2.7 -0.2 7.1 -4.4 * 5.8 -12.1 -7.0

2002 1 -1.0 -3.8 0.5 2.4 -12.2 -5.3 1.9 -17.1 -18.82 0.4 -1.2 -2.2 3.1 -1.0 5.0 5.9 2.8 -6.23 2.9 0.1 -0.9 3.5 -4.4 5.5 10.4 -5.9 -10.54 4.8 2.1 -1.2 0.9 -0.3 -8.2 -12.2 1.8 5.8

2003 1 4.4 1.2 -3.4 1.0 5.0 -1.5 -0.5 -3.6 12.72 -0.7 -4.1 -4.6 0.5 -4.7 -6.9 -9.3 -1.1 -1.23 4.0 -0.8 0.3 0.5 0.8 -5.0 -10.5 10.1 5.94 4.8 4.2 3.9 5.5 2.7 -9.0 -14.3 2.4 10.0

2004 1 8.1 7.7 6.5 5.6 4.5 -12.8 -19.2 0.4 15.52 12.4 12.2 11.1 * 10.3 -13.9 -15.4 -10.5 25.23 6.7 3.2 5.5 -1.3 0.8 -14.8 -16.8 -10.5 9.94 7.6 -1.8 6.2 -1.7 -2.4 -4.5 -5.3 -3.0 -3.2

2005 1 6.3 -2.3 3.7 -4.5 1.3 -3.2 -4.6 -0.9 3.92 7.5 -0.8 2.5 -2.3 5.0 -9.9 -6.3 -17.8 12.23 8.4 4.1 4.0 -1.6 3.2 -7.6 -4.8 -13.5 9.14 7.8 7.4 3.1 -3.9 8.9 -13.1 -6.2 -25.3 26.5

2006 1 8.0 6.7 4.8 1.1 7.3 -11.4 -3.6 -23.8 22.42 5.5 5.4 5.4 -1.5 4.5 -4.1 1.3 -17.0 11.93 6.7 4.5 4.4 -1.1 10.3 -10.1 -5.1 -21.4 20.44 7.0 6.2 5.8 2.4 9.5 -2.6 -0.5 -7.2 14.9



a a

@

@

76

%(4) (5) (6) (7)




4.0 -3.9 5.5 4.0 6.4 5.3 1997 16.2 -0.1 7.3 2.5 6.8 3.6 24.4 6.0 4.2 -1.5 7.2 7.0 39.6 5.6 10.3 -6.3 8.5 * 4

1.4 -4.7 2.5 -6.7 -1.7 3.4 1998 1-0.5 -0.6 -0.5 -9.6 -1.7 2.3 2-7.0 -9.4 -6.6 -1.9 -10.4 -1.2 3-9.6 -15.5 -8.6 4.1 -14.0 2.2 4

-4.8 -9.1 -4.1 2.0 -10.3 -6.3 1999 1-2.0 -12.6 -0.3 5.2 -8.0 -6.0 28.1 -7.9 10.8 13.1 6.6 -0.8 3

12.3 0.7 14.1 14.0 11.9 -4.6 4

20.7 16.2 21.4 13.5 23.1 0.4 2000 117.7 8.3 19.1 15.0 18.9 6.1 217.7 8.2 19.0 12.4 18.5 6.3 313.3 -0.8 15.2 8.5 13.6 4.0 4

3.6 -13.0 5.9 8.3 5.7 5.2 2001 1-2.2 -7.4 -1.6 7.8 -0.5 3.4 2-4.4 -11.9 -3.4 4.5 -2.8 -0.1 3-8.8 -8.3 -8.9 5.4 -8.7 -0.1 4

-2.4 -11.1 -1.4 4.6 -4.0 3.0 2002 15.9 -13.6 8.4 7.8 6.0 -0.9 2

11.5 -7.5 13.7 13.2 10.8 5.6 318.4 -12.9 22.2 16.7 18.2 7.7 4

19.1 -12.0 22.3 14.5 18.8 -3.1 2003 114.3 -12.6 17.0 -7.5 10.9 -14.4 210.0 -5.2 11.5 10.8 8.2 2.1 314.7 -0.2 16.0 12.7 15.7 5.8 4

15.0 0.8 16.1 16.5 16.3 7.3 2004 118.7 5.0 19.7 35.8 20.3 34.6 215.3 -0.6 16.6 14.4 14.2 10.8 312.6 4.7 13.2 10.3 7.0 9.8 4

8.9 -9.6 10.2 11.7 3.8 10.5 2005 111.1 -8.3 12.3 11.7 7.0 4.4 212.8 14.2 12.7 11.3 11.0 8.0 311.4 28.0 10.3 10.7 12.0 6.8 4

14.4 44.4 12.8 9.0 14.0 5.2 2006 16.4 25.7 5.3 9.3 6.7 8.6 28.9 -3.2 9.8 9.3 8.5 5.4 3

11.7 -30.4 15.0 7.5 11.4 6.3 4


@

@

77

HK$ million

2000 2000 2000 2000 2001 2001 2001 2001GDP by expenditure component 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

Gross Domestic Product 311,206 317,265 339,808 346,509 318,743 322,480 338,836 343,107

Private consumption expenditure 187,861 193,921 192,683 199,815 193,873 200,863 196,157 199,395Consumption expenditure in the domestic market 177,519 186,370 183,382 193,120 183,048 193,746 187,063 193,398

Food 18,819 25,113 21,589 23,247 19,362 25,744 22,148 23,646Consumer goods 55,458 56,375 59,572 62,778 57,217 59,598 59,558 60,038

Consumer durables 22,087 20,293 22,611 24,231 23,402 22,182 23,063 22,536Consumer non-durables 33,371 36,082 36,961 38,547 33,815 37,416 36,495 37,502

Services 103,242 104,882 102,221 107,095 106,469 108,404 105,357 109,714Expenditure of residents abroad 21,482 19,265 20,747 18,939 22,026 19,500 20,665 19,112Less:Expenditure of non-residents 11,140 11,714 11,446 12,244 11,201 12,383 11,571 13,115


Government consumption expenditure 31,481 28,874 29,829 29,988 33,125 30,211 31,985 32,120

Gross domestic fixed capital formation 81,680 82,531 91,312 91,852 89,823 84,862 94,075 87,812Building and construction 41,070 34,933 39,021 40,417 40,361 36,058 36,901 40,400

Private sector 25,922 24,363 26,590 27,250 24,986 25,417 25,788 28,822Public sector 15,148 10,570 12,431 13,167 15,375 10,641 11,113 11,578

Costs of ownership transfer 2,788 2,699 3,243 3,000 2,834 2,950 3,364 2,380Machinery, equipment & computer software 37,822 44,899 49,048 48,435 46,628 45,854 53,810 45,032

Private sector 34,665 43,043 47,104 46,308 43,305 43,799 51,792 42,122Public sector 3,157 1,856 1,944 2,127 3,323 2,055 2,018 2,910

Changes in inventories 4,562 4,583 3,607 1,647 949 1,706 -2,945 -4,599

Exports of goods and services 411,899 454,921 515,476 505,404 430,022 452,136 500,421 472,812Exports of goods (f.o.b.) 339,647 381,287 431,543 420,211 351,747 372,733 412,714 383,049

Domestic exports 41,792 44,917 49,718 44,539 36,378 41,581 43,799 40,829Re-exports 297,855 336,370 381,825 375,672 315,369 331,152 368,915 342,220

Exports of services 72,252 73,634 83,933 85,193 78,275 79,403 87,707 89,763Transportation 22,922 24,936 26,353 25,302 23,458 25,262 25,071 24,154Travel 11,013 11,584 11,313 12,109 11,047 12,227 11,413 12,956Merchanting and other trade-related services 19,874 20,249 28,160 29,333 23,728 22,896 31,399 32,867Other services 18,443 16,865 18,107 18,449 20,042 19,018 19,824 19,786

Less:Imports of goods and services 406,277 447,565 493,099 482,197 429,049 447,298 480,857 444,433Imports of goods (f.o.b.) 359,062 401,021 441,903 434,725 379,374 399,154 429,710 397,029Imports of services 47,215 46,544 51,196 47,472 49,675 48,144 51,147 47,404

Transportation 10,749 12,567 13,322 11,990 11,901 13,289 13,276 11,663Travel 25,748 23,473 25,543 22,638 26,576 23,782 25,315 22,645Merchanting and other trade-related services 2,260 2,327 3,220 3,363 2,593 2,535 3,441 3,633Other services 8,458 8,177 9,111 9,481 8,605 8,538 9,115 9,463

Implicit price deflator of GDP (2000=100) 101.2 100.7 99.2 99.1 98.7 98.5 97.7 97.8


78

HK$ million

2002 2002 2002 2002 2003 2003 2003 20031st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr GDP by expenditure component

315,608 323,663 348,775 359,449 329,500 321,512 362,816 376,782 Gross Domestic Product

194,804 196,544 194,319 196,913 188,258 187,487 194,807 204,667 Private consumption expenditure185,646 193,542 188,230 196,277 185,015 181,291 192,242 205,761 Consumption expenditure in the domestic market

20,446 26,436 22,475 24,068 20,172 25,688 22,185 24,078 Food56,543 56,330 57,347 60,077 56,340 50,315 58,960 64,886 Consumer goods23,555 21,643 23,360 24,022 24,828 21,389 24,693 27,165 Consumer durables32,988 34,687 33,987 36,055 31,512 28,926 34,267 37,721 Consumer non-durables

108,657 110,776 108,408 112,132 108,503 105,288 111,097 116,797 Services21,334 18,427 20,683 19,056 18,440 12,758 19,963 18,354 Expenditure of residents abroad12,176 15,425 14,594 18,420 15,197 6,562 17,398 19,448 Less:Expenditure of non-residents


33,905 31,162 33,120 32,416 34,232 31,328 33,289 34,206 Government consumption expenditure

78,876 84,019 89,905 87,554 82,792 80,087 90,643 89,893 Gross domestic fixed capital formation38,208 37,860 38,927 37,086 37,627 35,240 36,979 33,758 Building and construction25,460 26,916 28,470 25,297 25,333 24,413 25,468 21,687 Private sector12,748 10,944 10,457 11,789 12,294 10,827 11,511 12,071 Public sector2,787 3,127 2,801 2,826 2,462 2,348 2,635 3,736 Costs of ownership transfer

37,881 43,032 48,177 47,642 42,703 42,499 51,029 52,399 Machinery, equipment & computer software33,427 40,710 45,680 44,688 38,404 40,290 48,307 49,368 Private sector

4,454 2,322 2,497 2,954 4,299 2,209 2,722 3,031 Public sector

-1,777 2,040 2,252 4,369 4,173 1,931 -1,858 6,108 Changes in inventories

425,051 480,533 559,473 558,472 502,342 530,513 616,273 638,696 Exports of goods and services343,192 394,897 460,157 453,699 408,591 451,324 506,239 520,606 Exports of goods (f.o.b.)

32,346 35,925 40,524 35,581 28,470 31,416 38,419 35,505 Domestic exports310,846 358,972 419,633 418,118 380,121 419,908 467,819 485,101 Re-exports81,859 85,636 99,316 104,773 93,751 79,189 110,034 118,090 Exports of services25,157 27,063 29,204 28,345 27,312 24,148 29,343 30,514 Transportation12,064 15,313 14,482 18,308 15,081 6,446 17,282 19,332 Travel25,109 24,657 36,553 38,632 30,496 28,944 42,246 45,956 Merchanting and other trade-related services19,529 18,603 19,077 19,488 20,862 19,651 21,163 22,288 Other services

415,251 470,635 530,294 520,275 482,297 509,834 570,338 596,788 Less:Imports of goods and services364,074 422,910 476,286 469,200 432,701 468,962 515,205 542,735 Imports of goods (f.o.b.)

51,177 47,725 54,008 51,075 49,596 40,872 55,133 54,053 Imports of services11,034 11,904 13,342 12,236 11,771 10,490 13,699 13,976 Transportation26,592 22,702 25,596 22,900 23,276 16,670 25,206 22,316 Travel

3,154 3,124 4,545 4,920 3,552 3,405 4,868 5,434 Merchanting and other trade-related services10,397 9,995 10,525 11,019 10,997 10,307 11,360 12,327 Other services

96.0 95.9 94.2 93.1 91.0 89.3 87.5 87.5 Implicit price deflator of GDP (2000=100)


79

HK$ million

2004 2004 2004 2004 2005@ 2005@

GDP by expenditure component 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr

Gross Domestic Product 356,103 361,310 387,240 405,262 378,591 388,474

Private consumption expenditure 200,453 208,244 205,430 217,283 207,876 213,351Consumption expenditure in the domestic market 199,339 205,457 201,904 216,985 207,447 213,725

Food 21,139 26,061 23,503 25,741 21,285 27,028Consumer goods 61,244 61,244 62,851 69,600 67,070 65,706

Consumer durables 27,862 24,611 27,160 29,892 30,586 26,711Consumer non-durables 33,382 36,633 35,691 39,708 36,484 38,995

Services 116,956 118,152 115,550 121,644 119,092 120,991Expenditure of residents abroad 17,991 19,151 21,497 18,839 19,384 17,409Less:Expenditure of non-residents 16,877 16,364 17,971 18,541 18,955 17,783


Government consumption expenditure 36,165 31,338 32,858 33,630 34,527 30,632

Gross domestic fixed capital formation 86,498 88,342 91,393 87,755 87,657 92,729Building and construction 32,805 30,337 31,507 32,250 31,760 27,319

Private sector 20,463 20,645 21,202 20,546 19,531 19,348Public sector 12,342 9,692 10,305 11,704 12,229 7,971

Costs of ownership transfer 4,361 4,806 3,792 4,765 4,664 5,698Machinery, equipment & computer software 49,332 53,199 56,094 50,740 51,233 59,712

Private sector 45,104 51,073 54,077 48,154 47,785 58,098Public sector 4,228 2,126 2,017 2,586 3,448 1,614

Changes in inventories 10,290 9,522 -2,635 -9,859 -4,375 -2,016

Exports of goods and services 579,197 643,159 709,705 716,508 634,052 715,007Exports of goods (f.o.b.) 469,964 535,608 583,867 586,246 512,025 594,834

Domestic exports 28,685 32,991 38,173 37,162 25,938 30,251Re-exports 441,279 502,617 545,694 549,084 486,088 564,583

Exports of services 109,233 107,551 125,838 130,262 122,027 120,173Transportation 31,422 32,389 34,802 33,980 34,441 35,968Travel 16,759 16,246 17,853 18,423 18,834 17,662Merchanting and other trade-related services 35,504 34,669 47,622 51,170 39,212 39,513Other services 25,548 24,247 25,561 26,689 29,540 27,030

Less:Imports of goods and services 556,500 619,295 649,511 640,055 581,146 661,229Imports of goods (f.o.b.) 503,287 564,271 588,404 580,680 522,364 603,790Imports of services 53,213 55,024 61,107 59,375 58,782 57,439

Transportation 14,039 15,164 16,723 16,255 16,632 17,724Travel 22,785 24,166 26,224 23,604 24,228 22,332Merchanting and other trade-related services 3,616 3,566 4,800 5,288 3,939 4,013Other services 12,773 12,128 13,360 14,228 13,983 13,370

Implicit price deflator of GDP (2000=100) 86.3 86.0 84.7 85.3 85.0 85.2

Table 13 ---- Continued

80

HK$ million

2005@ 2005@ 2006@ 2006@ 2006@ 2006@

3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr GDP by expenditure component

419,689 436,724 408,942 410,000 447,877 467,461 Gross Domestic Product

213,554 224,056 217,754 224,837 222,896 237,007 Private consumption expenditure211,969 225,670 219,203 225,254 222,194 238,132 Consumption expenditure in the domestic market

24,145 26,696 22,456 28,325 24,797 27,871 Food66,718 72,597 69,576 68,170 69,915 75,971 Consumer goods29,193 30,780 31,852 27,888 30,964 32,732 Consumer durables37,525 41,817 37,724 40,282 38,951 43,239 Consumer non-durables

121,106 126,377 127,171 128,759 127,482 134,290 Services21,175 19,015 19,578 18,686 21,446 19,526 Expenditure of residents abroad19,590 20,629 21,027 19,103 20,744 20,651 Less:Expenditure of non-residents


32,336 32,302 34,923 30,162 31,990 33,092 Government consumption expenditure

94,330 95,562 94,091 96,891 104,034 104,659 Gross domestic fixed capital formation29,108 28,015 28,153 26,209 26,170 27,282 Building and construction20,191 19,270 18,836 19,592 19,162 19,171 Private sector

8,917 8,745 9,317 6,617 7,008 8,111 Public sector4,023 3,382 3,239 3,877 4,150 3,645 Costs of ownership transfer

61,199 64,165 62,699 66,805 73,714 73,732 Machinery, equipment & computer software59,721 62,398 59,817 65,507 72,201 71,668 Private sector

1,478 1,767 2,882 1,298 1,513 2,064 Public sector

196 1,213 698 812 -3,304 150 Changes in inventories

798,475 797,344 718,568 764,081 870,328 884,329 Exports of goods and services658,383 653,101 585,618 632,684 717,181 729,322 Exports of goods (f.o.b.)

43,607 47,576 37,455 38,033 42,202 33,095 Domestic exports614,776 605,525 548,163 594,650 674,979 696,227 Re-exports140,092 144,243 132,950 131,397 153,147 155,007 Exports of services

38,408 37,781 36,858 38,521 40,421 39,906 Transportation19,469 20,508 20,903 18,979 20,620 20,527 Travel53,018 56,523 44,421 43,763 59,127 61,204 Merchanting and other trade-related services29,197 29,431 30,768 30,134 32,979 33,370 Other services

719,202 713,753 657,092 706,783 778,067 791,776 Less:Imports of goods and services653,217 650,329 595,278 644,416 708,504 724,375 Imports of goods (f.o.b.)

65,985 63,424 61,814 62,367 69,563 67,401 Imports of services19,818 18,630 17,735 19,290 20,848 19,505 Transportation26,015 23,552 24,534 23,845 26,385 24,669 Travel

5,273 5,766 4,089 4,073 5,384 5,720 Merchanting and other trade-related services14,879 15,476 15,456 15,159 16,946 17,507 Other services

84.9 85.5 84.9 85.0 84.6 85.1 Implicit price deflator of GDP (2000=100)


81

Table 14 Seasonally adjusted constant price GDP and implicit price deflator of GDP

─Percentage changes over the preceding quarter─%

(1) (2) (3) (4) (5) (6) (7)Gross Private Government Exports Exports Imports Imports Implicit price

domestic consumption consumption of of of of deflator ofYear Quarter product expenditure expenditure goods services goods services GDP

1990 1 0.8 1.8 1.0 0.3 0.6 6.3 0.3 1.52 2.3 2.8 -1.9 7.6 1.7 6.3 6.2 1.63 1.1 2.6 5.3 2.3 1.1 3.7 3.9 1.74 1.0 1.2 0.5 9.2 0.4 8.8 0.2 2.1

1991 1 1.2 1.4 3.8 -1.5 0.8 1.2 3.2 1.82 1.7 3.5 0.6 5.9 2.1 5.1 1.9 2.63 1.3 4.4 -0.3 4.1 0.3 4.2 1.8 3.04 1.9 -0.2 3.4 6.6 2.8 5.9 6.0 2.3

1992 1 1.1 1.4 7.8 2.0 3.2 4.1 1.6 2.52 2.0 2.6 1.9 8.1 2.4 8.1 1.7 1.83 1.8 4.5 1.6 1.7 0.8 1.9 2.7 2.04 1.1 -1.0 0.8 5.2 0.3 7.2 2.0 2.2

1993 1 1.2 1.6 -3.2 3.3 2.2 2.1 -0.8 2.62 2.0 3.6 4.7 1.1 2.9 * 4.1 1.33 2.2 1.9 -0.4 4.0 3.0 4.1 0.6 1.84 0.7 2.0 1.0 0.7 -1.4 0.4 -1.3 2.0

1994 1 1.5 2.6 -0.4 1.7 3.7 3.5 6.3 2.32 1.2 -0.5 3.4 4.6 0.3 7.3 1.5 1.33 1.2 1.0 -0.8 2.4 2.6 2.2 1.4 1.04 1.5 1.6 0.9 3.5 2.1 4.2 1.1 0.7

1995 1 1.6 0.6 0.8 4.8 -1.6 5.8 -0.6 -1.42 0.1 * * 1.3 1.3 1.0 1.2 1.83 -0.4 -0.9 2.4 2.6 0.9 2.0 -0.5 1.94 1.7 1.8 0.1 -1.7 0.8 -0.4 -0.6 0.7

1996 1 1.1 2.2 0.3 2.2 6.3 2.2 3.2 0.92 1.2 -0.9 1.2 1.8 2.1 -0.3 1.5 1.83 1.4 1.4 2.3 2.0 0.8 1.5 -0.5 1.54 1.7 3.0 0.4 -0.6 1.4 2.2 5.5 2.6

1997 1 1.3 1.6 -0.7 1.7 -0.2 4.1 -0.8 0.42 2.2 1.5 3.8 2.6 1.2 -1.3 * 2.03 0.6 2.3 -3.2 0.9 -4.5 1.3 1.8 0.74 -1.7 -2.3 0.4 3.3 -3.5 4.1 -1.0 0.7

1998 1 -3.9 -3.2 0.1 -5.2 0.6 -6.2 3.1 -0.32 -0.8 -2.4 -1.0 -0.1 -1.0 -0.8 -1.4 *3 -1.1 -2.7 4.1 -5.6 1.5 -7.3 -2.6 -0.84 * -0.6 -1.0 1.1 2.2 -0.8 3.4 -1.6

1999 1 -0.1 1.4 0.9 -0.8 0.5 -2.2 -5.3 -1.62 3.8 3.0 * 5.2 2.1 3.9 -1.2 -1.83 1.7 0.2 0.4 3.8 7.1 6.1 1.9 -1.64 4.2 0.6 3.8 3.2 3.2 3.6 0.1 -1.7

2000 1 3.5 3.8 -0.8 5.7 1.4 6.4 0.1 -1.32 0.6 0.5 -0.3 3.6 3.0 1.8 4.1 -1.93 1.5 0.4 -0.4 3.3 3.5 4.6 1.4 -0.94 0.3 0.7 1.1 1.1 -0.4 1.0 -1.7 -0.6

82


%(1) (2) (3) (4) (5) (6) (7)

Gross Private Government Exports Exports Imports Imports Implicit pricedomestic consumption consumption of of of of deflator of

Year Quarter product expenditure expenditure goods services goods services GDP

2001 1 -0.1 1.1 4.7 -2.9 2.3 -1.4 1.9 0.52 0.2 1.3 -0.2 -4.0 2.2 -4.2 2.4 -1.03 -0.6 -1.3 1.4 0.6 0.2 1.3 -3.0 -0.34 -0.9 -0.9 0.7 -3.8 0.1 -5.5 -1.9 -0.4

2002 1 0.1 1.2 -0.2 4.3 2.0 4.1 6.3 -1.22 2.2 -0.9 1.7 5.6 5.8 6.8 -1.4 -0.73 1.9 -0.1 1.8 5.8 5.0 5.9 2.5 -1.24 0.4 -1.4 -2.6 3.0 3.0 1.6 -0.3 -1.8

2003 1 -0.3 -1.0 * 2.7 -0.4 3.4 -3.0 -1.72 -2.3 -2.0 1.7 1.6 -13.2 -0.4 -12.0 -2.33 6.5 5.2 1.2 3.2 24.6 3.6 19.7 -1.34 0.9 1.5 2.3 6.2 4.9 7.5 2.3 -0.8

2004 1 2.6 1.9 0.1 2.9 1.9 3.9 * -0.82 2.1 2.0 -2.8 6.1 2.2 4.2 8.3 -0.73 1.0 0.2 -0.5 -0.6 3.7 -1.8 -0.4 -1.04 1.6 1.6 1.1 3.4 2.3 0.7 2.2 *

2005 1 1.6 * -2.5 0.8 2.7 1.3 0.6 0.12 3.3 0.6 * 6.2 2.6 6.6 2.1 *3 1.7 1.8 * 2.3 3.1 2.0 2.8 0.14 1.0 0.5 -1.7 1.5 2.2 1.9 0.9 *

2006 1 1.9 1.6 2.9 3.2 1.0 2.7 -0.2 -0.22 0.9 1.3 -2.3 0.1 2.5 -0.2 4.8 -0.13 2.6 1.0 0.3 4.1 3.1 4.2 -0.2 *4 1.3 1.7 1.6 3.3 0.7 3.8 1.6 -0.1

@

@

83

85

(C) Annual GDP by economic activity at current prices

HK$ million (1) (2) (3) (4) (5)

(6) (6a) (6b)

Wholesale,retail and

import andMining Electricity, export trades, Transport,

Agriculture and gas restaurants storage andYear and fishing quarrying Manufacturing and water Construction Total and hotels communications

