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Special Report on Gross Domestic Product

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October 2007

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This publication is available in both print version and download version. Please refer to page 43 for the means of obtaining this publication.

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[email protected]

Enquiries on GDP by expenditure component can be directed to : National Income Branch (1)

Census and Statistics Department

Address : 22/F Wanchai Tower, 12 Harbour Road, Wan Chai, Hong Kong, China. Tel. : (852) 2582 5077 Fax : (852) 2157 9295

E-mail : [email protected] (*),+5y5z5{2|,654*7/8295:5;+5y5z5{2|,654*7/8295:5;+5y5z5{2|,654*7/8295:5;+5y5z5{2|,654*7/8295:5;2<5=<5=<5=<5=?>/@5ACB}D5F5GCH

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Enquiries on GDP by economic activity can be directed to : National Income Branch (2)


Address : Units 602-606, 6/F Stelux House, 698 Prince Edward Road East, San Po Kong, Kowloon, Hong Kong, China. Tel. : (852) 2116 5115 Fax : (852) 2116 0278

E-mail : [email protected] (*),829,�2O5:2;,<,=829,�2O5:2;,<,=829,�2O5:2;,<,=829,�2O5:2;,<,=*>/@5ACBED5F5GCH

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[email protected]

Enquiries on GNP can be directed to : Balance of Payments Branch (2)


Address : Units 1001-1005, 10/F Stelux House, 698 Prince Edward Road East, San Po Kong, Kowloon, Hong Kong, China. Tel. : (852) 2116 5103 Fax : (852) 2116 0370

E-mail : [email protected] ¦¨§¨©«ª«¬�¨®

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

�� Contents

�� Page

1.� � � � Introduction 1

2.� �� Basic concepts of the volume measures of GDP

2

3. � � �� International guidelines on the compilation of volume measures of GDP

3

4.� � � � � � � � � � � � ��

Compilation method of the chain volume measures of GDP

5

5.� � � � � � �� ! � � � � " # $ % & � '(�

Non-additivity property of the chained dollar estimates of GDP and its components

7

6.� ) * �� + , � � - . Backdating of the historical volume series of GDP

8

7.� �� - / � 0 1 Revision to the GDP figures 9

8.� 2 � 3 � Statistical Tables 15

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> : ? � � � � � � � �

Table 1 Annual GDP, implicit price deflator of GDP and per capita GDP

16

� 3 @ � 5 A B C D � � ! E ! � 5

6 � � � � � �

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Table 2 Annual GDP by major expenditure component

At current market prices

17

� 3 F � � � � � � 5 A B C D �

� ! E ! � 5 6 � � � � �

�

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Table 3 Chain volume measures of annual GDP by major expenditure component

Chained (2005) dollars

18

� 3 G � � � � � � 5 A B C D �

� ! E ! � 5 6 � � � � �

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Table 4 Chain volume measures of annual GDP by major expenditure component

Percentage changes in real terms

19

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� 3 H � 5 A B C D � � ! E ! � 5

I � � � � � �

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Table 5 Quarterly GDP by major expenditure component


20

� 3 J � 5 A B C D � � ! E ! � 5

I � � � � � �

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Table 6 Quarterly GDP by major expenditure component

Year-on-year percentage changes in nominal terms

21

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� ! E ! � 5 I � � � � �

�

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Table 7 Chain volume measures of quarterly GDP by major expenditure component


22

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� ! E ! � 5 I � � � � �

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Year-on-year percentage changes in real terms

26

� 3 M � � � � � � N I O ' P Q

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� � 8 9 : ; " � - �

� � � � � � ! � � � �

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Table 9 Seasonally adjusted chain volume measures of quarterly GDP and implicit price deflator of GDP

Percentage changes over the preceding quarter

30

� 3 R � 5 N S T U E ! � 5 6 � � �

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Table 10 Annual GDP by economic activity

At current prices

32

� 3 R 4 � � � � � � 5 N S T U E

! � 5 6 < 5 I � � � � � �

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Table 11 Chain volume measures of annual and quarterly GDP by economic activity


34

� 3 R @ � � � � � � 5 N S T U E

! � 5 6 < 5 I � � � � � �

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Table 12 Chain volume measures of annual and quarterly GDP by economic activity


36

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75 = > : ? � � � � V

W � � � < � � V W $ D X

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Table 13 Annual and quarterly Gross National Product (GNP), per capita GNP and Gross National Disposable Income (GNDI)


38

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� � � � � � � � � � � � � � � � � � � � � �

Table 14 Chain volume measures of annual and quarterly Real Gross Domestic Income, Gross National Product and Real Gross National Income


39

1

1. �� 1. Introduction

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1.1 The Census and Statistics Department (C&SD) is committed to an on-going programme of enhancing the quality, usefulness and international comparability of the Gross Domestic Product (GDP) statistics of Hong Kong.

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1.2 In Hong Kong, the compilation of GDP follows the international statistical guidelines as stipulated in the System of National Accounts 1993 (1993 SNA)(1). Like the official statistical offices in other economies, C&SD adopts an incremental approach in implementing those new guidelines in the 1993 SNA that are relevant to the context of Hong Kong.

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1.3 In 2002, C&SD has implemented the new guideline of capitalization of business and government expenditure on computer software as fixed capital formation in the GDP. The expanded asset boundary reflects in a more comprehensive manner the contribution of the intangible asset of computer software to the knowledge-based