1980 1,102 213 30,995 2,040 8,846 93,041 26,490 9,411

1981 1,128 253 36,439 2,620 12,259 114,484 30,479 11,598

1982 1,240 308 36,949 3,661 13,205 131,084 34,252 13,340

1983 1,225 316 45,065 5,208 12,729 140,997 38,763 15,701

1984 1,245 299 57,183 6,152 12,782 166,708 53,069 17,976

1985 1,211 356 55,133 7,205 12,551 182,897 55,783 20,031

1986 1,308 346 65,651 9,025 14,118 212,513 63,811 23,671

1987 1,334 257 79,204 10,380 16,853 268,031 86,157 31,044

1988 1,417 229 88,287 11,075 20,140 327,697 105,859 39,257

1989 1,386 224 94,451 11,857 25,331 378,167 121,095 43,795

1990 1,432 210 96,258 13,814 29,701 433,433 135,979 51,727

1991 1,441 222 94,283 14,855 33,915 506,967 156,433 58,508

1992 1,468 205 96,410 17,199 36,528 604,714 183,400 68,735

1993 1,612 197 89,282 19,222 42,177 707,020 217,209 76,427

1994 1,596 249 84,316 24,074 45,356 831,005 241,688 89,488

1995 1,453 317 81,415 25,535 53,694 898,134 262,656 99,777

1996 1,444 311 79,534 29,048 64,115 1,003,066 293,685 108,469

1997 1,464 272 77,754 31,465 71,190 1,105,822 309,841 111,232

1998 1,530 301 68,686 34,908 69,101 1,043,737 286,057 106,144

1999 1,171 307 63,358 35,960 65,560 1,032,009 280,306 106,574

2000 920 241 67,646 36,917 62,054 1,087,570 308,600 118,974

2001 1,003 174 59,760 37,957 57,167 1,088,211 309,926 117,526

2002 1,002 136 51,396 39,609 51,534 1,091,272 310,500 121,766

2003 824 116 44,403 38,839 44,910 1,073,941 308,872 117,420

2004 886 72 44,455 39,726 40,376 1,130,695 345,092 126,820

2005@ 847 100 45,547 39,924 38,538 1,219,239 386,726 135,119

a Gross domestic product at factor cost = (1) + (2) + (3) + (4) + (5) + (6)b Statistical discrepancy = [(10) - (7) - (8)] / (10) x 100%

Table 15 GDP by economic activity(a) At current prices

86

HK$ million(6) (7) (8) (9) (10)

Services (6c) (6d) (6e)

Financing, Community, Grossinsurance, social and domestic Taxes on Statistical Gross domestic

real estate and personal Ownership product at production discrepancy product at currentbusiness services services of premises factor cost and imports (%) market prices Year

29,502 16,180 11,458 136,237 5,593 1.1 143,402 1980

36,821 21,219 14,367 167,182 6,544 -0.4 172,965 1981

38,019 27,715 17,757 186,446 6,261 1.4 195,408 1982

33,018 31,981 21,535 205,541 7,643 1.5 216,383 1983

35,382 36,823 23,458 244,370 8,841 2.9 260,761 1984

39,087 42,306 25,690 259,353 11,745 2.1 276,823 1985

48,851 47,199 28,982 302,961 14,402 0.6 319,232 1986

63,659 52,771 34,400 376,061 19,577 -0.5 393,541 1987

80,405 60,732 41,445 448,847 20,407 -0.9 465,245 1988

94,132 69,852 49,293 511,415 24,243 0.1 536,268 1989

108,925 80,963 55,838 574,848 28,191 -0.7 598,950 1990

136,620 93,719 61,687 651,683 34,631 0.6 690,324 1991

170,985 109,989 71,605 756,524 46,763 0.2 805,082 1992

205,266 129,521 78,598 859,509 51,151 1.9 927,996 1993

245,475 150,319 104,035 986,597 53,802 0.7 1,047,470 1994

240,188 174,652 120,860 1,060,548 50,360 0.4 1,115,739 1995

274,885 197,549 128,477 1,177,519 59,701 -0.6 1,229,481 1996

314,310 219,163 151,275 1,287,967 82,205 -0.4 1,365,024 1997

274,913 231,219 145,404 1,218,263 60,372 1.1 1,292,764 1998

255,633 244,377 145,119 1,198,364 53,474 1.2 1,266,702 1999

268,399 249,997 141,600 1,255,348 57,908 0.1 1,314,789 2000

251,495 262,960 146,304 1,244,271 53,917 § 1,298,813 2001

247,045 265,746 146,214 1,234,949 43,325 -0.1 1,276,757 2002

251,085 261,917 134,648 1,203,034 48,057 -1.4 1,233,983 2003

266,834 264,008 127,940 1,256,209 58,729 -1.8 1,291,425 2004

294,666 258,449 144,280 1,344,196 62,889 -1.8 1,382,675 2005@

Table 15 GDP by economic activity(a) At current prices

a

b

87

% (1) (2) (3) (4) (5)

(6)

Mining Electricity,Agriculture and gas

Year and fishing quarrying Manufacturing and water Construction Total

1980 0.8 0.2 22.8 1.5 6.5 68.3

1981 0.7 0.2 21.8 1.6 7.3 68.5

1982 0.7 0.2 19.8 2.0 7.1 70.3

1983 0.6 0.2 21.9 2.5 6.2 68.6

1984 0.5 0.1 23.4 2.5 5.2 68.2

1985 0.5 0.1 21.3 2.8 4.8 70.5

1986 0.4 0.1 21.7 3.0 4.7 70.1

1987 0.4 0.1 21.1 2.8 4.5 71.3

1988 0.3 0.1 19.7 2.5 4.5 73.0

1989 0.3 ** 18.5 2.3 5.0 73.9

1990 0.2 ** 16.7 2.4 5.2 75.4

1991 0.2 ** 14.5 2.3 5.2 77.8

1992 0.2 ** 12.7 2.3 4.8 79.9

1993 0.2 ** 10.4 2.2 4.9 82.3

1994 0.2 ** 8.5 2.4 4.6 84.2

1995 0.1 ** 7.7 2.4 5.1 84.7

1996 0.1 ** 6.8 2.5 5.4 85.2

1997 0.1 ** 6.0 2.4 5.5 85.9

1998 0.1 ** 5.6 2.9 5.7 85.7

1999 0.1 ** 5.3 3.0 5.5 86.1

2000 0.1 ** 5.4 2.9 4.9 86.6

2001 0.1 ** 4.8 3.1 4.6 87.5

2002 0.1 ** 4.2 3.2 4.2 88.4

2003 0.1 ** 3.7 3.2 3.7 89.3

2004 0.1 ** 3.5 3.2 3.2 90.0

2005@ 0.1 ** 3.4 3.0 2.9 90.7

Table 15 GDP by economic activity(b) Percentage contribution to GDP at current prices

88

%(6) (7)

Services (6a) (6b) (6c) (6d) (6e)Wholesale, Financing,

retail and insurance,import and real estate Community, Gross

export trades, Transport, and social and Ownership domesticrestaurants storage and business personal of product atand hotels communications services services premises factor cost Year

19.4 6.9 21.7 11.9 8.4 100.0 1980

18.2 6.9 22.0 12.7 8.6 100.0 1981

18.4 7.2 20.4 14.9 9.5 100.0 1982

18.9 7.6 16.1 15.6 10.5 100.0 1983

21.7 7.4 14.5 15.1 9.6 100.0 1984

21.5 7.7 15.1 16.3 9.9 100.0 1985

21.1 7.8 16.1 15.6 9.6 100.0 1986

22.9 8.3 16.9 14.0 9.1 100.0 1987

23.6 8.7 17.9 13.5 9.2 100.0 1988

23.7 8.6 18.4 13.7 9.6 100.0 1989

23.7 9.0 18.9 14.1 9.7 100.0 1990

24.0 9.0 21.0 14.4 9.5 100.0 1991

24.2 9.1 22.6 14.5 9.5 100.0 1992

25.3 8.9 23.9 15.1 9.1 100.0 1993

24.5 9.1 24.9 15.2 10.5 100.0 1994

24.8 9.4 22.6 16.5 11.4 100.0 1995

24.9 9.2 23.3 16.8 10.9 100.0 1996

24.1 8.6 24.4 17.0 11.7 100.0 1997

23.5 8.7 22.6 19.0 11.9 100.0 1998

23.4 8.9 21.3 20.4 12.1 100.0 1999

24.6 9.5 21.4 19.9 11.3 100.0 2000

24.9 9.4 20.2 21.1 11.8 100.0 2001

25.1 9.9 20.0 21.5 11.8 100.0 2002

25.7 9.8 20.9 21.8 11.2 100.0 2003

27.5 10.1 21.2 21.0 10.2 100.0 2004

28.8 10.1 21.9 19.2 10.7 100.0 2005@

Table 15 GDP by economic activity(b) Percentage contribution to GDP at current prices

89

% (1) (2) (3) (4) (5)

(6) (6a) (6b)


import andMining Electricity, export trades, Transport,

Agriculture and gas restaurants storage andYear and fishing quarrying Manufacturing and water Construction Total and hotels communications

1981 2.4 18.8 17.6 28.4 38.6 23.0 15.1 23.2

1982 9.9 21.7 1.4 39.7 7.7 14.5 12.4 15.0

1983 -1.2 2.6 22.0 42.3 -3.6 7.6 13.2 17.7

1984 1.6 -5.4 26.9 18.1 0.4 18.2 36.9 14.5

1985 -2.7 19.1 -3.6 17.1 -1.8 9.7 5.1 11.4

1986 8.0 -2.8 19.1 25.3 12.5 16.2 14.4 18.2

1987 2.0 -25.7 20.6 15.0 19.4 26.1 35.0 31.1

1988 6.2 -10.9 11.5 6.7 19.5 22.3 22.9 26.5

1989 -2.2 -2.2 7.0 7.1 25.8 15.4 14.4 11.6

1990 3.3 -6.3 1.9 16.5 17.3 14.6 12.3 18.1

1991 0.6 5.7 -2.1 7.5 14.2 17.0 15.0 13.1

1992 1.9 -7.7 2.3 15.8 7.7 19.3 17.2 17.5

1993 9.8 -3.9 -7.4 11.8 15.5 16.9 18.4 11.2

1994 -1.0 26.4 -5.6 25.2 7.5 17.5 11.3 17.1

1995 -9.0 27.3 -3.4 6.1 18.4 8.1 8.7 11.5

1996 -0.6 -1.9 -2.3 13.8 19.4 11.7 11.8 8.7

1997 1.4 -12.5 -2.2 8.3 11.0 10.2 5.5 2.5

1998 4.5 10.7 -11.7 10.9 -2.9 -5.6 -7.7 -4.6

1999 -23.5 2.0 -7.8 3.0 -5.1 -1.1 -2.0 0.4

2000 -21.4 -21.5 6.8 2.7 -5.3 5.4 10.1 11.6

2001 9.0 -27.8 -11.7 2.8 -7.9 0.1 0.4 -1.2

2002 -0.1 -21.8 -14.0 4.4 -9.9 0.3 0.2 3.6

2003 -17.8 -14.7 -13.6 -1.9 -12.9 -1.6 -0.5 -3.6

2004 7.5 -37.9 0.1 2.3 -10.1 5.3 11.7 8.0

2005@ -4.4 38.9 2.5 0.5 -4.6 7.8 12.1 6.5

Table 15 GDP by economic activity(c) Percentage changes in nominal terms

90

%(6) (7) (8) (9)

Services (6c) (6d) (6e)

Financing, Community, Grossinsurance, social and domestic Taxes on Gross domestic

real estate and personal Ownership product at production product at currentbusiness services services of premises factor cost and imports market prices Year

24.8 31.1 25.4 22.7 17.0 20.6 1981

3.3 30.6 23.6 11.5 -4.3 13.0 1982

-13.2 15.4 21.3 10.2 22.1 10.7 1983

7.2 15.1 8.9 18.9 15.7 20.5 1984

10.5 14.9 9.5 6.1 32.8 6.2 1985

25.0 11.6 12.8 16.8 22.6 15.3 1986

30.3 11.8 18.7 24.1 35.9 23.3 1987

26.3 15.1 20.5 19.4 4.2 18.2 1988

17.1 15.0 18.9 13.9 18.8 15.3 1989

15.7 15.9 13.3 12.4 16.3 11.7 1990

25.4 15.8 10.5 13.4 22.8 15.3 1991

25.2 17.4 16.1 16.1 35.0 16.6 1992

20.0 17.8 9.8 13.6 9.4 15.3 1993

19.6 16.1 32.4 14.8 5.2 12.9 1994

-2.2 16.2 16.2 7.5 -6.4 6.5 1995

14.4 13.1 6.3 11.0 18.5 10.2 1996

14.3 10.9 17.7 9.4 37.7 11.0 1997

-12.5 5.5 -3.9 -5.4 -26.6 -5.3 1998

-7.0 5.7 -0.2 -1.6 -11.4 -2.0 1999

5.0 2.3 -2.4 4.8 8.3 3.8 2000

-6.3 5.2 3.3 -0.9 -6.9 -1.2 2001

-1.8 1.1 -0.1 -0.7 -19.6 -1.7 2002

1.6 -1.4 -7.9 -2.6 10.9 -3.4 2003

6.3 0.8 -5.0 4.4 22.2 4.7 2004

10.4 -2.1 12.8 7.0 7.1 7.1 2005@

Table 15 GDP by economic activity(c) Percentage changes in nominal terms

91

HK$ million (1) (2) (3) (4) (5)


Year and fishing quarrying Manufacturing and water Construction

1980 Gross output 2,633 352 116,592 5,153 18,424Intermediate consumption 1,531 139 85,597 3,113 9,579Value added 1,102 213 30,995 2,040 8,846 Compensation of employees 245 52 22,635 618 6,855 Gross operating surplus 857 161 8,360 1,422 1,991Value added as % of gross output 41.9 60.5 26.6 39.6 48.0Compensation of employees as % of value added 22.2 24.4 73.0 30.3 77.5

1981 Gross output 2,837 422 136,132 7,592 24,676Intermediate consumption 1,709 169 99,693 4,972 12,418Value added 1,128 253 36,439 2,620 12,259 Compensation of employees 257 60 24,828 862 9,356 Gross operating surplus 871 193 11,610 1,758 2,903Value added as % of gross output 39.8 60.0 26.8 34.5 49.7Compensation of employees as % of value added 22.8 23.7 68.1 32.9 76.3

1982 Gross output 3,090 524 131,902 8,252 26,949Intermediate consumption 1,851 216 94,952 4,591 13,744Value added 1,240 308 36,949 3,661 13,205 Compensation of employees 283 70 25,480 1,083 10,183 Gross operating surplus 956 238 11,470 2,577 3,023Value added as % of gross output 40.1 58.8 28.0 44.4 49.0Compensation of employees as % of value added 22.8 22.7 69.0 29.6 77.1



Table 16 Gross output, intermediate consumption, value added and factor income by economic activity

at current prices

92

HK$ million(6) (7)

Services(6) (6a) (6b) (6c) (6d) (6e)


import and Financing, Community,export trades, Transport, insurance, social and

restaurants storage and real estate and personal Ownership All economicTotal and hotels communications business services services of premises activities Year

144,655 46,651 21,670 37,072 26,601 12,661 287,809 198051,614 20,161 12,259 7,570 10,421 1,203 151,57293,041 26,490 9,411 29,502 16,180 11,458 136,23735,131 12,061 4,790 5,681 12,598 0 65,53557,910 14,428 4,621 23,821 3,582 11,458 70,702

64.3 56.8 43.4 79.6 60.8 90.5 47.337.8 45.5 50.9 19.3 77.9 0.0 48.1

184,454 55,851 27,357 48,625 36,672 15,949 356,113 198169,970 25,372 15,759 11,804 15,453 1,582 188,931

114,484 30,479 11,598 36,821 21,219 14,367 167,18244,921 15,266 5,857 8,097 15,702 0 80,28469,563 15,214 5,741 28,724 5,518 14,367 86,898

62.1 54.6 42.4 75.7 57.9 90.1 46.939.2 50.1 50.5 22.0 74.0 0.0 48.0

214,433 64,268 31,915 52,811 45,827 19,612 385,150 198283,349 30,015 18,575 14,792 18,112 1,855 198,703

131,084 34,252 13,340 38,019 27,715 17,757 186,44656,398 17,870 7,360 10,012 21,156 0 93,49774,685 16,382 5,980 28,007 6,559 17,757 92,949

61.1 53.3 41.8 72.0 60.5 90.5 48.443.0 52.2 55.2 26.3 76.3 0.0 50.1

236,705 73,549 36,897 48,740 53,837 23,680 444,880 198395,707 34,787 21,197 15,723 21,856 2,145 239,339

140,997 38,763 15,701 33,018 31,981 21,535 205,54164,678 20,566 8,209 11,833 24,070 0 105,50376,319 18,197 7,492 21,185 7,911 21,535 100,039

59.6 52.7 42.6 67.7 59.4 90.9 46.245.9 53.1 52.3 35.8 75.3 0.0 51.3

278,873 95,999 43,219 52,419 61,556 25,680 529,730 1984112,165 42,930 25,243 17,037 24,733 2,222 285,360166,708 53,069 17,976 35,382 36,823 23,458 244,370

75,665 25,051 9,075 13,469 28,070 0 124,21391,043 28,018 8,900 21,913 8,753 23,458 120,157

59.8 55.3 41.6 67.5 59.8 91.3 46.145.4 47.2 50.5 38.1 76.2 0.0 50.8

Table 16 Gross output, intermediate consumption, value added and factor income by economic activity

at current prices

93

HK$ million (1) (2) (3) (4) (5)









94

HK$ million(6) (7)

Services(6) (6a) (6b) (6c) (6d) (6e)

Wholesale, Financing,retail and insurance,

import and real estate Community,export trades, Transport, and social and Ownership

restaurants storage and business personal of All economicTotal and hotels communications services services premises activities Year

307,423 105,075 46,365 58,121 69,787 28,075 547,465 1985124,526 49,292 26,334 19,034 27,481 2,385 288,111182,897 55,783 20,031 39,087 42,306 25,690 259,353

86,870 28,781 10,185 15,842 32,061 0 137,62896,027 27,002 9,846 23,245 10,245 25,690 121,725

59.5 53.1 43.2 67.3 60.6 91.5 47.447.5 51.6 50.8 40.5 75.8 0.0 53.1

354,764 122,361 53,486 70,419 76,884 31,615 643,860 1986142,251 58,550 29,816 21,568 29,685 2,633 340,898212,513 63,811 23,671 48,851 47,199 28,982 302,961

99,162 32,772 11,399 18,312 36,678 0 155,954113,351 31,039 12,271 30,539 10,521 28,982 147,007

59.9 52.1 44.3 69.4 61.4 91.7 47.146.7 51.4 48.2 37.5 77.7 0.0 51.5

440,143 160,687 63,864 92,121 85,725 37,746 795,762 1987172,112 74,530 32,820 28,462 32,954 3,347 419,702268,031 86,157 31,044 63,659 52,771 34,400 376,061118,524 40,637 13,541 22,852 41,494 0 184,569149,507 45,520 17,503 40,807 11,277 34,400 191,492

60.9 53.6 48.6 69.1 61.6 91.1 47.344.2 47.2 43.6 35.9 78.6 0.0 49.1

542,657 203,820 77,565 115,231 100,339 45,701 946,955 1988214,959 97,961 38,308 34,826 39,607 4,257 498,108327,697 105,859 39,257 80,405 60,732 41,445 448,847143,246 50,716 16,468 28,780 47,283 0 216,828184,451 55,143 22,789 51,626 13,448 41,445 232,019

60.4 51.9 50.6 69.8 60.5 90.7 47.443.7 47.9 41.9 35.8 77.9 0.0 48.3

638,917 241,905 89,416 136,284 117,066 54,246 1,062,188 1989260,750 120,810 45,621 42,152 47,214 4,954 550,773378,167 121,095 43,795 94,132 69,852 49,293 511,415171,646 61,172 19,787 35,136 55,551 0 252,498206,521 59,923 24,008 58,997 14,301 49,293 258,917

59.2 50.1 49.0 69.1 59.7 90.9 48.145.4 50.5 45.2 37.3 79.5 0.0 49.4


95

HK$ million (1) (2) (3) (4) (5)







1994 Gross output 3,734 476 300,890 31,159 96,142Intermediate consumption 2,138 226 216,573 7,085 50,786Value added 1,596 249 84,316 24,074 45,356 Compensation of employees 510 114 50,618 5,105 35,679 Gross operating surplus 1,086 135 33,699 18,969 9,677Value added as % of gross output 42.7 52.3 28.0 77.3 47.2Compensation of employees as % of value added 32.0 45.8 60.0 21.2 78.7


96

HK$ million(6) (7)

Services(6) (6a) (6b) (6c) (6d) (6e)




757,547 291,986 106,521 161,226 135,439 62,375 1,184,659 1990324,114 156,007 54,794 52,301 54,475 6,537 609,811433,433 135,979 51,727 108,925 80,963 55,838 574,848204,611 72,513 24,790 41,943 65,366 0 290,838228,821 63,466 26,937 66,982 15,598 55,838 284,010

57.2 46.6 48.6 67.6 59.8 89.5 48.547.2 53.3 47.9 38.5 80.7 0.0 50.6

876,536 335,679 115,341 200,078 152,941 72,497 1,312,610 1991369,569 179,245 56,833 63,459 59,221 10,811 660,928506,967 156,433 58,508 136,620 93,719 61,687 651,683239,543 86,336 26,513 49,745 76,949 0 327,165267,424 70,097 31,994 86,875 16,770 61,687 324,518

57.8 46.6 50.7 68.3 61.3 85.1 49.647.3 55.2 45.3 36.4 82.1 0.0 50.2

993,487 349,776 136,481 243,200 178,829 85,201 1,436,619 1992388,773 166,376 67,746 72,215 68,840 13,597 680,095604,714 183,400 68,735 170,985 109,989 71,605 756,524281,504 99,368 32,103 57,768 92,264 0 371,756323,211 84,032 36,632 113,217 17,725 71,605 384,768

60.9 52.4 50.4 70.3 61.5 84.0 52.746.6 54.2 46.7 33.8 83.9 0.0 49.1

1,181,935 420,406 156,472 291,597 218,868 94,592 1,619,378 1993474,916 203,197 80,045 86,332 89,347 15,994 759,869707,020 217,209 76,427 205,266 129,521 78,598 859,509330,075 118,432 36,345 66,384 108,913 0 421,883376,945 98,776 40,081 138,881 20,608 78,598 437,626

59.8 51.7 48.8 70.4 59.2 83.1 53.146.7 54.5 47.6 32.3 84.1 0.0 49.1

1,381,769 476,321 176,433 352,511 254,758 121,746 1,814,170 1994550,764 234,633 86,945 107,036 104,439 17,711 827,573831,005 241,688 89,488 245,475 150,319 104,035 986,597377,464 131,994 41,663 80,501 123,306 0 469,489453,542 109,694 47,825 164,974 27,013 104,035 517,108

60.1 50.7 50.7 69.6 59.0 85.5 54.445.4 54.6 46.6 32.8 82.0 0.0 47.6


97

HK$ million (1) (2) (3) (4) (5)









98

HK$ million(6) (7)

Services(6) (6a) (6b) (6c) (6d) (6e)




1,498,781 512,513 196,522 353,592 294,118 142,035 1,961,688 1995600,648 249,857 96,745 113,404 119,465 21,175 901,140898,134 262,656 99,777 240,188 174,652 120,860 1,060,548431,861 149,047 48,117 90,167 144,530 0 529,546466,272 113,609 51,660 150,021 30,122 120,860 531,002

59.9 51.2 50.8 67.9 59.4 85.1 54.148.1 56.7 48.2 37.5 82.8 0.0 49.9

1,660,513 557,830 214,373 403,839 329,159 155,313 2,125,555 1996657,447 264,144 105,903 128,953 131,610 26,836 948,036

1,003,066 293,685 108,469 274,885 197,549 128,477 1,177,519480,616 157,762 51,680 107,306 163,868 0 584,383522,450 135,923 56,789 167,579 33,681 128,477 593,136

60.4 52.6 50.6 68.1 60.0 82.7 55.447.9 53.7 47.6 39.0 83.0 0.0 49.6

1,828,276 595,757 225,605 462,616 363,894 180,403 2,290,707 1997722,454 285,916 114,373 148,306 144,731 29,128 1,002,740

1,105,822 309,841 111,232 314,310 219,163 151,275 1,287,967539,979 171,190 56,950 126,599 185,241 0 649,905565,843 138,651 54,282 187,712 33,922 151,275 638,062

60.5 52.0 49.3 67.9 60.2 83.9 56.248.8 55.3 51.2 40.3 84.5 0.0 50.5

1,731,886 539,335 217,761 418,657 376,491 179,642 2,155,434 1998688,149 253,278 111,617 143,744 145,272 34,239 937,170

1,043,737 286,057 106,144 274,913 231,219 145,404 1,218,263549,233 167,470 56,705 123,156 201,902 0 654,417494,503 118,587 49,439 151,757 29,317 145,404 563,846

60.3 53.0 48.7 65.7 61.4 80.9 56.552.6 58.5 53.4 44.8 87.3 0.0 53.7

1,719,862 524,627 231,697 399,060 393,438 171,040 2,117,625 1999687,853 244,320 125,124 143,427 149,061 25,922 919,261

1,032,009 280,306 106,574 255,633 244,377 145,119 1,198,364554,019 159,415 54,616 124,039 215,949 0 652,199477,990 120,891 51,958 131,594 28,429 145,119 546,165

60.0 53.4 46.0 64.1 62.1 84.8 56.653.7 56.9 51.2 48.5 88.4 0.0 54.4


99

HK$ million (1) (2) (3) (4) (5)



2000 Gross output 3,030 472 230,262 47,193 124,208Intermediate consumption 2,110 231 162,616 10,276 62,154Value added 920 241 67,646 36,917 62,054 Compensation of employees 375 82 36,369 5,809 53,678 Gross operating surplus 546 159 31,277 31,108 8,375Value added as % of gross output 30.4 51.1 29.4 78.2 50.0Compensation of employees as % of value added 40.8 34.0 53.8 15.7 86.5






100


HK$ million(6) (7)

Services(6) (6a) (6b) (6c) (6d) (6e)




1,818,213 562,429 263,758 423,167 405,383 163,477 2,223,377 2000730,642 253,828 144,784 154,767 155,386 21,877 968,029

1,087,570 308,600 118,974 268,399 249,997 141,600 1,255,348581,003 168,710 55,930 136,394 219,970 0 677,316506,567 139,890 63,044 132,006 30,027 141,600 578,032

59.8 54.9 45.1 63.4 61.7 86.6 56.553.4 54.7 47.0 50.8 88.0 0.0 54.0

1,804,580 559,249 253,963 404,361 419,514 167,493 2,173,575 2001716,370 249,324 136,438 152,866 156,554 21,188 929,304

1,088,211 309,926 117,526 251,495 262,960 146,304 1,244,271594,429 165,471 56,797 137,971 234,192 0 684,369493,781 144,455 60,729 113,525 28,768 146,304 559,902

60.3 55.4 46.3 62.2 62.7 87.3 57.254.6 53.4 48.3 54.9 89.1 0.0 55.0

1,796,533 551,373 261,623 399,674 415,878 167,985 2,131,988 2002705,261 240,873 139,857 152,629 150,131 21,770 897,039

1,091,272 310,500 121,766 247,045 265,746 146,214 1,234,949589,469 159,203 55,349 135,502 239,415 0 672,695501,803 151,297 66,418 111,542 26,331 146,214 562,253

60.7 56.3 46.5 61.8 63.9 87.0 57.954.0 51.3 45.5 54.8 90.1 0.0 54.5

1,784,570 544,748 264,251 407,090 411,767 156,714 2,090,094 2003710,629 235,876 146,831 156,004 149,851 22,067 887,060

1,073,941 308,872 117,420 251,085 261,917 134,648 1,203,034581,767 152,094 55,625 139,234 234,815 0 655,009492,173 156,778 61,795 111,851 27,102 134,648 548,025

60.2 56.7 44.4 61.7 63.6 85.9 57.654.2 49.2 47.4 55.5 89.7 0.0 54.4

1,910,441 601,822 302,703 435,329 417,720 152,867 2,212,257 2004779,747 256,730 175,884 168,495 153,712 24,927 956,048

1,130,695 345,092 126,820 266,834 264,008 127,940 1,256,209596,056 158,768 57,694 146,485 233,110 0 663,939534,639 186,325 69,126 120,350 30,898 127,940 592,270

59.2 57.3 41.9 61.3 63.2 83.7 56.852.7 46.0 45.5 54.9 88.3 0.0 52.9

101

HK$ million (1) (2) (3) (4) (5)



2005@ Gross output 2,867 221 165,756 54,167 82,249Intermediate consumption 2,020 121 120,208 14,242 43,711Value added 847 100 45,547 39,924 38,538 Compensation of employees 280 29 26,962 5,094 32,727 Gross operating surplus 568 71 18,586 34,830 5,811Value added as % of gross output 29.5 45.2 27.5 73.7 46.9Compensation of employees as % of value added 33.1 29.0 59.2 12.8 84.9


102


HK$ million(6) (7)

Services(6) (6a) (6b) (6c) (6d) (6e)




2,071,638 677,097 329,086 482,157 416,870 166,428 2,376,897 2005@

852,399 290,371 193,967 187,491 158,421 22,148 1,032,7011,219,239 386,726 135,119 294,666 258,449 144,280 1,344,196

627,322 170,377 60,409 167,675 228,860 0 692,413591,918 216,349 74,710 126,990 29,589 144,280 651,783

58.9 57.1 41.1 61.1 62.0 86.7 56.651.5 44.1 44.7 56.9 88.6 0.0 51.5

103

HK$ million(1)

Manufacturing (1) (1a) (1b) (1c) (1d)

Electrical andWearing electronic products, Paper

apparel machinery, products Otherand professional equipment and manufacturing

Year Total textiles and optical goods printing industries

1980 30,995 12,471 6,279 1,765 10,480

1981 36,439 13,838 8,365 2,268 11,967

1982 36,949 14,382 8,240 2,287 12,040

1983 45,065 17,972 10,214 2,684 14,195

1984 57,183 23,060 12,448 3,460 18,215

1985 55,133 22,636 10,189 3,797 18,511

1986 65,651 26,848 13,336 4,190 21,276

1987 79,204 31,968 17,131 5,318 24,788

1988 88,287 32,847 20,268 7,095 28,078

1989 94,451 35,418 20,871 8,049 30,114

1990 96,258 34,060 22,193 9,617 30,388

1991 94,283 32,877 21,894 9,817 29,695

1992 96,410 33,408 22,825 10,558 29,619

1993 89,282 28,385 21,195 11,678 28,024

1994 84,316 24,600 21,953 11,819 25,944

1995 81,415 21,593 22,144 11,706 25,971

1996 79,534 19,729 20,732 13,024 26,049

1997 77,754 17,862 20,072 14,977 24,843

1998 68,686 14,787 18,464 12,312 23,124

1999 63,358 13,951 17,161 11,475 20,771

2000 67,646 13,345 21,284 12,478 20,539

2001 59,760 11,033 16,514 12,951 19,262

2002 51,396 9,892 10,399 12,058 19,046

2003 44,403 10,074 6,788 11,709 15,832

2004 44,455 9,993 7,161 11,532 15,768

2005@ 45,547 9,256 7,483 12,357 16,452

Table 17 Value added of selected economic activities(a) At current prices

104

HK$ million(2)

Wholesale, retail and import and export trades, restaurants and hotels (2) (2a) (2b) (2c) (2d) (2e)

Wholesale Retail Import andTotal trade trade export trade Restaurants Hotels Year

26,490 2,158 5,614 13,512 3,934 1,272 1980

30,479 2,310 6,274 15,148 5,163 1,585 1981

34,252 2,634 7,423 16,768 5,656 1,772 1982

38,763 2,713 7,040 20,799 6,182 2,029 1983

53,069 3,487 9,317 30,448 7,173 2,643 1984

55,783 3,722 10,023 30,973 7,996 3,069 1985

63,811 4,052 10,496 36,446 9,082 3,735 1986

86,157 5,411 13,593 51,016 11,439 4,699 1987

105,859 5,939 16,767 63,602 13,577 5,974 1988

121,095 6,868 18,877 71,294 17,395 6,661 1989

135,979 8,856 18,903 83,297 18,252 6,672 1990

156,433 9,314 22,039 98,725 19,343 7,012 1991

183,400 10,152 25,259 116,632 22,579 8,777 1992

217,209 12,345 27,026 142,746 24,699 10,393 1993

241,688 12,273 31,337 159,723 26,744 11,611 1994

262,656 13,013 29,006 182,271 25,832 12,535 1995

293,685 14,332 32,891 205,350 26,933 14,179 1996

309,841 14,003 34,095 219,493 29,114 13,135 1997

286,057 12,553 26,480 212,554 25,984 8,487 1998

280,306 12,742 26,846 206,184 26,617 7,916 1999

308,600 11,648 28,635 231,720 26,942 9,655 2000

309,926 12,855 27,700 236,228 24,480 8,662 2001

310,500 11,726 26,793 241,753 21,941 8,287 2002

308,872 10,473 24,667 247,979 18,893 6,861 2003

345,092 12,021 32,249 267,713 22,669 10,440 2004

386,726 12,207 35,176 302,833 23,649 12,861 2005@


105

HK$ million(3)

Transport, storage and communications (3) (3a) (3b) (3c)

Transport (3a) (3ai) (3aii) (3aiii) (3aiv)

OtherSub- Land Water Air transport

Year Total total transport transport transport services Storage Communications

1980 9,411 7,163 3,004 2,543 1,272 345 355 1,893

1981 11,598 8,956 3,912 2,867 1,712 465 343 2,298

1982 13,340 9,935 4,572 2,920 1,983 459 388 3,018

1983 15,701 11,910 5,160 3,535 2,631 583 430 3,360

1984 17,976 13,617 5,801 4,334 2,817 665 445 3,913

1985 20,031 14,849 6,651 4,499 2,856 843 401 4,781

1986 23,671 17,626 7,755 5,048 3,728 1,094 531 5,514

1987 31,044 23,855 9,249 6,666 6,742 1,197 677 6,512

1988 39,257 30,509 10,945 8,260 9,674 1,631 823 7,925

1989 43,795 33,263 12,505 8,944 10,204 1,610 1,118 9,414

1990 51,727 39,329 15,000 11,092 11,428 1,809 1,189 11,209

1991 58,508 43,409 16,358 12,428 12,475 2,148 1,309 13,790

1992 68,735 50,554 19,905 14,265 13,873 2,510 1,480 16,701

1993 76,427 55,847 21,927 16,837 14,201 2,883 1,219 19,360

1994 89,488 66,422 24,872 18,925 19,595 3,030 1,239 21,828

1995 99,777 72,225 26,660 20,673 21,251 3,643 1,499 26,053

1996 108,469 77,416 28,526 20,814 24,185 3,891 1,544 29,510

1997 111,232 79,515 29,354 22,022 24,562 3,578 1,361 30,355

1998 106,144 78,484 30,722 22,975 21,643 3,145 1,375 26,284

1999 106,574 83,210 31,013 23,865 24,775 3,556 1,210 22,154

2000 118,974 91,619 33,318 26,368 28,251 3,682 1,297 26,058

2001 117,526 88,615 32,669 25,843 26,526 3,577 1,105 27,806

2002 121,766 92,863 32,165 25,801 31,362 3,535 984 27,919

2003 117,420 89,974 29,859 28,891 28,249 2,975 1,042 26,403

2004 126,820 102,795 31,577 31,820 35,505 3,893 1,150 22,875

2005@ 135,119 109,402 33,769 30,572 40,159 4,901 1,634 24,083


106

HK$ million(4)

Financing, insurance, real estate and business services (4) (4a) (4b) (4c) (4d)

Insurance Real BusinessTotal Financing services estate services Year

29,502 8,499 869 17,352 2,782 1980

36,821 11,061 1,277 20,754 3,729 1981

38,019 12,488 1,346 20,081 4,104 1982

33,018 12,660 1,526 13,634 5,198 1983

35,382 13,886 1,637 13,710 6,148 1984

39,087 14,046 2,015 15,577 7,450 1985

48,851 18,143 2,236 19,317 9,155 1986

63,659 23,381 2,836 25,539 11,902 1987

80,405 25,521 3,571 35,454 15,858 1988

94,132 29,072 4,299 43,307 17,454 1989

108,925 33,571 4,587 51,386 19,381 1990

136,620 52,107 5,468 55,970 23,075 1991

170,985 67,280 6,666 70,247 26,792 1992

205,266 80,149 9,280 85,188 30,649 1993

245,475 86,448 11,974 109,756 37,297 1994

240,188 92,210 11,977 92,358 43,644 1995

274,885 109,602 11,342 105,206 48,736 1996

314,310 122,138 11,081 123,193 57,899 1997

274,913 108,230 11,111 101,413 54,159 1998

255,633 119,994 12,045 71,444 52,150 1999

268,399 134,916 14,242 63,868 55,374 2000

251,495 125,425 14,951 57,430 53,689 2001

247,045 125,840 15,708 52,922 52,574 2002

251,085 130,113 17,784 48,473 54,716 2003

266,834 135,581 17,300 52,401 61,552 2004

294,666 153,399 17,290 60,583 63,394 2005@


107

%(1)

Manufacturing (1) (1a) (1b) (1c) (1d)

Electrical andWearing electronic products, Paper

apparel machinery, products Otherand professional equipment and manufacturing

Year Total textiles and optical goods printing industries

1981 17.6 11.0 33.2 28.5 14.2

1982 1.4 3.9 -1.5 0.8 0.6

1983 22.0 25.0 24.0 17.4 17.9

1984 26.9 28.3 21.9 28.9 28.3

1985 -3.6 -1.8 -18.1 9.7 1.6

1986 19.1 18.6 30.9 10.4 14.9

1987 20.6 19.1 28.5 26.9 16.5

1988 11.5 2.7 18.3 33.4 13.3

1989 7.0 7.8 3.0 13.4 7.3

1990 1.9 -3.8 6.3 19.5 0.9

1991 -2.1 -3.5 -1.3 2.1 -2.3

1992 2.3 1.6 4.3 7.5 -0.3

1993 -7.4 -15.0 -7.1 10.6 -5.4

1994 -5.6 -13.3 3.6 1.2 -7.4

1995 -3.4 -12.2 0.9 -1.0 0.1

1996 -2.3 -8.6 -6.4 11.3 0.3

1997 -2.2 -9.5 -3.2 15.0 -4.6

1998 -11.7 -17.2 -8.0 -17.8 -6.9

1999 -7.8 -5.7 -7.1 -6.8 -10.2

2000 6.8 -4.3 24.0 8.7 -1.1

2001 -11.7 -17.3 -22.4 3.8 -6.2

2002 -14.0 -10.3 -37.0 -6.9 -1.1

2003 -13.6 1.8 -34.7 -2.9 -16.9

2004 0.1 -0.8 5.5 -1.5 -0.4

2005@ 2.5 -7.4 4.5 7.2 4.3

Table 17 Value added of selected economic activities(b) Percentage changes in nominal terms

108

%(2)

Wholesale, retail and import and export trades, restaurants and hotels (2) (2a) (2b) (2c) (2d) (2e)

Wholesale Retail Import andTotal trade trade export trade Restaurants Hotels Year

15.1 7.0 11.8 12.1 31.2 24.6 1981

12.4 14.0 18.3 10.7 9.5 11.8 1982

13.2 3.0 -5.2 24.0 9.3 14.5 1983

36.9 28.5 32.3 46.4 16.0 30.3 1984

5.1 6.7 7.6 1.7 11.5 16.1 1985

14.4 8.9 4.7 17.7 13.6 21.7 1986

35.0 33.5 29.5 40.0 26.0 25.8 1987

22.9 9.8 23.4 24.7 18.7 27.1 1988

14.4 15.6 12.6 12.1 28.1 11.5 1989

12.3 28.9 0.1 16.8 4.9 0.2 1990

15.0 5.2 16.6 18.5 6.0 5.1 1991

17.2 9.0 14.6 18.1 16.7 25.2 1992

18.4 21.6 7.0 22.4 9.4 18.4 1993

11.3 -0.6 16.0 11.9 8.3 11.7 1994

8.7 6.0 -7.4 14.1 -3.4 8.0 1995

11.8 10.1 13.4 12.7 4.3 13.1 1996

5.5 -2.3 3.7 6.9 8.1 -7.4 1997

-7.7 -10.4 -22.3 -3.2 -10.8 -35.4 1998

-2.0 1.5 1.4 -3.0 2.4 -6.7 1999

10.1 -8.6 6.7 12.4 1.2 22.0 2000

0.4 10.4 -3.3 1.9 -9.1 -10.3 2001

0.2 -8.8 -3.3 2.3 -10.4 -4.3 2002

-0.5 -10.7 -7.9 2.6 -13.9 -17.2 2003

11.7 14.8 30.7 8.0 20.0 52.2 2004

12.1 1.5 9.1 13.1 4.3 23.2 2005@


109

%(3)

Transport, storage and communications (3) (3a) (3b) (3c)

Transport (3a) (3ai) (3aii) (3aiii) (3aiv)

OtherSub- Land Water Air transport

Year Total total transport transport transport services Storage Communications

1981 23.2 25.0 30.2 12.7 34.6 34.8 -3.4 21.4

1982 15.0 10.9 16.9 1.8 15.8 -1.3 13.1 31.3

1983 17.7 19.9 12.9 21.1 32.7 27.0 10.8 11.3

1984 14.5 14.3 12.4 22.6 7.1 14.1 3.5 16.5

1985 11.4 9.0 14.7 3.8 1.4 26.8 -9.9 22.2

1986 18.2 18.7 16.6 12.2 30.5 29.8 32.4 15.3

1987 31.1 35.3 19.3 32.1 80.8 9.4 27.5 18.1

1988 26.5 27.9 18.3 23.9 43.5 36.3 21.6 21.7

1989 11.6 9.0 14.3 8.3 5.5 -1.3 35.8 18.8

1990 18.1 18.2 20.0 24.0 12.0 12.4 6.4 19.1

1991 13.1 10.4 9.1 12.0 9.2 18.7 10.1 23.0

1992 17.5 16.5 21.7 14.8 11.2 16.9 13.1 21.1

1993 11.2 10.5 10.2 18.0 2.4 14.9 -17.6 15.9

1994 17.1 18.9 13.4 12.4 38.0 5.1 1.6 12.7

1995 11.5 8.7 7.2 9.2 8.5 20.2 21.0 19.4

1996 8.7 7.2 7.0 0.7 13.8 6.8 3.0 13.3

1997 2.5 2.7 2.9 5.8 1.6 -8.0 -11.9 2.9

1998 -4.6 -1.3 4.7 4.3 -11.9 -12.1 1.0 -13.4

1999 0.4 6.0 0.9 3.9 14.5 13.1 -12.0 -15.7

2000 11.6 10.1 7.4 10.5 14.0 3.5 7.2 17.6

2001 -1.2 -3.3 -1.9 -2.0 -6.1 -2.9 -14.8 6.7

2002 3.6 4.8 -1.5 -0.2 18.2 -1.2 -11.0 0.4

2003 -3.6 -3.1 -7.2 12.0 -9.9 -15.8 5.9 -5.4

2004 8.0 14.2 5.8 10.1 25.7 30.9 10.4 -13.4

2005@ 6.5 6.8 6.9 -3.9 13.1 25.9 42.1 5.3


110


%(4)

Financing, insurance, real estate and business services (4) (4a) (4b) (4c) (4d)

Insurance Real BusinessTotal Financing services estate services Year

24.8 30.1 47.0 19.6 34.0 1981

3.3 12.9 5.4 -3.2 10.1 1982

-13.2 1.4 13.4 -32.1 26.7 1983

7.2 9.7 7.3 0.6 18.3 1984

10.5 1.2 23.1 13.6 21.2 1985

25.0 29.2 11.0 24.0 22.9 1986

30.3 28.9 26.8 32.2 30.0 1987

26.3 9.2 25.9 38.8 33.2 1988

17.1 13.9 20.4 22.1 10.1 1989

15.7 15.5 6.7 18.7 11.0 1990

25.4 55.2 19.2 8.9 19.1 1991

25.2 29.1 21.9 25.5 16.1 1992

20.0 19.1 39.2 21.3 14.4 1993

19.6 7.9 29.0 28.8 21.7 1994

-2.2 6.7 * -15.9 17.0 1995

14.4 18.9 -5.3 13.9 11.7 1996

14.3 11.4 -2.3 17.1 18.8 1997

-12.5 -11.4 0.3 -17.7 -6.5 1998

-7.0 10.9 8.4 -29.6 -3.7 1999

5.0 12.4 18.2 -10.6 6.2 2000

-6.3 -7.0 5.0 -10.1 -3.0 2001

-1.8 0.3 5.1 -7.8 -2.1 2002

1.6 3.4 13.2 -8.4 4.1 2003

6.3 4.2 -2.7 8.1 12.5 2004

10.4 13.1 -0.1 15.6 3.0 2005@

111

113

(D) Annual and quarterly GDP by economic activity at constant (2000) prices

HK$ million


import andMining Electricity, export trades,

Agriculture and gas and restaurantsYear Quarter and fishing quarrying Manufacturing water Construction Total and hotels

2000 920 241 67,646 36,917 62,054 1,087,570 308,6002001 958 207 61,501 37,558 60,658 1,106,625 309,3792002 951 184 55,332 38,971 59,754 1,137,110 323,3912003 898 188 49,641 39,685 56,850 1,188,681 352,6942004 916 156 50,479 40,516 51,348 1,308,369 406,0192005@ 899 172 51,553 41,523 46,627 1,413,229 464,477

2000 1 238 79 14,811 7,527 15,744 256,693 67,8942 233 51 16,578 9,219 13,827 263,626 71,0553 215 58 18,436 11,153 15,629 280,274 83,8874 234 54 17,821 9,017 16,855 286,977 85,765

2001 1 240 52 14,189 7,832 15,493 265,449 71,8932 247 50 15,838 9,365 14,078 269,122 71,6393 220 55 16,206 11,247 14,605 283,879 84,0584 252 50 15,268 9,114 16,483 288,175 81,789

2002 1 242 43 12,484 8,000 14,351 264,443 69,3272 252 49 14,021 10,123 14,787 272,196 71,6743 214 45 15,018 11,645 15,124 294,793 89,3764 243 46 13,810 9,203 15,492 305,677 93,014

2003 1 233 46 11,267 8,326 14,002 279,034 78,7442 237 55 12,084 9,782 13,793 274,452 74,8023 200 46 13,483 12,021 14,698 309,168 95,7394 228 41 12,807 9,556 14,356 326,027 103,408

2004 1 233 38 11,323 8,653 12,591 306,847 88,8722 241 39 12,059 9,980 12,151 312,272 91,5663 202 37 13,799 12,204 12,771 335,470 109,3774 240 43 13,298 9,679 13,835 353,780 116,204

2005@ 1 218 38 11,066 9,011 12,258 328,082 100,6332 250 44 12,044 10,350 10,824 338,364 105,5003 204 44 14,366 12,146 11,773 364,499 125,4374 227 46 14,076 10,015 11,772 382,285 132,907

2006@ 1 215 45 11,838 9,005 10,717 358,332 113,2012 239 49 12,678 10,574 10,330 364,087 112,9873 199 51 14,277 12,687 10,491 394,120 138,461

Table 18 GDP by economic activity(a) At constant (2000) prices

114

HK$ million

Services

Financing,insurance, Community, Gross domestic

Transport, real estate social and Taxes on Statistical product atstorage and and business personal Ownership production discrepancy constant (2000)

communications services services of premises and imports (%) market prices Year Quarter

118,974 268,399 249,997 141,600 57,908 0.1 1,314,789 2000121,189 269,675 259,976 146,407 57,282 -0.1 1,323,167 2001129,080 277,004 258,296 149,339 57,228 -0.2 1,347,495 2002129,993 292,828 259,809 153,357 59,156 -0.3 1,390,610 2003148,111 331,282 267,445 155,512 66,858 -0.6 1,509,915 2004160,000 360,017 268,446 160,289 67,539 0.1 1,623,479 2005 @

27,318 67,894 58,737 34,849 15,666 0.1 311,206 2000 128,837 64,564 63,966 35,203 14,178 -0.1 317,265 231,380 67,933 61,401 35,674 13,402 0.2 339,808 331,438 68,008 65,892 35,873 14,662 0.3 346,509 4

29,216 65,819 62,474 36,046 15,011 0.1 318,743 2001 128,938 67,428 65,260 35,857 15,214 -0.4 322,480 231,530 67,203 64,111 36,978 12,605 § 338,836 331,505 69,225 68,131 37,526 14,452 -0.2 343,107 4

29,910 66,272 61,933 37,001 14,900 0.4 315,608 2002 130,783 69,535 63,996 36,207 15,194 -0.9 323,663 234,221 69,680 63,722 37,794 12,328 -0.1 348,775 334,165 71,516 68,645 38,336 14,806 § 359,449 4

31,210 68,602 62,627 37,851 14,649 0.6 329,500 2003 128,695 71,191 62,464 37,301 14,583 -1.1 321,512 234,538 74,642 65,266 38,983 13,262 § 362,816 335,550 78,394 69,453 39,222 16,662 -0.8 376,782 4

34,893 80,731 63,873 38,478 17,715 -0.4 356,103 2004 135,315 81,098 66,452 37,841 17,205 -0.7 361,310 238,659 81,405 66,632 39,397 14,346 -0.4 387,240 339,244 88,048 70,488 39,796 17,592 -0.8 405,262 4

37,770 85,990 64,186 39,504 17,485 0.1 378,591 2005 @ 137,707 90,046 66,179 38,932 17,551 -0.2 388,474 242,082 89,175 67,130 40,674 15,789 0.2 419,689 342,441 94,806 70,952 41,179 16,713 0.4 436,724 4

41,994 97,445 65,059 40,634 18,037 0.2 408,942 2006 @ 140,255 103,693 67,191 39,961 18,888 -1.7 410,000 245,721 99,652 68,794 41,492 16,315 -0.1 447,877 3

Table 18 GDP by economic activity(a) At constant (2000) prices

115

%


import andMining Electricity, export trades,

Agriculture and gas and restaurantsYear Quarter and fishing quarrying Manufacturing water Construction Total and hotels

2001 4.1 -14.1 -9.1 1.7 -2.2 1.8 0.3

2002 -0.7 -11.1 -10.0 3.8 -1.5 2.8 4.5

2003 -5.6 2.2 -10.3 1.8 -4.9 4.5 9.1

2004 2.0 -17.0 1.7 2.1 -9.7 10.1 15.1

2005@ -1.9 10.3 2.1 2.5 -9.2 8.0 14.4

2001 1 0.8 -34.2 -4.2 4.1 -1.6 3.4 5.92 6.0 -2.0 -4.5 1.6 1.8 2.1 0.83 2.3 -5.2 -12.1 0.8 -6.6 1.3 0.24 7.7 -7.4 -14.3 1.1 -2.2 0.4 -4.6

2002 1 0.8 -17.3 -12.0 2.1 -7.4 -0.4 -3.62 2.0 -2.0 -11.5 8.1 5.0 1.1 *3 -2.7 -18.2 -7.3 3.5 3.6 3.8 6.34 -3.6 -8.0 -9.5 1.0 -6.0 6.1 13.7

2003 1 -3.7 7.0 -9.7 4.1 -2.4 5.5 13.62 -6.0 12.2 -13.8 -3.4 -6.7 0.8 4.43 -6.5 2.2 -10.2 3.2 -2.8 4.9 7.14 -6.2 -10.9 -7.3 3.8 -7.3 6.7 11.2

2004 1 * -17.4 0.5 3.9 -10.1 10.0 12.92 1.7 -29.1 -0.2 2.0 -11.9 13.8 22.43 1.0 -19.6 2.3 1.5 -13.1 8.5 14.24 5.3 4.9 3.8 1.3 -3.6 8.5 12.4

2005@ 1 -6.4 * -2.3 4.1 -2.6 6.9 13.22 3.7 12.8 -0.1 3.7 -10.9 8.4 15.23 1.0 18.9 4.1 -0.5 -7.8 8.7 14.74 -5.4 7.0 5.9 3.5 -14.9 8.1 14.4

2006@ 1 -1.4 18.4 7.0 -0.1 -12.6 9.2 12.52 -4.4 11.4 5.3 2.2 -4.6 7.6 7.13 -2.5 15.9 -0.6 4.5 -10.9 8.1 10.4

Table 18 GDP by economic activity(b) Year-on-year percentage changes in real terms

116

%Services

Financing,insurance, Community, Gross domestic

Transport, real estate social and Taxes on Statistical product atstorage and and business personal Ownership production discrepancy constant (2000)

communications services services of premises and imports (%) market prices Year Quarter

1.9 0.5 4.0 3.4 -1.1 - 0.6 2001

6.5 2.7 -0.6 2.0 -0.1 - 1.8 2002

0.7 5.7 0.6 2.7 3.4 - 3.2 2003

13.9 13.1 2.9 1.4 13.0 - 8.6 2004

8.0 8.7 0.4 3.1 1.0 - 7.5 2005 @

6.9 -3.1 6.4 3.4 -4.2 - 2.4 2001 10.4 4.4 2.0 1.9 7.3 - 1.6 20.5 -1.1 4.4 3.7 -5.9 - -0.3 30.2 1.8 3.4 4.6 -1.4 - -1.0 4

2.4 0.7 -0.9 2.6 -0.7 - -1.0 2002 16.4 3.1 -1.9 1.0 -0.1 - 0.4 28.5 3.7 -0.6 2.2 -2.2 - 2.9 38.4 3.3 0.8 2.2 2.4 - 4.8 4

4.3 3.5 1.1 2.3 -1.7 - 4.4 2003 1-6.8 2.4 -2.4 3.0 -4.0 - -0.7 20.9 7.1 2.4 3.1 7.6 - 4.0 34.1 9.6 1.2 2.3 12.5 - 4.8 4

11.8 17.7 2.0 1.7 20.9 - 8.1 2004 123.1 13.9 6.4 1.4 18.0 - 12.4 211.9 9.1 2.1 1.1 8.2 - 6.7 310.4 12.3 1.5 1.5 5.6 - 7.6 4

8.2 6.5 0.5 2.7 -1.3 - 6.3 2005 @ 16.8 11.0 -0.4 2.9 2.0 - 7.5 28.9 9.5 0.7 3.2 10.1 - 8.4 38.1 7.7 0.7 3.5 -5.0 - 7.8 4

11.2 13.3 1.4 2.9 3.2 - 8.0 2006 @ 16.8 15.2 1.5 2.6 7.6 - 5.5 28.6 11.7 2.5 2.0 3.3 - 6.7 3

Table 18 GDP by economic activity(b) Year-on-year percentage changes in real terms

117

Table 19 Value added of selected economic activities(a) At constant (2000) prices

HK$ million

Manufacturing

Electrical & electronicWearing products, machinery, Paper Importapparel professional products Other Wholesale and

and equipment and and manufacturing and retail export RestaurantsYear Quarter Total textiles optical goods printing industries Total trades trade and hotels

2000 67,646 13,345 21,284 12,478 20,539 308,600 40,283 231,720 36,5972001 61,501 13,262 16,297 12,769 19,173 309,379 40,738 235,810 32,8312002 55,332 12,287 12,561 12,748 17,736 323,391 39,513 253,919 29,9592003 49,641 11,573 9,615 12,628 15,825 352,694 39,085 287,768 25,8412004 50,479 11,191 10,564 12,291 16,432 406,019 42,117 332,214 31,6872005@ 51,553 10,753 11,624 12,282 16,894 464,477 45,239 385,657 33,581

2000 1 14,811 2,479 4,541 2,860 4,931 67,894 9,176 49,272 9,4462 16,578 3,271 5,134 3,070 5,103 71,055 9,853 52,603 8,6003 18,436 3,904 5,910 3,320 5,303 83,887 10,053 64,783 9,0504 17,821 3,691 5,699 3,228 5,203 85,765 11,202 65,062 9,501

2001 1 14,189 2,552 3,931 2,960 4,746 71,893 9,536 53,719 8,6392 15,838 3,344 4,326 3,263 4,906 71,639 10,080 53,598 7,9613 16,206 3,656 4,301 3,353 4,896 84,058 10,176 65,915 7,9674 15,268 3,710 3,739 3,194 4,625 81,789 10,946 62,578 8,264

2002 1 12,484 2,227 3,163 2,642 4,451 69,327 9,175 52,323 7,8302 14,021 3,031 3,265 3,291 4,433 71,674 9,530 54,817 7,3273 15,018 3,592 3,421 3,357 4,648 89,376 9,937 72,158 7,2814 13,810 3,436 2,712 3,457 4,204 93,014 10,871 74,621 7,521

2003 1 11,267 2,189 2,225 2,939 3,914 78,744 9,141 62,389 7,2142 12,084 2,734 2,266 3,156 3,929 74,802 8,562 61,538 4,7023 13,483 3,615 2,632 3,027 4,208 95,739 9,981 79,049 6,7094 12,807 3,034 2,492 3,506 3,775 103,408 11,400 84,792 7,216

2004 1 11,323 1,986 2,553 2,762 4,022 88,872 9,742 71,044 8,0862 12,059 2,575 2,561 3,104 3,819 91,566 9,848 74,142 7,5763 13,799 3,662 2,767 2,903 4,468 109,377 10,502 91,188 7,6874 13,298 2,969 2,683 3,522 4,123 116,204 12,026 95,840 8,339

2005@ 1 11,066 1,807 2,617 2,729 3,913 100,633 10,563 81,460 8,6102 12,044 2,257 2,894 2,987 3,907 105,500 10,696 86,806 7,9983 14,366 3,568 3,146 2,879 4,774 125,437 11,208 106,116 8,1134 14,076 3,122 2,968 3,687 4,300 132,907 12,772 111,275 8,860

2006@ 1 11,838 2,251 2,677 2,821 4,088 113,201 10,966 92,684 9,5522 12,678 2,688 2,909 3,069 4,012 112,987 11,075 93,185 8,7273 14,277 3,169 2,915 3,002 5,190 138,461 11,989 117,693 8,779

Wholesale, retail and import andexport trades, restaurants and hotels

118

HK$ millionTransport,

storage and communicationsFinancing, insurance,

real estate and business services

Transport Financingand and Real Business

Total storage Communications Total insurance estate services Year Quarter

118,974 92,916 26,058 268,399 149,157 63,868 55,374 2000121,189 92,983 28,206 269,675 148,783 63,507 57,385 2001129,080 97,829 31,251 277,004 154,661 65,050 57,293 2002129,993 96,301 33,691 292,828 170,613 66,218 55,997 2003148,111 109,779 38,332 331,282 207,688 65,400 58,195 2004160,000 117,262 42,738 360,017 232,493 65,535 61,989 2005 @

27,318 21,297 6,021 67,894 39,476 15,917 12,501 2000 128,837 22,452 6,385 64,564 35,758 15,340 13,466 231,380 24,722 6,658 67,933 36,923 16,488 14,522 331,438 24,445 6,994 68,008 37,000 16,122 14,885 4

29,216 22,608 6,608 65,819 36,407 15,105 14,308 2001 128,938 22,189 6,749 67,428 38,452 15,309 13,667 231,530 24,280 7,249 67,203 36,365 16,025 14,813 331,505 23,905 7,600 69,225 37,559 17,068 14,598 4

29,910 22,424 7,486 66,272 36,379 15,982 13,911 2002 130,783 23,201 7,582 69,535 39,853 16,013 13,670 234,221 26,093 8,129 69,680 38,180 16,917 14,583 334,165 26,112 8,054 71,516 40,250 16,138 15,129 4

31,210 23,472 7,738 68,602 38,070 16,587 13,945 2003 128,695 20,796 7,899 71,191 42,444 15,641 13,106 234,538 25,723 8,815 74,642 43,124 17,319 14,199 335,550 26,311 9,239 78,394 46,975 16,671 14,748 4

34,893 25,712 9,181 80,731 49,868 16,770 14,094 2004 135,315 26,217 9,099 81,098 51,590 15,546 13,961 238,659 28,799 9,860 81,405 50,211 16,508 14,686 339,244 29,051 10,193 88,048 56,019 16,576 15,453 4

37,770 27,649 10,121 85,990 54,368 16,783 14,839 2005 @ 137,707 27,589 10,118 90,046 59,392 15,943 14,711 242,082 31,032 11,050 89,175 56,776 16,745 15,654 342,441 30,993 11,449 94,806 61,957 16,064 16,785 4

41,994 30,589 11,405 97,445 65,546 16,560 15,338 2006 @ 140,255 29,133 11,123 103,693 72,897 15,615 15,181 245,721 33,490 12,232 99,652 66,109 16,835 16,709 3

Table 19 Value added of selected economic activities(a) At constant (2000) prices

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Table 19 Value added of selected economic activities(b) Year-on-year percentage changes in real terms

%

Manufacturing

Electrical & electronicWearing products, machinery, Paper Importapparel professional products Other Wholesale and

and equipment and and manufacturing and retail export RestaurantsYear Quarter Total textiles optical goods printing industries Total trades trade and hotels

2001 -9.1 -0.6 -23.4 2.3 -6.7 0.3 1.1 1.8 -10.3

2002 -10.0 -7.4 -22.9 -0.2 -7.5 4.5 -3.0 7.7 -8.7

2003 -10.3 -5.8 -23.5 -0.9 -10.8 9.1 -1.1 13.3 -13.7

2004 1.7 -3.3 9.9 -2.7 3.8 15.1 7.8 15.4 22.6

2005@ 2.1 -3.9 10.0 -0.1 2.8 14.4 7.4 16.1 6.0

2001 1 -4.2 2.9 -13.4 3.5 -3.8 5.9 3.9 9.0 -8.52 -4.5 2.2 -15.7 6.3 -3.9 0.8 2.3 1.9 -7.43 -12.1 -6.4 -27.2 1.0 -7.7 0.2 1.2 1.7 -12.04 -14.3 0.5 -34.4 -1.1 -11.1 -4.6 -2.3 -3.8 -13.0

2002 1 -12.0 -12.7 -19.5 -10.7 -6.2 -3.6 -3.8 -2.6 -9.42 -11.5 -9.4 -24.5 0.9 -9.6 * -5.5 2.3 -8.03 -7.3 -1.8 -20.5 0.1 -5.1 6.3 -2.3 9.5 -8.64 -9.5 -7.4 -27.5 8.2 -9.1 13.7 -0.7 19.2 -9.0

2003 1 -9.7 -1.7 -29.7 11.2 -12.1 13.6 -0.4 19.2 -7.92 -13.8 -9.8 -30.6 -4.1 -11.4 4.4 -10.2 12.3 -35.83 -10.2 0.6 -23.1 -9.8 -9.5 7.1 0.4 9.5 -7.94 -7.3 -11.7 -8.1 1.4 -10.2 11.2 4.9 13.6 -4.1

2004 1 0.5 -9.3 14.7 -6.0 2.8 12.9 6.6 13.9 12.12 -0.2 -5.8 13.0 -1.6 -2.8 22.4 15.0 20.5 61.13 2.3 1.3 5.1 -4.1 6.2 14.2 5.2 15.4 14.64 3.8 -2.1 7.7 0.5 9.2 12.4 5.5 13.0 15.6

2005@ 1 -2.3 -9.0 2.5 -1.2 -2.7 13.2 8.4 14.7 6.52 -0.1 -12.3 13.0 -3.8 2.3 15.2 8.6 17.1 5.63 4.1 -2.6 13.7 -0.8 6.8 14.7 6.7 16.4 5.54 5.9 5.2 10.6 4.7 4.3 14.4 6.2 16.1 6.2

2006@ 1 7.0 24.6 2.3 3.4 4.5 12.5 3.8 13.8 10.92 5.3 19.1 0.5 2.7 2.7 7.1 3.5 7.3 9.13 -0.6 -11.2 -7.3 4.3 8.7 10.4 7.0 10.9 8.2

Wholesale, retail and import andexport trades, restaurants and hotels

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%Transport,

storage and communicationsFinancing, insurance,

real estate and business services

Transport Financingand and Real Business

Total storage Communications Total insurance estate services Year Quarter

1.9 0.1 8.2 0.5 -0.3 -0.6 3.6 2001

6.5 5.2 10.8 2.7 4.0 2.4 -0.2 2002

0.7 -1.6 7.8 5.7 10.3 1.8 -2.3 2003

13.9 14.0 13.8 13.1 21.7 -1.2 3.9 2004

8.0 6.8 11.5 8.7 11.9 0.2 6.5 2005 @

6.9 6.2 9.7 -3.1 -7.8 -5.1 14.5 2001 10.4 -1.2 5.7 4.4 7.5 -0.2 1.5 20.5 -1.8 8.9 -1.1 -1.5 -2.8 2.0 30.2 -2.2 8.7 1.8 1.5 5.9 -1.9 4

2.4 -0.8 13.3 0.7 -0.1 5.8 -2.8 2002 16.4 4.6 12.3 3.1 3.6 4.6 * 28.5 7.5 12.1 3.7 5.0 5.6 -1.6 38.4 9.2 6.0 3.3 7.2 -5.4 3.6 4

4.3 4.7 3.4 3.5 4.6 3.8 0.2 2003 1-6.8 -10.4 4.2 2.4 6.5 -2.3 -4.1 20.9 -1.4 8.4 7.1 12.9 2.4 -2.6 34.1 0.8 14.7 9.6 16.7 3.3 -2.5 4

11.8 9.5 18.6 17.7 31.0 1.1 1.1 2004 123.1 26.1 15.2 13.9 21.5 -0.6 6.5 211.9 12.0 11.9 9.1 16.4 -4.7 3.4 310.4 10.4 10.3 12.3 19.3 -0.6 4.8 4

8.2 7.5 10.2 6.5 9.0 0.1 5.3 2005 @ 16.8 5.2 11.2 11.0 15.1 2.6 5.4 28.9 7.8 12.1 9.5 13.1 1.4 6.6 38.1 6.7 12.3 7.7 10.6 -3.1 8.6 4

11.2 10.6 12.7 13.3 20.6 -1.3 3.4 2006 @ 16.8 5.6 9.9 15.2 22.7 -2.1 3.2 28.6 7.9 10.7 11.7 16.4 0.5 6.7 3

Table 19 Value added of selected economic activities(b) Year-on-year percentage changes in real terms

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3. Methods and Data Sources for Compilation of GDP by the Expenditure Approach

3.1 This section describes the methods and data sources used in compiling GDP by the expenditure approach at current and constant (2000) market prices. The concepts and definitions used for the quarterly and the annual GDP are identical. Current Price GDP by Expenditure Component

Private consumption expenditure 3.2 Private consumption expenditure (PCE) refers to the value of final consumption expenditure on goods and services by households and private non-profit institutions serving households. It is obtained by first compiling consumption expenditure on goods and services in the domestic market, and then adding expenditure of residents abroad and deducting expenditure of non-residents in the domestic market. 3.3 The commodity flow method has been used extensively in compiling consumption expenditure in the domestic market. An allocation is made to commodities which can be used for both final and intermediate consumption. Data sources include trade statistics, administrative statistics, economic censuses and surveys, household expenditure surveys and other sample surveys conducted by the Census and Statistics Department. These are supplemented by other miscellaneous sources and in certain cases informed guesses. 3.4 Consumers’ expenditure on any particular commodity is compiled from the two principal sources of supply, viz. local production and retained imports. A large proportion of the commodities included in PCE is imported and the value of retained imports is derived from detailed trade statistics by deducting the value of re-exports from that of imports at commodity level. The value of re-exports is recorded on f.o.b. basis. It therefore includes an element of re-export margin, which has to be deducted in deriving the value of retained imports for consumption. Previously, a flat rate of 5% was assumed for the “rate of re-export margin” (RRXM) when compiling PCE. In view of the growing importance of re-export activities, the Census and Statistics Department has conducted the Annual Survey of Re-export Trade since the reference year 1989. The survey results are used to estimate RRXMs at commodity level for compiling the PCE. For the years prior to 1989, imputations on the rates of re-export margin were made with reference to the survey results for 1989 and 1990. Based on these imputed rates, the retained imports and PCE series for those years prior to 1989 were compiled. Some improvements to the estimation method of RRXM were incorporated for the reference year of 1990 onwards. The RRXMs for 1990 to 2005 are listed below:- RRXMs(%)

Broad commodity group 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Consumer goods 18.6 21.4 22.9 24.6 23.5 23.2 24.4 24.2 24.7 26.3 26.9 26.9 26.2 25.0 24.8 25.1Raw materials and semi-manufactures

9.0 7.3 7.9 6.1 4.8 5.7 6.6 7.2 9.4 10.7 12.5 11.7 11.0 10.3 9.7 9.5

Capital goods 14.5 14.2 15.1 18.0 16.7 17.9 17.7 19.9 19.2 21.3 22.2 19.5 18.3 17.4 17.3 18.1Food 9.6 11.7 10.2 11.7 8.0 6.8 6.9 8.5 8.2 10.0 9.0 9.3 10.5 11.4 12.2 11.6Fuels 9.0 7.3 7.9 6.1 4.8 5.7 6.6 6.7 8.3 9.2 12.1 6.3 5.8 8.0 6.9 5.0Overall 14.8 16.0 17.2 18.3 16.7 16.5 17.3 17.8 18.7 20.3 21.1 20.2 19.1 17.9 17.3 17.5

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In the revised estimation method, for those shipments which the survey respondents could not provide the actual import prices but could only report the prices at which they purchased the goods from other local enterprises, reference was made to auxiliary data including trade statistics for imputing the import prices of the shipments. 3.5 Statistics of local agricultural and fishery production for domestic consumption, both in value and in quantity terms, are regularly prepared by the Agriculture, Fisheries and Conservation Department. 3.6 Statistics for other domestically manufactured goods are based mainly on information collected from economic censuses/surveys conducted by the Census and Statistics Department, supplemented where necessary by other statistics. In the censuses/annual surveys conducted for the manufacturing sector for the years 1970, 1973 and 1976-2005, detailed information on commodity sales was collected. In compiling consumers’ expenditure on a commodity, one of the following two methods is used: (a) “S-X” method, under which statistics of local consumption are based on the difference between the total sales of manufacturers and total exports of the commodity concerned for a given period, or (b) “FP” method, under which a fixed percentage of total sales of manufacturers is taken as consumed locally. Of the two methods, (a) is preferred in general, except where there are difficulties in reconciling the sales statistics and exports statistics. 3.7 The compilation methods described above do not apply to years for which a census/annual survey was not conducted, and alternative procedures had then to be adopted in such cases. For 1966-1969, the estimates for a given commodity group were based on the benchmark estimate for 1970 and extrapolated using changes in population and prices. With benchmark estimates available for 1970 and 1973, the 1971 and 1972 estimates were obtained by interpolation, assuming the same growth rates for these two years. The 1974 and 1975 estimates were similarly derived based on the 1973 and 1976 benchmarks. 3.8 An annual economic census/survey is an operationally complicated project requiring a long time to complete. The availability of detailed data from economic census/survey is usually subject to a time lag of about one year. In the meantime, statistics of consumers’ expenditure on locally produced goods have been compiled based on production data collected from the Quarterly Survey of Industrial Production conducted by the Census and Statistics Department. Revisions are made to the statistics when results from the Annual Survey of Industrial Production become available. 3.9 After values of consumers’ expenditure on food and consumer goods have been compiled from the value of sales of producers and retained imports, they have to be adjusted. Since the commodities have to pass through distributive channels (i.e. wholesalers and retailers) before they ultimately reach final consumers, they may be temporarily held as inventories. Benchmark information for making adjustment for changes in inventories was obtained from the 1977 and 1979-2005 Census/Survey of Wholesale, Retail and Import and Export Trades, Restaurants and Hotels. Data on the physical changes in inventories of goods held by the distributive trades for 1977 and 1979-2005 were compiled based on statistics of changes in inventories by end-use. Since data on changes in inventories of the distributive trades were not available for years before 1977, a cruder basis had to be adopted for making adjustment for changes in inventories to data in respect of earlier years using proxy indicators available.

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3.10 Apart from the adjustment for changes in inventories, a second type of adjustment is required. In compiling PCE at current market prices, the retail value is used and this is arrived at by adding distributors’ gross trade margins. The margin varies considerably among commodity groups and between years. The margins for 1977 and 1979-2005 were derived from results of the Census/Survey of Wholesale, Retail and Import and Export Trades, Restaurants and Hotels. The percentage margins for 1978 were taken to be the averages of those for 1977 and 1979, and those for 1966-1976 were imputed by taking the averages of the margins for the period 1977-1981. The percentage margins for 2005 are revised based on the results of the Survey for 2005. The trade margins of the following product groups are available from the survey results: food, fuel, alcoholic drinks and tobacco, clothing and footwear, other consumer non-durables, consumer durables and capital goods. 3.11 Consumers’ expenditure may also be compiled from government revenue statistics and other administrative statistics. Many service groups are compiled on this basis. Where such methods are used, the basic statistics provided are often expressed in purchasers’ prices already and adjustments for trade margins and inventories are not necessary. 3.12 To compile expenditure on certain groups, data from Household Expenditure Surveys conducted in 1963/64, 1973/74, 1979/80, 1984/85, 1989/90, 1994/95 and 1999/2000 by the Census and Statistics Department have also been used as benchmarks. Statistics for other years are compiled based on data from other sources. A household expenditure survey is usually a convenient source of information, since its data can be analysed by type of goods or services and by type of household. 3.13 For certain groups where data cannot be obtained from other sources, special surveys are conducted by the Census and Statistics Department. These include the Quarterly Survey of Restaurant Receipts and Purchases; expenditure surveys on hairdressing, taxi fares, photo-printing, cinemas and theatres, newspapers and periodicals, electronic games, and video tapes and video discs. 3.14 Consumption expenditure on goods and services in the domestic market is classified as follows:

Commodity group Expenditure coverage

(1) Food and non-alcoholic beverages

Bread and cereals; meat and poultry; fish and sea products; milk and eggs; oils and fats; vegetables and fruit; sugar and confectionery; non-alcoholic beverages and other food.

(2) Alcoholic beverages Beer and liquor.

(3) Tobacco Cigarettes, cigars and cut tobacco.

(4) Clothing, footwear

and other personal effects

Ready-made clothing; clothing materials and tailoring charges; footwear; watches, cameras and optical goods; travel and sports goods; stationery; jewellery and other personal effects.

(5) Rent, rates, water

and housing main-tenance charges

Rent and rates; water charges; house insurance and other housing charges.

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(6) Fuel and light Kerosene; liquefied petroleum gas; coal gas; electricity and other fuel (e.g. charcoal, candles, matches).

(7) Furniture, furnishing

and household equipment

Furniture; soft furnishings; electrical household appliances, visual and sound equipment, personal computers and other consumer durables; cutlery and tableware, kitchenware, sanitary ware and household ornamental articles; and maintenance and repair charges on these items.

(8) Household operation Domestic help and non-durable household goods not elsewhere

included.

(9) Personal care Perfumes, cosmetics, soaps and toilet requisites; laundry and dry cleaning; shoe repairing; hairdressing and beauty shop services.

(10) Medical care and

health expenses Chinese and western medical, pharmaceutical and healthcare products; hospital care; services of physicians, nurses, dentists, herbalists and other related medical practitioners.

(11) Transport and

communication Expenditure on transport includes purchases of motor cars, cycles and other vehicles and their maintenance; petrol and oil; motor licences, insurance and fees for transfer of ownership, parking and driving instructors’ fees; railway, bus, tram and ferry fares and expenses on other forms of transport. Expenditure on communication includes postages, telephone (including mobile phone), telegram, paging and internet connection service charges.

(12) Recreation and

entertainment Newspapers and periodicals; books and other recreation goods (e.g. toys, fresh and artificial flowers and pets); video disc and tape rental, cinema entertainment; betting; hotel accommodation and other recreational expenses.

(13) Education Education fees and related expenditure (e.g. examination fees,

private tuition fees).

(14) Other services Life insurance; service charges in restaurants and cafes; brokers’ commissions and stamp duties in the transaction of stocks; service charges for financial intermediation services provided by banks; service charges for pension funds; expenditure on other services; and expenditure of private non-profit bodies.

3.15 Summing the components described above gives the total consumption expenditure in the domestic market. Apart from the above classification, breakdowns of consumption expenditures for food, consumer goods and services are also compiled and published in this report. 3.16 PCE is obtained by adding expenditure of residents abroad to the total consumption expenditure in the domestic market, and then deducting expenditure of non-residents in Hong Kong.

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3.17 Expenditure of non-residents in the domestic market is quite substantial. Expenditure of the following eight categories of non-residents is included in the calculation: overnight visitors; same-day in-town visitors; cruise passengers; military personnel and servicemen on rest and recreation; transit and transfer passengers; foreign crews stopping in Hong Kong; non-resident students studying in Hong Kong and employees of extra-territorial bodies and their dependents in Hong Kong. Extra-territorial bodies include foreign consulates and trade commissions (the UK troops were also included before July 1997). 3.18 Expenditure of residents abroad includes expenditure of residents travelling outside Hong Kong for personal purpose (including personal travel in package tour mode and non-package tour mode) and expenditure on passenger fare on international transportation services provided by non-resident transport operators. It also includes expenditure of resident students studying abroad. Whereas overseas expenditure of all residents travelling abroad comes under imports of services, only expenditure of residents travelling abroad for non-business purposes comes under “expenditure of residents abroad” in PCE. 3.19 Following the latest recommendation in the System of National Accounts, supplementary statistics on actual consumption are also compiled and published in this report in addition to statistics on private consumption expenditure and government consumption expenditure. Actual final consumption of households covers goods and services which are effectively available to households, irrespective of whether the ultimate bearers of the expense are government, private non-profit institutions or households themselves. The actual consumption concept is based on the distinction between individual consumption (benefiting identifiable households) and collective consumption (benefiting society as a whole) of government consumption expenditure.

Government consumption expenditure 3.20 Government consumption expenditure (GCE), for the purposes of calculating the GDP, relates to current expenditure on goods and services by government departments which are not engaged in market activities. It also includes quasi-government non-profit institutions, in addition to that of government units in the narrower sense. According to the System of National Accounts, non-profit institutions which, by virtue of their relations with the government, are clearly instruments of the social or economic policies of the government, should be accounted for in government services, even though these institutions are not formally part of the government. Some examples of quasi-government institutions included in the GCE are the Hong Kong Trade Development Council, Hong Kong Productivity Council, Hong Kong Tourism Board, Consumer Council, Hospital Authority, Vocational Training Council, Hong Kong Monetary Authority and Employees Retraining Board. 3.21 The GCE does not cover government units which are engaged in market activities. These government units are distinguished from other government departments in that they are engaged in the production of goods and services principally for sale to the public. The criteria for distinguishing the market activities of the government from its other activities are: (i) that the activity consists of the production of goods and services of a kind which might be provided by a private business, and (ii) that sales to the public forms the major part of their activities. 3.22 Some examples of departments or sections of departments that are taken as being engaged in market activities include the Housing Department; the Ferry Terminals Section, the Cargo Handling Section and the Port Logistics Section of the Marine Department; Hongkong Post; Water Supplies Department and the Tunnels Contract Management Team and the Parking Contract Management Team of the Transport Department.

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3.23 The GCE also does not cover public corporations which are owned by government and engaged in market activities. These include the Mass Transit Railway Corporation Limited, Kowloon-Canton Railway Corporation and Airport Authority Hong Kong. 3.24 By convention, GCE is computed as the sum of:

(i) Compensation of employees: This comprises wages and salaries, pensions, expenditure on housing and quarters for its staff including imputed rent for all government-owned quarters, and other miscellaneous benefits.

(ii) Purchases of goods and services less sales: This refers to the expenses of the general government on goods and services in providing government services such as education, health services, services relating to fire fighting and protection, sanitation and social welfare, law and order enforcement and other general administration. Purchases of goods and services cover expenses on store and supplies, fuel and light, maintenance of buildings and works, rents including imputed rent of non-residential buildings owned and occupied by the general government, and other services. Sales include school fees, sales of publications, medical and dental charges, ticket receipts from recreational and cultural programmes organised by the general government and revenue from other miscellaneous services rendered by the general government.

3.25 Expenditures incurred by the government in respect of subvention to private organisations are excluded in calculating GCE. Such expenditures are treated as transfer payments in the national accounting framework. Subvention expenditures are primarily utilised to finance the activities of private non-profit institutions serving households (NPISHs). The output of these institutions has been separately accounted for in the PCE. (See paragraph 3.2) 3.26 In view of the establishment of the Hospital Authority, the sectoral classification of the ex-subvented hospitals (now called public hospitals) has been reviewed in accordance with the guidelines published in the System of National Accounts. Ex-subvented hospitals, which were previously classified as “producers of private non-profit services”, are now classified as “producers of government services” because after the establishment of the Hospital Authority, ex-subvented hospitals started to function as instruments of the government to implement the provision of subsidised hospital services to the general public. 3.27 In calculating the year-on-year growth rate of GCE for 1992, the 1991 figure has been adjusted to include the expenditure of ex-subvented hospitals, so that it is comparable with the GCE figure for 1992. Similarly, in calculating the year-on-year growth rate of PCE for 1992, the expenditure of ex-subvented hospitals is excluded from the PCE figures for 1991 for comparability with the PCE figures for 1992. This avoids any distortion of the year-on-year growth rates due to the change in classification. 3.28 GCE data up to 1972 were obtained from the annual reports of Director of Accounting Services which give the actual expenditure of each department by financial years ending 31 March. The data were adjusted to a calendar year basis by assuming that expenditure by all departments was evenly spread throughout the financial year. Since 1973, quarterly figures have been available from the Treasury and such an adjustment was no longer required. Data in respect of quasi-government non-profit institutions were obtained from special enquiries on the income and expenditure of these institutions.

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3.29 Government consumption expenditure is classified into nine social and economic functions according to the international statistical guideline of the Classification of the Functions of Government (COFOG) promulgated by the United Nations. These include: (1) general public services; (2) public order, safety and defence; (3) economic affairs; (4) environmental protection; (5) housing and community amenities; (6) health; (7) recreation, culture and religion; (8) education and (9) social protection. Through grouping government units by common meaningful purpose, COFOG enables analysis of trends in government consumption on particular functions over time. Details of COFOG are described in a feature article entitled “Analysis of Government Consumption Expenditure by Social and Economic Function, 2000 to 2004” published in the December 2005 issue of the Hong Kong Monthly Digest of Statistics by the Census and Statistics Department.

Gross domestic capital formation 3.30 Gross domestic capital formation (GDCF) consists of gross domestic fixed capital formation and the value of physical changes in inventories. 3.31 Gross domestic fixed capital formation is measured by the gross value of investment expenditure on building and construction as well as machinery, equipment and computer software. It represents the gross addition to fixed assets. Expenditure incurred in the acquisition of existing fixed assets which corresponds simply to the transfer of ownership of the assets is therefore not included. Costs incurred in the transfer of ownership of assets (including related taxes or duties paid), representing services used in the course of the transfer, are nevertheless included. Building and construction 3.32 Expenditure on building and construction relates to the value of construction work put in place (amounts payable to contractors, and other expenses directly related to property developments, such as architectural design and technical consultancy services) in respect of residential buildings, non-residential buildings and other construction works as well as the real estate developers’ margin. Details of real estate developers’ margin are given in paragraph 3.34 to 3.35. The statistics of expenditure on building and construction are classified into private and public sectors. Real estate developers’ margin is applicable to the private sector only. 3.33 Statistics for the private sector from 1979 onwards are based on data from the Annual Survey of Building, Construction and Real Estate Sectors. Quarterly statistics are compiled using data collected from the Quarterly Survey of Construction Output. Revisions are made when annual data become available from the annual survey. For earlier years, the statistics were compiled on a much cruder basis, using information on construction cost data of newly completed buildings for which occupation permits had been issued as recorded in the monthly reports of the Buildings Ordinance Office. The public sector covers government departments (including Housing Department), quasi-government institutions and public corporations such as Mass Transit Railway Corporation Limited, Kowloon-Canton Railway Corporation and Airport Authority Hong Kong. According to the ownership criterion for classifying fixed assets into public and private sectors, construction expenditure on public rental housing is classified to the public sector whereas that on Home Ownership Scheme is classified to the private sector.

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3.34 Real estate developers’ margin (REDM) measures the services rendered by developers to new building projects through acquiring land; arranging and co-ordinating architects, building contractors, engineers, designers and other related professionals to carry out the development of building and construction projects; financing the development of the projects either with their own capital or borrowed capital; and marketing the building units. The gross margin from selling newly developed property is taken as a measure of their economic activity and is included as a component of fixed capital formation. The value of REDM is compiled by taking the sales value of property less the sum of the current cost of the land which the property stands on and the project development outlays (including payments to contractors, architectural, engineering, other professional fees and project related expenses). Adjustments are made to discount gains due to appreciation in land value over the course of project development. 3.35 The estimates of REDM for the years 1979 and 1981-2005 were compiled based on the results of the Annual Survey of Building, Construction and Real Estate Sectors. Since no surveys were undertaken for 1980 and for years prior to 1979, the respective figures were derived from the 1979 benchmark data by applying the relevant volume and price changes. Costs of ownership transfer 3.36 Costs of ownership transfer are the expenditure incurred in connection with transfer of ownership of land and buildings, which includes stamp duties, legal fees and agents’ commissions. Expenditure on stamp duties is based on the amount of stamp duties collected by the government in connection with property transactions. The expenditure on legal fees and real estate agents’ commission is computed based on the number of property transfer cases registered with the Land Registry, the average property transaction value and the average rate of charge. Machinery, equipment and computer software 3.37 Investment expenditure on machinery and equipment is mainly compiled from the value of retained imports of capital goods. The method used is similar to that used to compile the consumption expenditure of commodities (see paragraph 3.4). A distributors’ margin is added to this value to allow for dealers’ profits, transport and assembly charges, installation and other expenses. The margin is derived from results of the Annual Survey of Wholesale, Retail and Import and Export Trades, Restaurants and Hotels. Estimates of domestically manufactured machinery and equipment locally purchased are based on the results of the quarterly and annual economic surveys of the manufacturing industry where available, and extrapolation from the benchmark data for those years in which survey data were not available. Public sector expenditure on machinery and equipment comprises that of government departments, quasi-government institutions and public corporations (see paragraph 3.33). The data for government departments are derived from the accounts of government departments. Those for quasi-government institutions and public corporations are based on information supplied by the respective bodies. Private sector investment is taken to be the overall value, both imported and domestically produced, less the public sector figures. An adjustment for changes in distributors’ inventories of capital goods is also made, as in the case with final consumption of goods. 3.38 Computer software can be distinguished into purchased software (both pre-packaged and custom-design) and software developed in-house. Computer software bundled with the hardware is already captured in the estimate of fixed capital formation of machinery and equipment. Data on expenditure on computer software (including computer software purchased and developed in-house) by the private sector are mainly collected through annual economic surveys conducted by the Census and Statistics Department since the reference year of 1998. Backdating of data series to earlier years is made using proxy indicators. Data on investment expenditure on purchased computer software by the

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public sector, viz. government departments, quasi-government institutions and public corporations are obtained from records of government accounts and returns of respective bodies. For computer software developed in-house by the public sector, estimates of the compensation of employees to professional computer specialists for system design and programming and the corresponding non-labour costs are capitalised as public sector fixed capital formation. Changes in inventories 3.39 Changes in inventories (CIV) refer to the value of physical change, over an accounting period, in the inventories of work-in-progress and inventories of raw materials and all kinds of goods held by manufacturers and wholesalers, retailers and other distributors, and in fact all businesses in general. However, businesses other than manufacturing and distribution are not expected to hold significant level of inventories. 3.40 CIV is measured by the value of the entries into inventories less the value of withdrawals, with adjustment for appreciation (or depreciation) in the value of inventories due to price changes during the accounting period. In national accounting, transactions involving inventories are treated in the same way as transactions involving other assets. When a good is entered into inventories, it is acquired as an asset by the owner. The CIV is an integral part of economic activities and is recorded under capital formation in the GDP measured by the expenditure approach. 3.41 Estimates of CIV cover the following categories of goods: fuels, food, consumer goods, capital goods, raw materials and work-in-progress. For fuels, data on quantities of hydrocarbon oils kept as inventory by oil companies are obtained from the Electrical and Mechanical Services Department on a quarterly basis. For other kinds of goods, data for compiling the CIV estimates are mainly obtained from the annual economic censuses/surveys covering the manufacturing and distributive trade sectors. These include the Annual Survey of Industrial Production and the Annual Survey of Wholesale, Retail and Import and Export Trades, Restaurants and Hotels. For years in which data from economic surveys were not available, cruder methods of estimation were applied. 3.42 As data from annual economic surveys are available with a time lag, quarterly estimates of changes in manufacturers’ and distributors’ inventories are compiled based on data collected from the Monthly Survey of Retail Sales, the Quarterly Survey of Service Industries and the Quarterly Survey of Industrial Production. 3.43 Compilation of estimates of changes in inventories at current prices involves the elimination of increases in the book values of inventories between the beginning and the end of the period concerned due to appreciation of inventories, which is treated as purely a financial adjustment in national accounts. The adjustment for appreciation of inventories is made by revaluing the opening and closing book values of inventories at the average current prices of the period by means of appropriate price indices; the value of physical changes in inventories is then the difference of the two levels.

Imports and exports of goods and services Imports and exports of goods 3.44 Exports of goods include domestic exports and re-exports of goods recorded on f.o.b. basis. Imports of goods are valued on f.o.b. basis. External trade of non-monetary gold is also included.

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Imports and exports of services 3.45 Imports and exports of services represent transactions between residents of an economy and non-residents. The concept, definition and classification of imports and exports of services are based on international recommendations given in the Balance of Payments Manual and the System of National Accounts. The coverage of different service groups is as follows: (1) Transportation includes freight and passenger transportation by all modes of transportation

(air, sea and others) and other distributive and auxiliary services such as cargo forwarding, rentals of carriers with crew, container terminal and airport terminal services.

(2) Travel covers goods and services acquired from an economy by non-resident travellers for business and personal purposes during their visits in that economy. Exports of travel services cover mainly visitor spending whereas imports of travel services relate to expenditure on all goods and services acquired by Hong Kong residents travelling abroad.

(3) Insurance services include services provided for direct insurance and reinsurance in respect of life, freight and other non-life insurance such as accident and health insurance; marine, aviation and other transport insurance.

(4) Financial services include investment banking services; financial leasing services; financial asset dealing and brokerage services; portfolio management services, trust services, security custody services, foreign exchange services, financial intermediation services and other services auxiliary to financial intermediation.

(5) Merchanting and other trade-related services include merchanting, merchandising and other trade-related services. Merchanting relates to services associated with the trading of goods which are purchased and sold again without imported into and exported from Hong Kong. It also includes goods manufactured through sub-contract processing arrangement, which are subsequently sold to places outside Hong Kong without having been imported into Hong Kong after processing. Merchandising (also known as purchasing services) relates to services arranging on behalf of the buyers/sellers the purchase/sales of goods according to their specification, e.g. multiple sourcing, marketing, contract and price negotiation, volume and sample procurement, shipment, inspection and arrangement for follow-up order.

(6) Other services include a wide variety of services: communications services (postal, courier, and telecommunications services); computer and information services; construction, architectural, surveying and project engineering and other technical services; royalties and license fees; other business services (e.g. legal, accounting, tax consultancy, business and management consultancy, public relations, advertising, market research, operational leasing, real estate and other professional services); personal, cultural and recreational services (e.g. production, distribution and projection services of motion picture and videotapes; radio and television services) and government services (expenditure of employees of extra-territorial bodies and their dependents in Hong Kong and government expenditure abroad).

3.46 Estimates of residents’ expenditure abroad (an imported service) are based on administrative data and household surveys. Expenditure of visitors in Hong Kong (an exported service) is based on data provided by the Hong Kong Tourism Board. Expenditure of employees of extra-territorial bodies and their dependents in Hong Kong is estimated based on the number of such persons staying in Hong Kong and their average expenditure. Extra-territorial bodies include foreign consulates and trade commissions (the UK troops were also included before July 1997). Data on expenditure abroad of overseas offices and miscellaneous expenditure abroad of the government are obtained from the government accounts. The values of financial intermediation services are based on data collected from

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the Survey of External Claims, Liabilities and Income and indirectly measured using the “reference rate” method. Please refer to paragraphs 4.32 and 4.33 for details. The Annual Survey of Banks, Deposit-taking Companies, Restricted Licence Banks and Representative Offices of Foreign Banks has been conducted since the reference year 1980 to collect data on imports and exports of banking services. Estimates of the other services categories are mainly based on data collected from the Annual Survey of Imports and Exports of Services, supplemented by administrative data. The Annual Survey of Imports and Exports of Services was launched starting from the reference year 1978. For earlier years, the estimates were compiled with reference to imports and exports of goods and data from the Annual Survey of Imports and Exports of Services for reference year 1978. Because of limitations in the data, breakdowns by services cannot be provided. 3.47 The Census and Statistics Department has made continuous effort to improve the coverage of imports and exports of services in economic surveys and other administrative data sources. The Annual Survey of Imports and Exports of Services has been enhanced as from the reference year of 1995 to collect imports and exports of services data on a service basis. Benchmark data collected from the enhanced Annual Survey of Imports and Exports of Services are used for backdating the historical series to service basis. 3.48 Quarterly statistics of imports and exports of services are compiled with reference to external trade data, data from quarterly surveys conducted by the Census and Statistics Department, data from various government departments and the International Air Transport Association. For survey-based data, the preliminary figures are subsequently revised to incorporate latest available data from the Annual Survey of Imports and Exports of Services.

Constant Price GDP by Expenditure Component and Implicit Price Deflators 3.49 Constant price figures of the components and sub-components of the GDP are prepared either by deflating current values by appropriate price indices, or by revaluing the current period quantities at base year prices. The constant price GDP is obtained by aggregating the constant price data of its components. In the constant price series, the effects of price changes have been eliminated and changes in GDP at constant prices reflect changes in the volume of production. 3.50 Where revaluation at base year prices is used, the procedure is relatively straightforward. But where the deflation method is used, there are some problems associated with index numbers. For instance, current-weighted price indices, strictly speaking, are required for deflating current values. But price index series, e.g. the consumer price index, are usually available in base-weighted form and current-weighted series are not available. The index number problems, however, are unlikely to introduce serious problems in the constant price series. 3.51 In the 2002 round of the major revision, the base year for the constant price GDP is updated to year 2000 from 1990. The base year for the constant price GDP is the reference year in respect of which detailed price structure is used in calculating the values which provide weights for aggregating changes in volume of various types of goods and services produced or purchased. While the price structure changes only gradually from year to year, cumulative changes may become significant over a number of years. Thus, the base year of the constant price GDP needs to be updated from time to time in order to ensure that the weights underlying the measurement of volume changes reflect the more current price structure. The volume estimates of GDP and various expenditure components as from the new base year of 2000 and onwards are re-weighted according to the 2000 price structure. Rebasing of the historical series before the new base year of 2000 is not undertaken.

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3.52 For the historical series prior to the new base year of 2000, the volume estimates compiled on the earlier base years at both the aggregate and component levels are linked by simple splicing to the re-weighted series. Thus, in the rebasing exercise, the real growth rates of GDP and its components for the earlier periods are not affected at all, except where data revisions and methodological changes have been made in the light of more comprehensive information and adoption of new international guidelines. 3.53 The methods for compiling the constant price expenditure components of GDP are summarised below:

Methods Private consumption expenditure

Consumption expenditure in the domestic market

For most items, the method used is deflation by consumer price indices (CPIs) at group level. For some items of expenditure, the constant price data are compiled by revaluation at base year prices. Expenditure of private non-profit institutions serving households is deflated by the salary rate index for government employees.

Expenditure of residents abroad Deflated by a composite price index derived based on the

CPIs of various countries. Expenditure of non-residents in Hong Kong

Deflated by a tourist price index derived based on CPIs and average price changes of various tourist products and services, except for expenditure of non-resident students studying in Hong Kong and expenditure of employees of extra-territorial bodies and their dependents in Hong Kong which are obtained by multiplying the number of such persons and their corresponding average expenditure in the base year.

Government consumption expenditure Compensation of employees Deflated by the salary rate index for government employees. Purchases of goods and services

Deflated by the price index for government purchases of goods and services.

Sales by government to households and enterprises

Deflated by the price index of sales by government to households and enterprises.

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Methods Gross domestic capital formation

Construction output Starting from the reference period of first quarter 1991,

construction output in real terms is derived based on a set of type-specific output deflators (see Note below). It is however not possible to adopt the type-specific output deflators before the reference period of first quarter 1991 mainly due to the lack of data (e.g. tender date of individual construction projects).

Real estate developers’ margin The real estate developers’ margin at constant price is derived

by applying the annual real growth rates of the output of private sector buildings to the real estate developers’ margin in the base year 2000.

Costs of ownership transfer The legal fees at constant prices are obtained by multiplying

the number of property transfer cases and the average rate of legal charges in the base year. For stamp duties, data are deflated by the property price indices compiled by Rating and Valuation Department and then further deflated by the price indices of stamp duty rates. The real estate agents’ commission is deflated by the property price indices compiled by the Rating and Valuation Department.

Note : Deflators for different types of construction output are as follows:-

Type of construction

output

Deflator for reference periods

before first quarter 1991

Deflator for reference periods

since first quarter 1991

Residential building

- public Construction Output Deflator derived with reference to Tender Price Index compiled by the Housing Department.

Construction Output Deflator derived with reference to Tender Price Index compiled by the Housing Department.

- private Building Cost Index compiled by the Architectural Services Department.

Construction Output Deflator derived with reference to tender price indices compiled by private quantity surveying firms.

Non-residential building

- public Building Cost Index compiled by the Architectural Services Department.

Construction Output Deflator derived with reference to Tender Price Index compiled by the Architectural Services Department.

- private Building Cost Index compiled by the Architectural Services Department.

Construction Output Deflator derived with reference to tender price indices compiled by private quantity surveying firms.

Civil engineering work Building Cost Index compiled by the Architectural Services Department.

Construction Output Deflator derived with reference to Civil Engineering Work Index compiled by the Civil Engineering and Development Department.

Non-site work

- those undertaken by special trade contractors (e.g. air-conditioning work)

Building Cost Index compiled by the Architectural Services Department.

Construction Output Deflator derived with reference to Building Services Tender Price Index compiled by the Architectural Services Department.

- those undertaken by general contractors (e.g. renovation at erected building)

Building Cost Index compiled by the Architectural Services Department.

A composite price index derived with reference to Civil Engineering Work Index compiled by the Civil Engineering and Development Department and the Building Cost Index compiled by the Architectural Services Department.

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Methods Machinery and equipment Machinery and equipment is deflated using the relevant unit

value indices on capital goods. Computer software The computer software price index compiled by the U.S.

Bureau of Economic Analysis is adopted as the price deflator for purchased software because the U.S. is the major producer and supplier of pre-packaged software. For software developed in-house, the relevant salary indices and price indices of non-labour costs are used to deflate the current price data.

Changes in inventories Inventories of the manufacturing sector are deflated by a

combined unit value index of domestic exports and retained imports of raw materials whilst inventories of the distributive trades are deflated by unit value indices of retained imports of the respective commodity groups (i.e. food, consumer goods, raw materials and capital goods). For petroleum products, the quantities of changes in inventories are revalued at base year prices.

Imports and exports of goods Real aggregates of domestic exports, re-exports and imports

are derived by deflating the external trade figures at disaggregated level and then adding up the deflated sub-aggregates.

Imports and exports of services For most categories of services, the current price data are

deflated by specially constructed specific price indices. These include tourist price index and consumer price indices of major destinations in respect of travel, producer price indices and other input-related price indices. For some categories, the constant price data are derived using quantity indicators and revaluation at base year prices.

3.54 The implicit price deflators (IPDs) of GDP and its expenditure components are obtained by dividing the current price data by the corresponding constant (2000) price data and then multiplying by 100. Both the IPDs of GDP and domestic demand are measures of inflation. GDP is compiled as total final expenditures on goods and services (including private consumption expenditure (PCE), government consumption expenditure (GCE), gross domestic capital formation (GDCF) and exports of goods and services), less imports of goods and services. Domestic demand is the sum of PCE, GCE and GDCF. The deflators are similarly derived by dividing the sum of the respective components at current market prices by the sum of components at constant (2000) market prices and then multiplying by 100. Hence as it stands, the IPDs of GDP and its expenditure components are not used as input for compiling the corresponding constant price measures. By the same token, the growth rates in real terms of GDP and its main expenditure components are not derived from their corresponding growth rates in money terms using the rates of change in the respective IPDs. Rather, the growth rates in real terms are directly calculated by comparing the constant price measures at the two different periods. 3.55 The IPDs of GDP and its expenditure components are not direct measures of price change. They are derived measures of price change compiled based on the current price and constant price data.

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3.56 The rates of change of the IPD of GDP and Consumer Price Index (CPI) are commonly used as measures of inflation (i.e. change in price levels) by data users. However, the movement of the IPD of GDP may at times differ from that of the CPI. The IPD of GDP is an economy-wide measure of inflation and takes into account all the price changes relating to consumption, investment, exports and imports. The CPI only measures the price changes encompassing goods and services purchased by households. Limitations of the Compilation Method 3.57 Compilation of GDP requires data from numerous sources. While the development of statistics in Hong Kong since the 1980 has provided many new data sources, there are still areas where estimates are less firmly based because of various limitations. In general, data sources for compiling quarterly GDP are less solidly based than those for compiling annual GDP. Quarterly surveys, which are one main source of data for the quarterly GDP, are normally smaller in sample size and less detailed in the information collected as compared with the annual surveys on which the annual GDP figures are based. In addition, some price deflators for compiling constant price GDP are only available on an annual basis but not on a quarterly basis. Limitations relating to the specific expenditure components of GDP are briefly described below.

Private consumption expenditure 3.58 Although improvements have been made in valuing retained imports at market prices by introducing variable distributors’ margins for different commodity groups based on results of the Survey of Wholesale, Retail and Import and Export Trades, Restaurants and Hotels, there are certain underlying assumptions in the method of estimation. To ascertain the true value of distributors’ margin is very difficult, since strictly speaking the trade margins for each distributive channel of a given type of commodity have to be known. As the collection of this information is impracticable, the overall gross trading margins of the wholesalers and of the retailers are applied collectively to derive the distributors’ margin for a given commodity group. There are certain limitations in this method which is based on partial information at best. 3.59 As the compilation of the GDP using the expenditure approach is largely dependent on data from the trade statistics system, the value of retained imports derived from imports less re-exports is subject to time lag in recording, i.e. a given commodity imported for re-export may not be re-exported in the same period. Moreover, each commodity has to be allocated to its respective end-use categories viz. final consumption, intermediate consumption or capital formation. The allocation of commodities cannot be very precise in practice unless full information is available on commodity flow. The present allocation adopted is based on knowledge about the relative disposition of the commodity and best judgement. Hence, this is subject to certain limitations. However, the scheme of allocation is constantly reviewed so as to account for necessary changes arising from structural developments in the economy.

Government consumption expenditure 3.60 For government consumption expenditure, compilation is relatively straightforward. However, for years before 1973, data in respect of government departments were available only on a financial year basis, and expenditure was considered to be evenly spread out over the year so as to convert figures to a calendar year basis. As accounts data are used in compiling this component, the figures are derived on a cash-flow basis rather than accrual basis. To the extent that the cash-flow pattern varies from year to year, this component exhibits considerable short-term fluctuations in the quarterly series.

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Gross domestic capital formation 3.61 Figures prior to 1979 of the private sector investment in building and construction were based on information from the Buildings Ordinance Office’s monthly statistical returns on the cost of construction of newly completed buildings and construction work for which occupation permits were issued. The method by which the cost of completed projects was distributed uniformly over the duration of the project implicitly assumed that work put in place over the entire period was evenly spread out. As detailed information regarding the progress of work is not available, the statistics so derived are subject to estimation errors arising from fluctuations in the work progress. 3.62 The compilation of investment in machinery and equipment by the private sector is mainly based on statistics on imports and re-exports. They are therefore subject to the same problems as the PCE mentioned in paragraphs 3.58 and 3.59. 3.63 Changes in inventories, which are taken as the difference of the beginning and the ending values of inventories, always tend to be less reliable than other components as for most economies in the world. In particular, before results of annual economic surveys become available, quarterly and annual statistics are estimated based on results of surveys with rather small sample sizes. The error margin of this estimate can be large even with small estimation errors on both the beginning and the ending values of inventories. Revisions to this component can be substantial. The series of data on inventories must therefore be treated with particular caution.

Imports and exports of services 3.64 Data quality of this component for the years before 1978 depends much on the validity of the use of imports and exports of goods as indicators, which are applied to the benchmark data of imports and exports, respectively, of certain services derived in 1978. To the extent that the indicators are inadequate, the statistics for the earlier years would be subject to error. The series of data on imports and exports of services for 1961-1977 should therefore be used with caution. Although various sources of information are used as far as possible to develop specific deflators for different categories of imports and exports of services, there are still limitations in the constant price measures. In deriving constant price measures of imports and exports of services, there are difficulties not only in the lack of data but also in defining the volume measures of various types of services. Hence, the constant price measures cannot be very precise. 3.65 Although most of the important sectors with significant trade in services transactions have been identified and included in the surveys, the coverage of the surveys requires regular reviews to identify any sectors which have grown in importance in respect of transactions in trade in services. Seasonally Adjusted GDP and its Main Expenditure Components 3.66 Seasonally adjusted data series are compiled for the aggregate GDP and some of its expenditure components including private consumption expenditure, government consumption expenditure, exports of goods, exports of services, imports of goods and imports of services. However, seasonally adjusted series is not compiled for gross domestic capital formation, as no clear seasonal pattern can be identified in this component. 3.67 In the seasonally adjusted series, seasonal effects have been removed statistically, thus enabling meaningful quarter-to-quarter comparison. When the year-on-year quarterly changes in the original GDP series and the quarter-to-quarter changes in the seasonally adjusted GDP series are

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analysed together, the trend of the GDP can be more clearly discerned, particularly in regard to turning points in the data series. 3.68 The statistical technique of X-11 ARIMA method, developed by Statistics Canada and used commonly worldwide, is the standard method employed in compiling seasonally adjusted data. 3.69 While the seasonally adjusted GDP series is more responsive to turns in economic cycle, there are some technical aspects that should be noted in the interpretation of the seasonally adjusted figures. There are some instances where the indicativeness of the seasonally adjusted series is reduced by the relatively significant extent of irregular factors at play in the original data series. Seasonal adjustment seeks to remove only the seasonal variations but not such irregularities. The presence of large irregularities could even disrupt the estimation of the underlying trend. Changes in the characteristics of the data series arising from structural changes in the economy may also affect the seasonally adjusted figures. 3.70 The seasonally adjusted series is subject to routine revision resulting from the updating of the seasonal factors when more new data are brought in over time. The extent of revision is normally more significant for the recent time points and less for earlier time points. Primarily, the degree of revision to the seasonally adjusted series is related to the extent of irregularity newly emerging in the original series, e.g. occurrence of new shocks and particular events. Apart from this, it should also be noted that part of the revision in the seasonally adjusted GDP data is due to routine revision in the original GDP data series brought about by the availability of updated and newly available data for GDP compilation. Real Gross Domestic Income 3.71 In the national accounts context, the most comprehensive measure of performance or real output in the local economy is the GDP. However, for certain analytical purposes, it may also be of interest to compute a measure of real gross domestic income (RGDI), which is GDP adjusted for trading gains and losses from changes in the terms of trade. In this specific measure, RGDI purports to reflect the external purchasing power of the real output, as the relative movements in import and export prices result in a varying volume of imports (which come from overseas output) being exchangeable for a given volume of exports (which come from domestic output). The growth rate of real income could show noticeable deviations from that of GDP if there is appreciable difference in the movement of import and export prices in an economy which has a substantial turnover of trade relative to overall economic activity. 3.72 The adjustment that has to be applied to the real product series in producing the real income

series is equal to ( )XPm

XPx

− , where X is the value of exports at current prices, Pm the import price

index and Px the export price index. In the event that export and import prices have risen to the same degree since the base year, the terms of trade equals 1 and no adjustment is required in converting the real product series to the real income series. 3.73 Previously, the value of the adjustment was computed with respect to goods only, while the effect due to the relative movement in import and export prices for services was taken to be insignificant. This is no longer valid in view of the growing importance of services. Hence, the adjustment is now made in respect of both goods and services. In other words, in the formula given above, X represents the total value of exports of goods and services. Pm and Px denote price indices for imports and exports of goods and services, approximated by the implicit price deflators for imports and exports of goods and services respectively.

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3.74 The method of using the import price as the deflator in calculating RGDI follows recommendation as given in the System of National Accounts. The use of import price is also particularly appropriate for an externally-oriented economy, given the significance of exports as a source of income to the economy, and also given the reliance on imports for meeting final demand. The adoption of import price in deriving the RGDI should better reflect the external purchasing power of real output of such economy. 3.75 The following table shows the real income series (RGDI), derived as described above, together with the real product series (constant price GDP) for 2001-2006.

Real Gross Domestic Income HK$ million Gross domestic product at constant

(2000) market prices Terms of

trade adjustment Real gross

domestic income 2001 1,323,167 (0.6) 7,094 1,330,261 (1.2) 1st qtr. 318,743 (2.4) 2,023 320,766 (3.0) 2nd qtr. 322,480 (1.6) 734 323,214 (1.6) 3rd qtr. 338,836 (-0.3) 559 339,395 (0.1) 4th qtr. 343,107 (-1.0) 3,778 346,885 (0.2)

2002 1,347,495 (1.8) 26,666 1,374,161 (3.3) 1st qtr. 315,608 (-1.0) 5,786 321,394 (0.2) 2nd qtr. 323,663 (0.4) 8,855 332,518 (2.9) 3rd qtr. 348,775 (2.9) 6,832 355,607 (4.8) 4th qtr. 359,449 (4.8) 5,193 364,642 (5.1) 2003 1,390,610 (3.2) -5,199 1,385,411 (0.8) 1st qtr. 329,500 (4.4) 1,845 331,345 (3.1) 2nd qtr. 321,512 (-0.7) 329 321,841 (-3.2) 3rd qtr. 362,816 (4.0) -929 361,887 (1.8) 4th qtr. 376,782 (4.8) -6,444 370,338 (1.6) 2004 1,509,915 (8.6) -63,207 1,446,708 (4.4) 1st qtr. 356,103 (8.1) -11,722 344,381 (3.9) 2nd qtr. 361,310 (12.4) -12,880 348,430 (8.3) 3rd qtr. 387,240 (6.7) -17,403 369,837 (2.2) 4th qtr. 405,262 (7.6) -21,202 384,060 (3.7) 2005@ 1,623,479 (7.5) -90,570 1,532,909 (6.0) 1st qtr. 378,591 (6.3) -20,604 357,987 (4.0) 2nd qtr. 388,474 (7.5) -21,582 366,892 (5.3) 3rd qtr. 419,689 (8.4) -23,969 395,720 (7.0) 4th qtr. 436,724 (7.8) -24,415 412,309 (7.4) 2006@ 1,734,280 (6.8) -129,912 1,604,368 (4.7) 1st qtr. 408,942 (8.0) -26,994 381,948 (6.7) 2nd qtr. 410,000 (5.5) -30,166 379,834 (3.5) 3rd qtr. 447,877 (6.7) -35,041 412,836 (4.3) 4th qtr. 467,461 (7.0) -37,711 429,750 (4.2)

@ Figures are subject to revision later on as more data become available. # Figures in brackets refer to percentage changes over the same period in preceding year.

3.76 The real income measure presented here is real gross domestic income (RGDI). For most applications, usually the preferred measure would be real gross national income (RGNI), which is given by RGDI plus net factor incomes from abroad. Data on factor incomes payable to and receivable from abroad are collected from the Survey of External Claims, Liabilities and Income (see paragraph 6.36).

# #

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4. Methods and Data Sources for Compilation of GDP by the Production Approach

4.1 This section describes the methods and data sources for compiling the GDP by economic activity at current and constant (2000) prices. Current Price Annual GDP by Economic Activity

Agriculture and fishing

4.2 The statistics are based on production data supplied regularly by the Agriculture, Fisheries and Conservation Department. The department also provides analysis of the input structure of production by major product, based on which statistics of intermediate and factor inputs are compiled.

Mining and quarrying; manufacturing; electricity, gas and water 4.3 The Survey of Industrial Production provides the data for compiling statistics for these economic activities. The first survey was conducted for the reference year 1973. The Survey has been conducted annually since the reference year 1976. 4.4 The major activity of manufacturing is the production of goods. In the Survey of Industrial Production, respondents reported the sales value of goods they produced. This is adjusted by the value of changes in inventories of finished goods and work-in-progress. In deriving the estimates for changes in inventories, price appreciation is removed to give the value of physical changes in inventories. The data for adjusting price appreciation are collected in the Survey. 4.5 Besides production of goods, manufacturing establishments are also engaged in other activities. In the case of manufacturing establishments performing contract work for other manufacturers, output is measured by their receipts for work performed. For sales of goods which have not been further processed by the selling establishment, such as sales of excess raw materials, output is measured by the resale margin, i.e. the difference between the sales value and the cost of goods resold. Rentals received from letting of premises, and commissions and fees received for services rendered are also included as components in gross output; such activities being considered as secondary activities of the manufacturing industry. 4.6 The intermediate consumption of manufacturing industries comprises rentals, expenses on materials and supplies consumed in production, repair and maintenance, transportation, etc. Payments for contract work done by others are included in intermediate consumption, while payments to outworkers are included in compensation of employees. Consumption of materials and supplies is obtained by adjusting the value of purchases for changes in inventories of raw materials and semi-manufacturers. 4.7 The treatment for the mining and quarrying, and electricity, gas and water industries is similar to that for the manufacturing industry. The Water Supplies Department is treated as a government unit engaged in market activities and is classified to the electricity, gas and water industry.

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Construction 4.8 The construction industry here refers to construction contractors only. It does not cover the activities of property development. The construction of both buildings and other structures and facilities are covered. Construction contractors engaging in the erection of architectural superstructures, piling, demolition, site formation, civil engineering construction, electrical and mechanical installation work, etc. are included. Data for the construction industry are collected from construction contractors enumerated in the Survey of Building, Construction and Real Estate Sectors. The first benchmark survey was conducted for the reference year 1979. For 1980, a simplified enquiry covering only construction contractors was conducted. As only data on the value of construction output were collected, estimates of structural components were made using the structural ratios of 1979 and 1981. From 1981 onwards, annual surveys have been conducted to collect data for the construction industry. 4.9 The gross output of the construction industry is measured by the value of work put in place, or value of work performed during the reference period. The value of work put in place is derived from business accounting records of progress payments. It is equal to the value of progress payments received during the reporting period, less the value of work performed prior to the reporting period but only paid for subsequently, plus the value of work performed during the reporting period, but to be paid for thereafter. 4.10 In compiling the gross output from the survey results, the “net value of construction work performed” is applied. Sub-contracting is a common practice in the construction industry in Hong Kong. While main contractors are engaged by property developers for construction work, they may employ sub-contractors to do part of it. Moreover, a sub-contractor at a particular site may employ another sub-contractor. In addition, there are two types of sub-contractors, viz. fee sub-contractors and labour-only sub-contractors. Labour-only sub-contractors are responsible for supplying labour services only, in the form of site operatives. They are commonly known as “gang leaders” in the industry. Fee sub-contractors are responsible for completing a specified segment of work, including supplying the necessary materials. In the economic survey for the construction industry, the main contractor and all fee sub-contractors at a particular site are enumerated. They are required to report their “overall contract sum” from which all outgoings, including sub-contract payments, are to be met. Payments for sub-contract work are separately reported in the questionnaire. For main contractors employing fee sub-contractors for part of the site work, the value of work done by fee sub-contractors is thus reported more than once in the survey. Consequently, the net value of construction work performed in the economy is derived as the grand total of overall contract sum for all main contractors and fee sub-contractors less the value of payment for fee sub-contract work recorded. This is termed the “net value of construction work performed”. 4.11 Besides progress payments made in respect of construction work, a contractor may receive rentals for premises let out, or commissions and fees for consultancy or other services rendered. These are also included in the value of gross output. 4.12 The intermediate consumption of the construction industry comprises the expenses on consumption of building materials and supplies on sites and sundry supplies in business operation, rentals, expenses on repair and maintenance and other services such as transportation, technical consultancy, insurance, etc. Consumption of materials and supplies is obtained by adjusting the value of purchases by changes in inventories net of price appreciation. Payments to labour-only sub-contractors are included in compensation of employees.

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Wholesale, retail and import and export trades, restaurants and hotels 4.13 The first benchmark economic survey for the activities of wholesale, retail and import and export trades, restaurants and hotels was conducted for the reference year 1977. Annual economic surveys have been conducted since the reference year 1979 to collect data for these activities. 4.14 The major activity involved in wholesale, retail and import and export trades is the distribution of goods. Output in respect of sales of goods is measured by the gross margin realised on trading, i.e. the sales value less the cost of goods sold. The cost of goods sold is obtained by adjusting the value of purchases for changes in inventories net of price appreciation. To remove the effects of price appreciation included in the book value of inventories collected in the economic surveys, special price indices are applied to re-value the book values at the beginning and the end of the reference year at the average prices of the year. The difference between the re-valued figures then gives the value of physical changes in inventories for calculating the cost of goods sold. 4.15 Besides making a margin on resales of goods, firms in the wholesale, retail and import and export trades may also provide other kinds of services, such as agency services to their clients, thus receiving commissions, fees and other service charges. These forms of income, together with rentals, are added to the margin on sales of goods to give the value of gross output. 4.16 The intermediate consumption of wholesale, retail and import and export trades comprises rentals, expenses on materials and supplies consumed in business operation and other services such as advertising, insurance and transportation. Expenditures on purchases of goods for sale are not included in intermediate consumption because they are not consumed by these firms. Instead, these outlays are deducted from the sales value in calculating the gross margin on sales of goods. 4.17 As the activity of street hawking has not been included in the survey for the wholesale and retail trades, the contribution of hawkers is separately compiled using data on the number of hawkers from the Food and Environmental Hygiene Department and their earnings collected from the General Household Survey. 4.18 The output of restaurants and other eating places is measured by the value of sales receipts less food cost. The cost of food, beverages and other goods (e.g. cigarettes) sold is obtained by adjusting the value of purchases for changes in inventories. Receipts from other services rendered, rentals received, cash tips and other income such as fees and commissions are included to give the value of gross output of restaurants. 4.19 The intermediate consumption of restaurants comprises rentals, expenses on materials and supplies consumed in business operation and other services such as advertising and insurance. Expenditures on purchases of food, beverages and other goods which are served to customers are not included as intermediate consumption. 4.20 Chinese and other types of restaurants, fast food shops, bars and other eating and drinking places are covered in the above economic survey. Cooked food stalls are not included in the survey for restaurants. The contribution of these stalls is compiled from administrative records and survey data on the number of stalls and their earnings. 4.21 The output of hotels is measured mainly by receipts from room sales. This is supplemented by rentals received and other service charges. The intermediate consumption comprises rentals, expenses on materials and supplies consumed in business operation, fuel, electricity and water and other services such as advertising, insurance and management. The hotels industry also covers boarding houses.

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Transport, storage and communications 4.22 The transport industry covers land, inland water, ocean and air transport, cargo forwarding agents, travel agents and other services relating to transport such as parking, packing and cargo measuring. Since the reference year 1980, annual surveys have been conducted to provide data for compiling statistics for this industry. 4.23 Firms engaged in the land, inland water, ocean and air transport activities provide services in carrying passengers and goods. The value of services provided or output of these firms is measured by the service charges received, viz. passenger and freight revenue. The output of owners of vessels who charter their vessels to other operators is measured by the charter revenue. The output of Hong Kong shipowners whose vessels are registered abroad may not be accounted for in the statistics. For cargo forwarding agents, their gross receipts from shippers often include freight charges to be paid to carriers. Freight charges which are paid on behalf of shippers are not included in measuring the output of cargo forwarding agents, as freight services are actually provided by the carriers. Similarly, for travel agents and airline ticket agents, their gross receipts from clients often include the value of tickets. In compiling output of cargo forwarding agents, travel agents and airline ticket agents, the freight charges/value of tickets have been deducted from their gross receipts. For similar reasons, the value of services provided by tour operators in organising a tour is measured by their total sales revenue (including cash tips) less the cost of the tour. For ship agents/managers and other services related to transport, the value of the services provided is measured by the service receipts or agency fees. 4.24 Branch offices set up in Hong Kong by foreign airlines and shipping companies are also covered in the transport industry. These offices provide services to their overseas parents and are considered to be operating without making an operating surplus. Thus the value of their output is imputed as the sum of all input costs i.e. expenses in maintaining the branch office, including compensation of employees. 4.25 The intermediate consumption of the transport industry comprises rentals, expenses on fuel, materials and supplies consumed in business operation, sub-contract work, repair and maintenance, and other services such as advertising, legal services and insurance. For cargo forwarding agents, travel agents and airline ticket agents and tour operators, expenditures on freight services and purchase of tickets and tour cost incurred on behalf of clients are not included as intermediate consumption. Instead, these expenditures are subtracted from the value of gross receipts in calculating gross output. For local branch offices in Hong Kong of foreign airlines and shipping companies, any expenditure incurred by their overseas parents in Hong Kong other than those expenditures for maintaining the branch offices are excluded in calculating the input costs, irrespective of whether these payments are settled in Hong Kong. 4.26 Several government units engaged in market activities are classified to the transport industry. These include the Ferry Terminals Section, the Cargo Handling Section and the Port Logistics Section of the Marine Department and the Tunnels Contract Management Team and the Parking Contract Management Team of the Transport Department. Data for compiling the estimates are supplied by the departments concerned. 4.27 Firms in the storage industry provide warehousing services and their output is measured by the warehousing rental. The communications industry comprises postal, courier, telephone and telegraph, radio-paging and other telecommunication services. Output of these firms is measured generally by the service charges received, including rentals received for letting telephone sets in the case of telephone services, margins from sales of radio-paging machines in the case of radio-paging services, and other fees and commissions received for services rendered. Hongkong Post is treated as a government unit engaged in market activities and is classified to the communications industry.

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4.28 The intermediate consumption of storage and communications comprises rentals, expenses on materials and supplies consumed in business operation, payments for contract work and other services such as advertising, transportation and insurance. For postal and telecommunication services which are jointly organised across international borders by operators from different countries, the payments made by Hong Kong companies to their overseas counterparts are included as payments for contract work.

Financing, insurance, real estate and business services 4.29 Annual economic surveys covering the financing, insurance, business services and banks, deposit-taking companies, and representative offices of foreign banks have been conducted since the reference year 1980. The activities of real estate developers, real estate leasing, brokerage and management firms and architectural, surveying, engineering and consultancy firms are covered by the Survey of Building, Construction and Real Estate Sectors. The first benchmark survey was conducted for the year 1979. No survey was conducted for 1980 and estimates in respect of these activities were compiled using the growth rate of output of private sector construction projects as an indicator. Since 1981, annual surveys have been conducted for compiling estimates for these activities. Financial intermediation services 4.30 The major activity of banks, deposit-taking companies and other firms dealing with personal loans, mortgages, instalment credit, factoring and bill discounting, etc. is to provide financial intermediation services. These financial intermediaries provide the financial intermediation services for which they do not charge explicitly by paying and charging different interest rates to lenders and borrowers. They pay lower interest rates to those who lend them money and charge higher interest rates to those who borrow from them. The resulting net interest receipts (i.e. total interest received less total interest paid out) are used to compensate their expenses and provide the gross operating surplus. 4.31 The value of output of these services, namely “financial intermediation services indirectly measured (FISIM)” (formerly called imputed bank services charge) is measured by the net interest receipts (i.e. total interest received less total interest paid out). The value of FISIM, together with other explicit services charges, rentals, commissions and other fees received, constitutes the gross output of financial intermediaries. 4.32 For estimating the values of financial intermediation services consumed by various users/sectors, Hong Kong has adopted the reference rate method. The “reference rate” of interest represents the pure cost of borrowing. In other words, the reference rate of interest can be regarded as a risk-free interest rate and does not include any financial intermediation services. The interbank rates are suitable proxies of reference rate. This is because the borrowings/lendings among banks involve minimal risks, hence the interbank rates are considered to be free of financial intermediation services and close to the concept of “pure cost of borrowing” given in the 1993 System of National Accounts. 4.33 Using the concept of reference rate of interest, the values of the financial intermediation services consumed by different types of depositors and borrowers (e.g. households, business establishments, non-residents) can be estimated as follows:

(i) For each type of depositor, the value of financial intermediation services consumed is equal to the stock of deposits multiplied by the average interest margins of that type of depositor;

(ii) Similarly, for each type of borrower, the value of financial intermediation services consumed is equal to the stock of loans multiplied by the average interest margins of that type of borrower.

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4.34 The amount of financial intermediation services consumed by various economic sectors are included in the intermediate consumption of the various sectors, and subsequently deducted from value added of the respective sectors. The amount of financial intermediation services consumed by households when they make deposits at banks and obtain loans from banks (other than dwelling loans) and the amount of financial intermediation services provided by resident banks to non-residents are included in private consumption expenditure and exports of services respectively in the GDP by expenditure component. Financial intermediation services relating to dwelling loans of households are included in the intermediate consumption of the item “Ownership of premises” in the GDP by economic activity. 4.35 For personal loan companies and pawnshops, any bad debts written off are deducted from their net interest receipts. This treatment is adopted because bad debts are common in the business of personal loan companies and pawnshops. For pawnshops, the gross output also includes the receipts from sales of unclaimed goods less the corresponding loan granted. 4.36 For representative offices of foreign banks in Hong Kong, the value of the services they provide to their overseas parents is taken as the sum of all input costs, including compensation of employees and other operating expenses. 4.37 The intermediate consumption of the financial intermediation services comprises rentals, expenses on materials and supplies consumed in business operation, advertising, legal, accounting, communication, transportation and other services. Other financial services 4.38 Other financial services include investment and holding companies, stock and share brokers/dealers, brokers/dealers in commodity futures, foreign exchange, gold bullion, etc. 4.39 Investment and holding companies provide management services to their subsidiaries, with or without making a charge. They also receive interest and dividends from loans and advances, and from investment in subsidiaries, and other types of investment. The value of services provided by holding and management companies is measured by the amount of management fees received and other forms of business receipts such as rentals received, commissions and other service charges. 4.40 For stock and share brokers/dealers and brokers/dealers in other financial assets, the value of the services they provide to their clients is measured by their service charges, commissions and brokerages, and other fees received. Rentals received are also included in compiling the gross output. However, any gain/loss from trading in financial and other assets on own account is excluded in compiling the gross output. For firms providing miscellaneous financial services to customers, the value of services they provide is also measured by their service charges, commissions and fees. 4.41 The intermediate consumption of other financial services comprises rentals, expenses on materials and supplies and services consumed in business operation, advertising, insurance, legal, accounting and other professional services. Interest payments are not included as intermediate consumption. Insurance services 4.42 The producers of insurance services comprise life and general insurers, insurance agents, and specialist firms providing professional insurance services. Other than those companies specialising in life insurance policies, insurance companies underwriting all other types of policies are referred to as general insurance companies.

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4.43 Life insurance companies provide some form of financial security for the policy holder, and look after and invest that part of any individual’s savings which are included in the premiums. The “payment” which life insurance companies receive for these services is difficult to measure. The United Nations recommends that the value of the services provided by life insurance companies should equal premiums less claims and net additions to life funds. The method was applied but resulted in a negative value added. Hence, other methods of compilation were investigated. After consulting a number of prominent insurance firms, a formula was devised based on methods of compiling the present values of future premiums and claims and net additions to life funds. The formula is believed to give the value of services rendered which are consistent with the actual practices of life insurance companies. The present data collected from the economic survey are however, not completed enough for using this formula. Recourse was therefore made to a method used by the U.S. Department of Commerce (See Readings in Concepts and Methods of National Income Statistics, p. 27, U.S. Bureau of Economic Analysis, 1976 issue). In this method, the imputed service charge of life insurance companies is the sum of operating expenses and compensation of employees. This method does not account for profits and no direct reference is made to additions to life funds. 4.44 For general insurance companies, the value of services rendered by general insurers to policy holders is measured by net retained premiums less net claims paid, plus income from investment of financial assets. Their receipts from agency or other services rendered (including reinsurance commission) and rentals received are also included in their gross output. 4.45 The value of services provided by insurance agents, brokers, and other specialist firms rendering professional insurance services to clients is measured by their service receipts, fees and commissions. 4.46 The intermediate consumption of insurance services comprises rentals, expenses on materials and supplies consumed in business operation, advertising, communication and other claim-handling services. Claim-handling services refer to investigatory and surveying services, etc. in processing applications for insurance compensation. For general insurers appointing agents in their underwriting business, the commissions paid to agents have been deducted from the value of gross premiums to obtain the value of net retained premium. Consequently these commissions are not included in the value of their intermediate consumption. The payments made by an insurance company to individual agents employed by the company and serving solely the company are treated as compensation of employees. Real estate development, real estate leasing, brokerage and management services 4.47 Real estate developers provide services in arranging for contractors, architects, designers, etc. to construct residential and non-residential buildings and in financing the projects. Their reward in these activities is estimated by the difference between the selling prices of properties and the project outlays. In addition, real estate developers may lease out properties, act as estate agents and receive commissions or payments for the service of facilitating the transfer of property, or act as property managers. Any margin received from resales of existing properties must be excluded from the gross output. The resale margin of existing properties is not reckoned as an economic output. It is treated in the national accounts as a capital gain. 4.48 Practical difficulties arise in estimating the margin of real estate developers on property development. For buildings which are completely built within a year and sold in the same year, no major problems occur. The margin in this case would be equal to the selling price of the building less the value of the total costs incurred by the developer in respect of the project (excluding interest payments incurred). However, problems would arise if the buildings are not completely built and sold within the same year. The developer will then have incurred costs on the work-in-progress over the construction period but no sales receipts have been received as the building is still not yet completed or sold. Conceptually, this ambiguity (in the commercial accounting profit/loss sense) can be overcome

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in the national accounts by measuring the value of the work-in-progress to the real estate developer irrespective of whether payments have been made or received. This is a measure corresponding to the value of economic activity performed. However, there are practical difficulties in assessing the value of the work-in-progress to the real estate developer. In the economic survey for real estate developers, respondents are asked to give the actual or expected value of their properties at the beginning and the end of the reference period respectively. If the properties have actually been sold, the actual sales values are recorded, otherwise the catalogued selling prices of properties or other values given by the respondents are recorded. When the real estate market is good and properties are selling quickly, developers are well aware of the value of their properties. However when the market is falling and transactions are few, developers may not be able to give reasonable replies. For developers who fail to provide the data, property values are imputed from data on sales in similar areas by type and size of building. The property values as at the beginning and the end of the reference period are then expressed at current mid-year prices to reduce the effects of changes in prices on such values. Finally the property value at current mid-year prices is multiplied by the percentage of the property completed during the reference period, to give the value of the work-in-progress to the real estate developer. The developer’s margin is obtained as the value of the work-in-progress less all project outlays incurred during the year, excluding interest payments. The value of gross output of the real estate developers comprises the margin on property development, service charges, commissions and rentals received, etc. 4.49 For firms engaged in real estate leasing, brokerage and management services, the gross output corresponds to their service receipts which comprise rentals received from leased properties owned by these companies, commissions earned in respect of property transactions, real estate management fees and other service receipts. 4.50 The intermediate consumption of real estate developers and real estate leasing, brokerage and management firms comprises expenses on sundry supplies consumed in business, rentals, rates and expenses in relation to real estate activities like estate management expenses, advertising, professional fees and other overhead expenses. Business services 4.51 Business services include activities such as accounting, auditing, legal, architectural design, engineering and other technical consultancy, data processing, advertising, market research, machinery and equipment rental and leasing services. 4.52 The value of business services provided by firms is generally measured by the fees, commissions and other charges received, including rentals from buildings and machinery. For advertising agents, their gross receipts from advertisements often include charges paid to the media. These charges which are paid on behalf of their clients are not included in measuring the gross output of advertising agents. Hence only the net receipt, i.e. gross receipts less any amounts paid to the third party, is included in the gross output of advertising agents. Similar treatment applies to market research and public relations firms. 4.53 The value of intermediate consumption of business services comprises expenses on materials and supplies consumed in business operation, rentals, rates, commissions and cost of contract work and other operating expenses such as advertising, transport and communications.

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Community, social and personal services 4.54 Producers of community, social and personal services comprise organisations providing a wide range of services to individuals and households such as education, medical and health, sanitary, laundry, repair, hairdressing and photo-finishing services. The general administration, public order and safety services and other services provided by government departments which are not engaged in market activities, are also included. Services such as education, medical and health and welfare are mainly provided by the government and private non-profit institutions. Data sources for these services include government accounts and administrative records, accounts of private non-profit institutions and survey data collected from a small sample of commercial establishments rendering personal services. 4.55 Government services and services provided by private non-profit institutions are usually provided to the public free or at prices below their input costs of production. The value of services rendered by these organisations is estimated as the sum of the input costs, i.e. operating expenses (including imputed rentals, for which a fuller description is provided in paragraph 4.60) and compensation of employees. The operating expenses are treated as intermediate consumption, and compensation of employees as value added for such kind of services. 4.56 For government services, detailed expenditure accounts reclassified by purpose are used for compiling the output estimates. In view of the establishment of Hospital Authority in December 1991, ex-subvented hospitals, which were previously classified as “producers of private non-profit services”, are classified as “producers of government services” from 1992 (see paragraph 3.26). 4.57 Compilation of the value of services provided by private non-profit institutions is based on two sources of data. For government-subvented organisations, data on such activities are obtained from accounting records furnished by these institutions annually to government departments overseeing these subventions. These include the Education and Manpower Bureau overseeing subventions to schools, the Social Welfare Department overseeing subventions to activities such as community development, child-care and services organised for youths and the aged, and also the Department of Health overseeing subventions to clinics and health services. In addition, a survey on expenditure of private non-profit institutions was conducted for the year 1980 to provide benchmark data on output of other private non-profit institutions not receiving government subventions. 4.58 Statistics for commercial establishments are based on results from a small scale sample survey supplemented by data from other sources, including employment and earnings statistics and tax statistics. The survey has been conducted annually since 1980 to provide data for compiling the gross output of these commercial establishments, their intermediate consumption and compensation of employees. Gross output of these establishments comprises mainly receipts from services rendered in the form of fees, commissions and other service charges, margin on resale of goods and rentals received. 4.59 As in the case of other industries, the value of intermediate consumption for these services comprises expenses on materials and supplies consumed in business operation, rentals, rates and other operating expenses such as advertising, transport and communications.

Ownership of premises

4.60 Ownership of premises is treated as an economic activity in the national accounts. The rentals paid represent an expenditure for households or intermediate consumption for business firms, and the rentals received a sale of a commodity-type service or output derived from ownership of premises. For business firms letting out premises which they own, the services they provide are

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measured by rentals received, and are included in the gross output of the activity to which the firms belong. However, the leasing services provided to tenants by owners of premises in their individual capacity have not been accounted for in any of the activities described so far. Hence, a separate activity, viz. ownership of premises, is introduced for this purpose. Besides leasing services provided to tenants by owners of premises in their individual capacity, this activity also covers leasing services which owners of premises like households, government and private non-profit institutions, provide to themselves. An imputed figure on rentals for such properties is added to the national income calculations to reflect the value of the services rendered. Strictly speaking, any sums spent on maintenance and repair of such properties as well as the value of financial intermediation services relating to dwelling loans of households should be treated as a cost and the balance of imputed rentals over these sums taken to represent the operating surplus. In this way, the imputed expenditure on rentals by the owner-occupier is recorded in the expenditure approach and the imputed operating surplus in the production approach. Since data for compiling the cost of maintenance and repair of owner-occupied property are not available, a 5% allowance has been made for such expenditure in the figures compiled from the production approach. For the value of the financial intermediation services relating to dwelling loans of households, it is indirectly measured using the reference rate method. Please see paragraphs 4.32 and 4.33 for details. 4.61 The estimate of ownership of private domestic premises includes both the rentals of private domestic premises received by households together with the imputed rentals of households occupying their own premises. It is estimated based on the rateable value of all private domestic premises supplied by the Rating and Valuation Department, after discounting the related rentals received by companies from households. 4.62 Similarly, for owner-occupied premises of government and private non-profit institutions, imputed rentals are compiled for the leasing services provided for their own consumption. The imputed rentals are also incorporated into the GDP figures compiled from the expenditure approach accordingly. The benchmark figures of imputed rentals for premises owned and used by government departments not engaged in market activities and private non-profit institutions were imputed for the reference years 1980, 1985 and 1990. The information of such premises was obtained from administrative records of the government, and a specially conducted survey on premises owned and occupied by private non-profit institutions. These buildings were broadly categorised into offices, quarters, schools, hospitals, and buildings for community, religious and recreational, public order and safety and other miscellaneous purposes. Structures and facilities for civil engineering and special purposes were excluded. Professional advice was sought from the Rating and Valuation Department in assessing the rentals for these properties. Based on the assessments, the imputed rentals were compiled. Notwithstanding the reasonably wide scope of data sources, the estimates still have technical limitations as information on market transactions is not available for many types of properties, particularly special purpose buildings. Hence the imputation method is far from perfect but the results should be reasonably good for national accounts purpose. 4.63 For owner-occupiers of non-residential properties e.g. offices, factories, shops in the business sector, no imputation of rentals has been made. This is because any imputed rentals will simultaneously be an expense (intermediate consumption) and a receipt (gross output) of the owner-occupier firm. The omission will not in consequence affect the statistics on value added. 4.64 The figures of ownership of premises are updated based on information furnished by government departments and private non-profit institutions on additions and deletions to existing stocks of buildings and rental indices for different types of buildings.

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Constant Price GDP by Economic Activity 4.65 With the development and enhancement of monthly and quarterly economic surveys conducted by the Census and Statistics Department in recent years, more economic data are available, including the availability of short-term economic indicators (e.g. quarterly business receipts of service industries) and producer price indices (PPIs) for selected services industries. PPI is a measure of the average change in prices of goods and services received by local producers. Producer prices are transacted prices, net of any discounts, rebates or allowances given to buyers but including surcharges received by producers. The availability of such data enables the compilation of quarterly GDP by economic activity at constant prices. 4.66 Constant price value added of economic activities in Hong Kong is generally compiled using four methods: (a) single extrapolation of base year value added by deflated gross output measures e.g. business receipts deflated by PPI; (b) single extrapolation of base year value added by volume/quantity measures such as volume of trade and physical units of outputs; (c) single extrapolation of base year value added by input indicators such as hours worked; (d) double indicators methods. The first two methods are most frequently applied in Hong Kong for compiling quarterly constant price value added, as in statistically advanced economies (e.g. Australia, New Zealand, and U.K.). Single extrapolation by deflated gross output measures 4.67 In calculating deflated gross output, relevant price deflators are needed. For manufacturing, relevant producer price indices (PPIs) are used as price deflators of gross output. For construction, price deflators employed include type-specific construction output deflators (e.g. offices, residential buildings, civil engineering works), the Civil Engineering Works Index (CEWI), Building Services Tender Price Index (BSTPI) and other price indices. For hotels and boarding houses; air, land and maritime transport activities, respective PPIs are also used. Single extrapolation by volume/quantity indicators 4.68 The method of single extrapolation by volume/quantity indicators is commonly applied under two circumstances. The first circumstance is where the service prices of economic activities are both theoretically and practically very difficult to measure, as in the case of wholesale, retail and import and export trade services and financial intermediation services indirectly measured (FISIM). 4.69 The services provided by wholesale, retail and import and export traders are to make available goods at a location and time convenient for their customers. While the value of the services can be estimated by trade margin (which is calculated as sales of goods minus cost of goods sold), the prices of the services provided are not readily observable. To estimate the volume of the services, the recommended approach by the International Monetary Fund (IMF) and Eurostat is to construct a volume indicator by using the volume of goods passing through the distributive channels. Likewise, the prices of FISIM are not readily observable. This is because in providing financial intermediation services, banks do not charge their customers explicitly. The recommended approach by IMF and Organisation for Economic Co-operation and Development (OECD) is to use deflated stock of assets and liabilities of banks as volume indicator. 4.70 The second circumstance is where quantity indicators are highly correlated with volume of output and hence provide good proxies for estimating constant price value added (e.g. statistics on outward external telephone traffic volume is used as an indicator to extrapolate the constant price value added of international telephone services).

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Single extrapolation by input indicators 4.71 In extrapolation by input indicators, the commonly used indicators are deflated wages and hours worked. Deflated wages indicators are applied to economic activities of which the output is estimated by cost approach, viz. the government and private non-profit bodies output in Hong Kong. For indicators of hours worked, they are at present applied to selected business service industries. Double indicators method 4.72 In applying the double indicators method, constant price value added is calculated by subtracting constant price intermediate consumption from constant price gross output. Constant price intermediate consumption and gross output can be obtained by either deflation of current price figures or extrapolation by relevant indicators. Thus, the double indicators method requires detailed data on the outputs and inputs of respective economic activities and their prices. Owing to data availability problem, this method is not commonly used by statistically advanced economies in deriving quarterly constant price value added. In Hong Kong, double indicators method is applied to the electricity, gas and restaurants industries. 4.73 The methods for compiling the quarterly constant price value added of individual economic activities are summarised below:

Economic activity

Methods/Data sources

Agriculture and Fishing

Agriculture and fishing Single extrapolation by volume/quantity indicators. The quantities of local production of fish, vegetables, swine and poultry provided by the Agriculture, Fisheries and Conservation Department are used as the volume indicators.

Mining and Quarrying

Mining and quarrying Single extrapolation by volume/quantity indicator. The quantity of quarry production supplied by the Civil Engineering Department is used as the volume indicator.

Manufacturing

Manufacturing Single extrapolation by volume indicator. The Quarterly Index of Industrial Production (QIIP) which reflects changes of local manufacturing output in real terms is used as volume indicator. Statistics of QIIP are compiled from the Quarterly Survey of Industrial Production.

Electricity, Gas and Water

Electricity and gas Double indicators method.

The quantity of electricity/gas consumption supplied by the electricity companies/gas company is used as the volume indicator for constant price gross output. Constant price intermediate consumption is obtained by direct deflation. Deflators used include price indices of related raw materials, relevant rental index and relevant Composite Consumer Price Index (CCPI) components.

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Water Single extrapolation by volume indicator. The quantity of water consumption supplied by the Water Supplies Department is used as the volume indicator.

Construction

Construction Single extrapolation by deflated gross value of construction work. Statistics on deflated gross value of construction work are obtained from the GDP by expenditure approach.

Wholesale, Retail and Import and Export Trades, Restaurants and Hotels Wholesale, retail and

import and export trades Single extrapolation by volume indicators. Deflated wholesale and retail sales, volume of external trade in goods and constant price exports of merchanting and other trade-related services (mainly gross margin of merchanting and commissions from merchandising) are used as the volume indicators. Wholesale sales are obtained from the Quarterly Survey of Service Industries, while retail sales from the Monthly Survey of Retail Sales. Statistics on external trade in goods are obtained from monthly external trade statistics. Statistics on exports of merchanting and other trade-related services are obtained from GDP compiled by the expenditure approach. Deflators are relevant CCPI components and external trade unit value indices (UVI).

Restaurants Double indicators method.

Constant price gross output and intermediate consumption are obtained by direct deflation. Statistics on restaurant receipts and purchases are obtained from the Quarterly Survey of Restaurant Receipts and Purchases. Deflators used for deflating gross output are relevant CCPI components. Deflators used for deflating intermediate consumption include rental indices and CCPI of electricity, fuels and water, etc.

Hotels and boarding

houses Single extrapolation by deflated business receipts. Business receipt deflated by producer price index (PPI) obtained from the Quarterly Survey of Service Industries is used as volume indicator.

Transport, Storage and Communications Transport and storage Single extrapolation by deflated business receipts.

Business receipts deflated by PPIs obtained from the Quarterly Survey of Service Industries are used as volume indicators.

Communications Single extrapolation by volume/quantity indicators.

Total air time of mobile network used, outward external telephone traffic volume and deflated business receipts of relevant industries are used as the volume indicators. Total air time of mobile network used and outward external telephone traffic volume are supplied by the Office of Telecommunications Authority. Statistics on business receipts of the relevant industries and the corresponding PPIs are obtained from the Quarterly Survey of Service Industries.

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Financing, Insurance, Real Estate and Business Services Financing Single extrapolation by volume indicators/deflated business receipts.

For banking, deflated banks’ stock of various type of financial assets and liabilities, deflated foreign currency positions and deflated income from fees and commissions are used as the volume indicators. Statistics on financial assets and liabilities and income are obtained from the Hong Kong Monetary Authority and the Balance of Payments statistics system in Hong Kong. The deflators used are the implicit price deflators of final demand and exports of banking services. For other financing services, the deflated business receipts are used as the volume indicators. Statistics on business receipts and relevant PPIs are obtained from the Quarterly Survey of Service Industries.

Insurance Single extrapolation by volume indicators.

Number of insurance policies and deflated net premiums obtained from the Office of the Commissioner of Insurance are used as the volume indicators. The implicit price deflator of final demand is used to deflate net premiums.

Real estate Single extrapolation by volume indicators.

Real estate developers’ margin (REDM), occupied floor area of private offices and commercial buildings, deflated business receipts and deflated rental income of Housing Authority are used as the volume indicators. REDM is obtained from the GDP by expenditure approach, while data on floor area and vacancy rate are obtained from the Rating and Valuation Department. Statistics on business receipts and the relevant PPIs are obtained from the Quarterly Survey of Service Industries.

Business services Single extrapolation by deflated business receipts/input indicator.

Deflated business receipts are used for single extrapolation when business receipts and PPIs are available. For other business services, number of hours worked is used for single extrapolation.The number of hours worked is compiled based on statistics collected from the Survey of Employment and Vacancies and the General Household Survey.

Community, Social and Personal Services Community and social

services provided by government

Single extrapolation by input indicators. The input indicators are wages supplied by the Treasury. The deflator used is the salary rate index for government employees.

Community and social

services provided by private non-profit institutions

Single extrapolation by deflated value of government subventions. The value of government subventions is provided by the Treasury. The salary rate index for government employees is used as deflator.

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Personal services provided by commercial establishments

Single extrapolation by deflated private consumption expenditure on various services activities. Statistics of private consumption expenditure on personal care, medical, recreation and entertainment and domestic help are compiled based on results of a number of expenditure surveys conducted by the Census and Statistics Department and administrative data provided by the Hospital Authority, the Department of Health and the Hong Kong Jockey Club. The deflators used are relevant CCPI components.

Ownership of Premises Ownership of premises Single extrapolation by volume indicators.

Deflated ratable value of private domestic premises and total floor area of government/private non-profit institutions owned buildingsare used as the volume indicators. The data are mainly supplied by the Government Property Agency, the Rating and Valuation Department and private non-profit institutions.

Taxes on Production and Imports Taxes on production and

imports Direct deflation. Value of taxes on production and imports are obtained from the Treasury. The deflators used include indices of relevant tax rates, property price index and hotel bills index.

Limitations of the Compilation Method 4.74 Economic surveys are the main source of data for compiling GDP by economic activity. Information so collected may not be recorded on a calendar year basis, as quite a large number of respondents reported data on a fiscal year basis or for some other period, whilst annual GDP at current prices are compiled on a calendar year basis. Data on national accounts aggregates from economic surveys are therefore subject to imprecision arising from deviations from the calendar year basis of reporting. Under certain circumstances when deviations between data reported on calendar year basis and non-calendar year basis in economic surveys are considered to be significant, national accounting compilation procedures are needed to adjust the results from the surveys. 4.75 For commercial establishments in community, social and personal services, only a small scale survey was undertaken. In view of the diversity in the range of services provided by these establishments, coverage may be incomplete. Other related sources of data such as employment and earnings statistics and profits tax statistics are used to cross-check the survey data and adjustments are made where necessary. 4.76 Imputed rentals are subject to limitations due to incomplete coverage with regard to buildings owned and occupied by private non-profit institutions. Also, the procedure for assessing the market rentals of different types of properties is necessarily imprecise, since market information on special purpose buildings such as hospitals and schools is virtually non-existent.

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5. Annual Current Price GDP by Economic Activity and by Factor Income, 1970-1980

5.1 Some interim estimates of GDP by economic activity and by factor income were published for 1970-1980 in the earlier issues of this publication. Sources of data used for compiling these estimates included tax statistics, population censuses, and employment and earnings surveys. However, due to serious data limitations, these estimates were considered not very satisfactory. They were produced in the absence of anything better to serve as a rough guide to the relative importance of the different activities, and should be used and interpreted with care. 5.2 With the availability of a full set of GDP by economic activity, this method has been discontinued. For reference and comparison with past data, however, estimates for the years 1970, 1975 and 1980 showing the distribution of GDP by economic activity and by factor income are given below. The classification basis of the estimates by economic activity is not strictly comparable with the GDP compiled from the production approach. Ownership of premises was included under major division 8 in the interim estimates, but it is now quite clear that these were underestimated. Also, ownership of premises in the GDP figures compiled from the production approach includes imputed rentals for government and private non-profit institutions. This was not taken into account in the interim estimates. Moreover, charges of financial intermediation services indirectly measured was not required for the interim estimates because data on profits tax had taken into account interest payments and receipts by firms.

Percentage Distribution of Gross Domestic Product at Current Factor Cost by Economic Activity, 1970, 1975 and 1980

ISIC# major division 1970

% 1975

% 1980

%1. Agriculture and fishing 2.0 1.4 1.02. Mining and quarrying 0.2 0.1 *3. Manufacturing 30.9 26.9 25.14. Electricity, gas and water 2.0 1.8 1.35. Construction 4.2 5.7 7.16. Wholesale, retail and import and export trades, restaurants and

hotels 19.6 20.7 19.2

7. Transport, storage and communications 7.6 7.2 7.28. Financing, insurance, real estate and business services 14.9 17.0 25.99. Community, social and personal services 18.0 18.7 12.9

10. Activities not adequately defined 0.6 0.5 0.3 Gross domestic product at factor cost 100.0 100.0 100.0

* less than 0.05% # International Standard Industrial Classification

Percentage Distribution of Gross Domestic Product at Current Factor Cost by Factor Income, 1970, 1975 and 1980

1970

% 1975

% 1980

%Compensation of employees 57.1 60.0 49.5Gross operating surplus 42.9 40.0 50.5Gross domestic product at factor cost 100.0 100.0 100.0

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6. Gross National Product (GNP)

Introduction 6.1 The Census and Statistics Department has started to compile Gross National Product (GNP) since the reference year of 1993 to meet a growing demand for such data to analyse the Hong Kong economy. This Section provides the basic concepts and compilation methods related to GNP.

Conceptual framework and method of compiling GNP

6.2 GDP is an aggregate measure of the total value of production of all resident producing units of a country or territory in a specified period, before deducting allowance for consumption of fixed capital. Since production is rewarded by income, GDP also measures the total income arising from such current production, irrespective of whether the factors (labour, capital) for producing the goods or providing the services are owned by residents or by non-residents. 6.3 GNP, on the other hand, is a measure of the total income earned by residents of a country or territory from engaging in various economic activities, irrespective of whether the economic activities are carried out within the economic territory or outside. In other words, in compiling GNP, earnings of residents from various economic activities within or outside the economic territory are included, whereas earnings of non-residents from economic activities within the economic territory are excluded. 6.4 GNP is compiled by the following formula:

GNP = GDP + Factor income earned by residents from outside the economic territory – Factor income earned by non-residents from within the economic territory

6.5 As can be seen above, the concept of “resident” is crucial to the compilation of both GDP and GNP. Practically, residents of a country or territory include individuals and organisations. According to international statistical standards, for individuals, residents refer to those who normally stay in the economic territory of the country or territory, irrespective of their nationality. For organisations, residents refer to those which ordinarily operate in the economic territory of the country or territory. The economic territory of a country or territory is the geographic territory administered by the government of the country or territory within which persons, goods and capital circulate freely. Conceptually, the residence status of individuals and organisations depends on their centre of economic interest. 6.6 GNP at constant market prices is obtained by adding to GDP at constant market prices the real net External Factor Income Flows (EFIF). Real net EFIF is obtained by deflating nominal EFIF based on the implicit price deflator of domestic demand. 6.7 On 1 July 1997, Hong Kong became a Special Administrative Region of the People's Republic of China. Data on transactions, and assets and liabilities vis-à-vis the mainland of China (the Mainland) are treated as external transactions and external positions respectively. Hence, factor income flows between Hong Kong and the Mainland are treated as external factor income flows and are covered in Hong Kong's GNP figures.

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Major components of external factor income flows (EFIF) 6.8 The classification of EFIF is basically similar to the classification of standard components of the Income Account of the Balance of Payments Manual (BPM) published by the International Monetary Fund in 1993. These income components are direct investment income (DII), portfolio investment income (PII), other investment income (OII) and compensation of employees (CE).

Direct investment income 6.9 DII refers to earnings of residents from their direct investment outside the economic territory and earnings of non-residents from their direct investment within the economic territory, in which direct investors have a lasting interest and a significant degree of influence or effective voice in the management. For statistical purpose, an effective voice is taken as equivalent to a holding of 10% or more of the equity of a company. These earnings are in the form of receipts of distributed dividends, share of undistributed profits, net interest receipts from inter-company debts and gross rentals. 6.10 External investment in real estate, as specified by BPM, is also a form of direct investment. By statistical convention, land and other immovable structures and objects (e.g. building) in a country or territory can only be owned by residents of that country or territory. If a Hong Kong resident owns real estate outside the economic territory of Hong Kong, he should be regarded as owning a nominal company in the country or territory in question which in turn owns the real estate. The relationship between such nominal company and legal owner of the land and structures is then treated as a direct investment relationship. 6.11 In general, if a Hong Kong company creates a business entity outside the economic territory of Hong Kong for the purpose of holding some assets in Hong Kong, the income generated by those assets will be compiled as income outflow to the business entity, and then as income inflow from the entity back to the final owner(s) of the investment.

Portfolio investment income 6.12 PII refers to earnings of residents from investment in non-resident equity (e.g. stocks and shares) and debt securities (e.g. bonds and notes, money market instruments), and earnings of non-residents from investment in resident equity and debt securities. Different from investors making direct investment, portfolio investors in such equity and debt securities have no lasting interest or influence in the management of the companies they invest. A holding of less than 10% of equity in a company is regarded as portfolio investment. 6.13 The residence status of securities is determined by the legal domicile and place of productive operation of the issuing company, irrespective of the place of listing. Therefore, shares that are issued by resident companies are regarded as resident shares. In a stock exchange of a country or territory, there may be both listings of resident and non-resident shares.

Other investment income 6.14 OII refers to interest inflow from, and outflow to, non-residents arising from other financial claims and liabilities that are not classified as DII or PII. Examples of these claims and liabilities include short-term and long-term non-marketable loans, deposits, financial leases and trade credits. Interest income receivable and payable are net of the financial intermediation services. The value of the financial intermediation services is indirectly measured using the “reference rate” method. Please refer to paragraphs 4.32 and 4.33 for details.

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Compensation of employees 6.15 CE refers to labour income earned by non-residents from their employment within the economic territory of Hong Kong and labour income earned by residents from their employment outside the economic territory. It comprises wages, salaries and other remuneration whether paid in cash or in kind. 6.16 Labour income earned by Hong Kong residents from Mainland enterprises due to employment in personal capacity in the Mainland is classified as CE inflow of Hong Kong. For Hong Kong residents who frequently travel to and from the Mainland in their work, the labour income they earn from their employers in Hong Kong is, however, not included in CE inflow. On the contrary, for Hong Kong people who reside in the neighboring Mainland cities and commute daily from there to work in Hong Kong, they are regarded as residents of the Mainland under the principle of principal residence. Accordingly, the labour income they earn from their employers in Hong Kong is included in CE outflow. 6.17 According to international statistical standards, foreign embassies, consulates and government offices located in a country or territory are considered non-residents of that country or territory. Therefore, the labour income earned by Hong Kong residents working from employment in such organisations in Hong Kong is regarded as CE inflow. On the other hand, the labour income earned by local staff of Hong Kong government offices located in other countries or territories is regarded as CE outflow. 6.18 Some Hong Kong people work outside the economic territory of Hong Kong in the capacity of freelance specialists (e.g. accountants, lawyers, doctors). Usually they work as employees of Hong Kong companies owned by themselves which are created for signing legal binding contracts with non-residents and for receiving earnings. The earnings of these freelance specialists from outside the economic territory of Hong Kong are treated as trade in services and are already covered in GDP.

Methods and Data Sources

Survey of External Claims, Liabilities and Income 6.19 GNP is compiled based on GDP and data on EFIF collected from the Survey of External Claims, Liabilities and Income (SECLI), supplemented by data from other sources. The survey is conducted under the provision of the Census and Statistics ordinance.

Survey coverage and data collection method 6.20 The survey covers all business undertakings which are residents of Hong Kong. A business undertaking is an undertaking carrying on any business with or without a view to profit and includes any such undertaking carried on by the government or a statutory corporation. 6.21 An integrated inquiry form is used in the survey whereby data of all EFIF components are collected. Besides facilitating field work, the form also helps avoid any potential duplicate reporting of the same income flows under different income components.

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Data reporting arrangements

Accounting units for data reporting 6.22 A business undertaking is required to report information on EFIF during the reference period, including EFIF that it generates on its own account (own-account reporting), and EFIF accrued to its clients on which it possesses the relevant information (pass-through reporting). 6.23 For own-account data reporting, the accounting unit is a Hong Kong Enterprise Group (HKEG) where the Hong Kong top company is the contact point for own-account reporting at the HKEG level. 6.24 For pass-through data reporting, the accounting unit is a single Hong Kong company. Very often income flows from portfolio investment are passed through local financial intermediaries or agents. These financial intermediaries or agents are thus able to report on behalf of their clients the relevant data required by the survey. Their clients include households, companies, government units and non-profit institutions.

Target companies for data reporting 6.25 Only those designated as target companies in the survey are responsible for completing questionnaires. Companies other than target companies are not required to complete any questionnaire because their EFIF data would be reported by target companies on their behalf. 6.26 Hong Kong top companies of HKEGs are designated as target companies for reporting DII inflow and outflow with reference to the consolidated account of the respective enterprise groups. Other companies are designated as target companies if they are any of the following:

(a) companies which are not top companies but owning non-resident branches, subsidiaries and/or associates;

(b) companies which are not top companies but have equity of 10% or more being held by non-resident direct investors;

(c) companies listed on the Stock Exchange of Hong Kong (SEHK); (d) companies engaged in banking, insurance, share registration, fund management, custodian

or money lending businesses other than banks; and (e) companies which have external claims, liabilities and income transactions where no Hong

Kong agent is involved. 6.27 All target companies mentioned above form the target population of business undertakings for enumeration.

Dividend data reported by share registrars, fund management companies and custodians 6.28 Since many parties are involved in a financial transaction and there are agent-to-agent dealings, target companies of different business sectors are selected to report EFIF data with respect to different types of financial instruments, in order to ensure full coverage but to avoid duplications. 6.29 For example, share registrars are required to report dividends on resident shares listed on SEHK distributed to non-residents, and dividends received by residents on non-resident shares listed on SEHK. Local custodians and fund managers are asked to report dividends earned on behalf of non-resident clients or non-resident funds from investments in resident and non-resident shares listed on SEHK. Dividends earned from resident shares on behalf of non-residents are added to the dividend

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outflow figures obtained from share registrars, while those earned from non-resident shares on behalf of non-residents are deducted from the dividend inflow figures obtained from share registrars.

Investment income data versus investment position data 6.30 To help alleviate reporting burden of custodians and fund managers who usually only keep data on realised gains (e.g. capital gains plus investment income) from which income data cannot be identified separately, they are requested to report the market value of securities held by them at the beginning and end of the reference period. Income data are then derived from these investment position data by using representative market yields. 6.31 Banks are heavily involved in external placement of funds. These income transactions are voluminous and may not even be separately recorded in their accounts. To reduce their reporting burden, they are asked to report only their positions of external assets and liabilities, which they are already reporting to the Hong Kong Monetary Authority, as well as estimates of average interest rates, so that the corresponding EFIF can be derived.

CE flows 6.32 In light of growing number of Hong Kong people working and/or residing in the Mainland and offices set up outside the territory by the Hong Kong Government in recent years, the methodology for compiling CE estimates have been enhanced to incorporate more relevant data obtained from various sources in addition to the data captured by SECLI.

Limitations of the EFIF Statistics 6.33 Given the close economic links between Hong Kong and the Mainland, it is common that some Hong Kong individuals have made direct investment in the Mainland without setting up companies in Hong Kong. As individuals making direct investment outside Hong Kong without setting up a registered firm are not covered by SECLI, the income flows generated are estimated from other sources. 6.34 Local financial intermediaries and agents are the main data suppliers of PII on behalf of their clients. For those households making portfolio investment without involving local financial intermediaries and agents, the income flows generated are not captured under the present reporting arrangement, but the amount involved is expected to be insignificant. 6.35 Some resident households may have offshore deposits. The interest earnings generated by such deposits are not captured by SECLI, but estimated from other sources.

Real Gross National Income 6.36 While the real output of a country or territory is usually represented by GDP at constant market prices, the real purchasing power of the output of a country or territory may be represented by Real Gross Domestic Income (RGDI), as described in paragraphs 3.71-3.76. Corresponding to RGDI, the real purchasing power of the total income earned by residents of a country or territory may be represented by Real Gross National Income (RGNI), which is obtained by adding to RGDI the real net EFIF. RGNI is a useful explanatory variable in studies on various income related economic phenomena such as consumption demand, investment intention and inflation.

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Revision and Publication of GNP and EFIF Statistics

6.37 Preliminary figures on quarterly GNP and EFIF, compiled from the corresponding GDP figures and results of SECLI, are released within 3 months after the reference quarter. GNP and EFIF at current market prices for 2001 to 2005 and the first quarter of 2005 to the third quarter of 2006 are presented in Table A. GNP at constant (2000) prices and RGNI (2000-based) for 2003 to 2005 and the first quarter of 2003 to the third quarter of 2006 are shown in Table B.

HK$ million, unless otherwise specified

Type of Income ComponentType of Transactor

Direct Investment IncomeInflow Total 168,497 (9.5) 179,008 (6.2) 195,783 (9.4) 230,066 (17.5) 272,525 (18.5)

Banking 8,152 (-2.7) 8,697 (6.7) 6,651 (-23.5) 9,151 (37.6) 13,311 (45.5)Others 160,345 (10.2) 170,311 (6.2) 189,132 (11.1) 220,915 (16.8) 259,215 (17.3)

Outflow Total 244,838 (-8.1) 254,730 (4.0) 254,594 (-0.1) 313,591 (23.2) 394,982 (26.0)Banking 63,156 (-13.6) 57,657 (-8.7) 51,462 (-10.7) 53,301 (3.6) 69,476 (30.3)Others 181,681 (-6.0) 197,073 (8.5) 203,132 (3.1) 260,290 (28.1) 325,506 (25.1)

Net Flow Total -76,341 -75,723 -58,811 -83,525 -122,456Banking -55,004 -48,960 -44,811 -44,150 -56,166Others -21,337 -26,763 -14,000 -39,375 -66,291

Portfolio Investment IncomeInflow Total 96,338 (1.3) 92,208 (-4.3) 105,789 (14.7) 124,934 (18.1) 140,595 (12.5)

Banking 27,077 (13.2) 25,726 (-5.0) 28,244 (9.8) 29,713 (5.2) 36,617 (23.2)Others 69,261 (-2.7) 66,482 (-4.0) 77,545 (16.6) 95,221 (22.8) 103,978 (9.2)

Outflow Total 26,835 (-0.2) 26,981 (0.5) 28,016 (3.8) 31,411 (12.1) 38,317 (22.0)Banking 4,569 (20.2) 4,087 (-10.5) 3,892 (-4.8) 3,322 (-14.6) 4,014 (20.8)Others 22,266 (-3.6) 22,894 (2.8) 24,124 (5.4) 28,089 (16.4) 34,303 (22.1)

Net Flow Total 69,503 65,227 77,774 93,523 102,278Banking 22,507 21,639 24,353 26,391 32,603Others 46,995 43,588 53,421 67,132 69,675

Other Investment Income Inflow Total 108,763 (-37.7) 51,589 (-52.6) 33,737 (-34.6) 48,122 (42.6) 88,534 (84.0)

Banking 91,292 (-40.9) 41,441 (-54.6) 26,779 (-35.4) 36,953 (38.0) 63,968 (73.1)Others 17,471 (-13.1) 10,148 (-41.9) 6,957 (-31.4) 11,169 (60.5) 24,566 (119.9)

Outflow Total 72,166 (-40.2) 34,051 (-52.8) 22,671 (-33.4) 34,082 (50.3) 66,309 (94.6)Banking 65,985 (-42.3) 30,872 (-53.2) 20,953 (-32.1) 31,557 (50.6) 61,933 (96.3)Others 6,181 (-4.7) 3,178 (-48.6) 1,718 (-45.9) 2,525 (47.0) 4,376 (73.3)

Net Flow Total 36,596 17,538 11,066 14,040 22,225Banking 25,307 10,568 5,827 5,396 2,035Others 11,289 6,970 5,239 8,644 20,189

Compensation of EmployeesInflow Total 1,190 (12.7) 940 (-21.0) 932 (-0.9) 1,869 (100.5) 2,309 (23.5)Outflow Total 2,405 (37.0) 2,331 (-3.1) 2,470 (6.0) 2,497 (1.1) 2,708 (8.5)Net Flow Total -1,215 -1,391 -1,538 -628 -399

Total EFIFInflow Total 374,787 (-11.7) 323,745 (-13.6) 336,242 (3.9) 404,991 (20.4) 503,964 (24.4)Outflow Total 346,244 (-16.7) 318,093 (-8.1) 307,751 (-3.3) 381,581 (24.0) 502,316 (31.6)Net Flow Total 28,543 5,652 28,491 23,410 1,648

GDP 1,298,813 (-1.2) 1,276,757 (-1.7) 1,233,983 (-3.4) 1,291,425 (4.7) 1,382,675 @ (7.1)Per capita GDP (HK$) 193,440 (-1.9) 189,315 (-2.1) 183,334 (-3.2) 190,377 (3.8) 202,941 @ (6.6)

GNP 1,327,356 (0.3) 1,282,409 (-3.4) 1,262,474 (-1.6) 1,314,835 (4.1) 1,384,323 @ (5.3)Per capita GNP (HK$) 197,691 (-0.4) 190,153 (-3.8) 187,567 (-1.4) 193,828 (3.3) 203,182 @ (4.8)

@ Figures are subject to revision later on as more data become available.# Figures in brackets refer to percentage changes over the same period in preceding year.a Population figures since 2001 have been revised based on the results of the 2006 Population By-census available in February 2007 as the up-to-date

benchmark data. In the above table, per capita GDP and per capita GNP figures from 2001 to 2005 have been revised accordingly.

Notes : (1) Individual figures may not add up exactly to total due to rounding. (2) 'Others' include households, government units, non-profit institutions and companies other than those in the banking business.

2001 2003

2001 to 2005 and First quarter 2005 to Third quarter 2006

20052002 2004

Table AGross National Product (GNP) and External Factor Income Flows (EFIF) by Income Component by Type of Transactor (At Current Market Prices),

a

a

#

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HK$ million, unless otherwise specified

Type of Income Component 2005 2005 2005 2005Type of Transactor

Direct Investment IncomeInflow Total 59,221 73,309 63,928 76,068 80,642 (36.2) 84,958 (15.9) 80,980 (26.7)

Banking 2,995 3,233 3,484 3,599 3,497 (16.8) 4,370 (35.2) 4,597 (31.9)Others 56,226 70,076 60,444 72,469 77,145 (37.2) 80,589 (15.0) 76,383 (26.4)

Outflow Total 81,956 92,378 108,630 112,017 112,928 (37.8) 121,009 (31.0) 118,538 (9.1)Banking 15,385 16,673 17,941 19,478 19,411 (26.2) 21,712 (30.2) 18,663 (4.0)Others 66,572 75,706 90,689 92,539 93,517 (40.5) 99,297 (31.2) 99,875 (10.1)

Net Flow Total -22,735 -19,069 -44,702 -35,950 -32,286 -36,051 -37,558Banking -12,390 -13,440 -14,457 -15,880 -15,914 -17,342 -14,066Others -10,346 -5,629 -30,246 -20,070 -16,372 -18,709 -23,492

Portfolio Investment IncomeInflow Total 34,402 38,067 34,953 33,173 39,765 (15.6) 45,720 (20.1) 41,900 (19.9)

Banking 8,167 8,666 9,619 10,166 11,148 (36.5) 12,357 (42.6) 12,969 (34.8)Others 26,235 29,401 25,334 23,007 28,617 (9.1) 33,363 (13.5) 28,931 (14.2)

Outflow Total 3,948 17,045 8,882 8,442 4,037 (2.3) 22,122 (29.8) 12,826 (44.4)Banking 1,271 1,029 1,066 648 1,469 (15.6) 1,095 (6.4) 1,284 (20.5)Others 2,676 16,016 7,816 7,795 2,569 (-4.0) 21,027 (31.3) 11,541 (47.7)

Net Flow Total 30,455 21,021 26,070 24,731 35,728 23,598 29,074Banking 6,896 7,637 8,552 9,519 9,679 11,262 11,684Others 23,559 13,385 17,518 15,213 26,049 12,336 17,390

Other Investment Income Inflow Total 19,645 20,055 22,708 26,126 28,226 (43.7) 32,586 (62.5) 34,784 (53.2)

Banking 15,131 14,520 15,899 18,418 20,389 (34.7) 24,116 (66.1) 25,252 (58.8)Others 4,514 5,535 6,809 7,708 7,837 (73.6) 8,470 (53.0) 9,533 (40.0)

Outflow Total 13,085 14,250 17,584 21,390 23,513 (79.7) 27,626 (93.9) 25,922 (47.4)Banking 12,262 13,305 16,416 19,949 21,644 (76.5) 25,692 (93.1) 24,258 (47.8)Others 823 945 1,168 1,440 1,869 (127.1) 1,934 (104.7) 1,663 (42.4)

Net Flow Total 6,560 5,804 5,124 4,736 4,713 4,959 8,863Banking 2,869 1,214 -516 -1,531 -1,255 -1,577 993Others 3,691 4,590 5,641 6,267 5,968 6,536 7,869

Compensation of Employees Inflow Total 577 577 577 577 575 (-0.3) 576 (-0.2) 578 (0.2)Outflow Total 661 660 670 716 678 (2.6) 705 (6.8) 719 (7.3)Net Flow Total -84 -83 -93 -139 -103 -129 -141

Total EFIF Inflow Total 113,846 132,008 122,166 135,944 149,209 (31.1) 163,840 (24.1) 158,243 (29.5)Outflow Total 99,651 124,334 135,766 142,565 141,156 (41.7) 171,463 (37.9) 158,005 (16.4)Net Flow Total 14,195 7,674 -13,601 -6,621 8,053 -7,622 238

GDP 321,726 @ 330,973 @ 356,413 @ 373,563 @ 347,166 (7.9) 348,441 (5.3) 378,748 (6.3)Per capita GDP (HK$) - - - - - - -

GNP 335,921 @ 338,647 @ 342,812 @ 366,942 @ 355,219 (5.7) 340,819 (0.6) 378,986 (10.6)Per capita GNP (HK$) - - - - - - -


2006@ 2006@

3rd Qtr2006@

3rd Qtr2nd Qtr1st Qtr 2nd Qtr1st Qtr4th Qtr

Table A (Cont'd )Gross National Product (GNP) and External Factor Income Flows (EFIF) by Income Component by Type of Transactor (At Current Market Prices),

164

HK$ million

Year Gross Domestic Real Net Gross National Terms of Real Gross Real GrossProduct at External Factor Product at Trade Domestic National

Constant (2000) Income Flows Constant (2000) Adjustment Income IncomeMarket Prices (EFIF) Market Prices

(1) (2) (3)=(1)+(2) (4) (5)=(1)+(4) (6)=(2)+(5)

2003 1,390,610 ( 3.2) # 31,830 1,422,440 ( 5.1) -5,199 1,385,411 ( 0.8) 1,417,241 ( 2.7)

2004 1,509,915 ( 8.6) 26,515 1,536,430 ( 8.0) -63,207 1,446,708 ( 4.4) 1,473,223 ( 4.0)

2005@ 1,623,479 ( 7.5) 1,823 1,625,302 ( 5.8) -90,570 1,532,909 ( 6.0) 1,534,732 ( 4.2)

2003 329,500 ( 4.4) 22,170 351,670 ( 9.6) 1,845 331,345 ( 3.1) 353,515 ( 8.2)

2003 321,512 ( -0.7) -371 321,141 ( 0.5) 329 321,841 ( -3.2) 321,470 ( -2.1)

2003 362,816 ( 4.0) 6,112 368,928 ( 5.2) -929 361,887 ( 1.8) 367,999 ( 3.0)

2003 376,782 ( 4.8) 3,919 380,701 ( 5.0) -6,444 370,338 ( 1.6) 374,257 ( 1.7)

2004 356,103 ( 8.1) 2,876 358,979 ( 2.1) -11,722 344,381 ( 3.9) 347,257 ( -1.8)

2004 361,310 ( 12.4) -2,669 358,641 ( 11.7) -12,880 348,430 ( 8.3) 345,761 ( 7.6)

2004 387,240 ( 6.7) 16,005 403,245 ( 9.3) -17,403 369,837 ( 2.2) 385,842 ( 4.8)

2004 405,262 ( 7.6) 10,304 415,566 ( 9.2) -21,202 384,060 ( 3.7) 394,364 ( 5.4)

2005@ 378,591 ( 6.3) 15,913 394,504 ( 9.9) -20,604 357,987 ( 4.0) 373,900 ( 7.7)

2005@ 388,474 ( 7.5) 8,563 397,037 ( 10.7) -21,582 366,892 ( 5.3) 375,455 ( 8.6)

2005@ 419,689 ( 8.4) -15,273 404,416 ( 0.3) -23,969 395,720 ( 7.0) 380,447 ( -1.4)

2005@ 436,724 ( 7.8) -7,379 429,345 ( 3.3) -24,415 412,309 ( 7.4) 404,930 ( 2.7)

2006@ 408,942 ( 8.0) 8,914 417,856 ( 5.9) -26,994 381,948 ( 6.7) 390,862 ( 4.5)

2006@ 410,000 ( 5.5) -8,350 401,650 ( 1.2) -30,166 379,834 ( 3.5) 371,484 ( -1.1)

2006@ 447,877 ( 6.7) 262 448,139 ( 10.8) -35,041 412,836 ( 4.3) 413,098 ( 8.6)

a Real net EFIF is obtained by deflating nominal EFIF based on the implicit price deflator of Domestic Demand. Domestic Demand = Private Consumption Expenditure + Government Consumption Expenditure

+ Gross Domestic Fixed Capital Formation + Changes in Inventoriesb Terms of Trade Adjustment

It should be noted that "trade" here includes both trade in goods and trade in services (Please see paragraphs 3.71-3.76).@ Figures are subject to revision later on as more data become available.# Figures in brackets refer to percentage changes over the same period in preceding year.

1

4

2

3

2

3

1

4

Table BReal Gross National Income (2000-based),


1

Quarter

3

2

3

4

1

2

exports ofindex price The

pricescurrent at exports of valueThe

imports ofindex price The

pricescurrent at exports of valueThe−=

a b

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Documents

2006 Gross Domestic Product - statistics.gov.hk · to the third quarter of 2006. Statistics on Gross National Product (GNP) for 2001 to 2005 and the first quarter of 2005 to the third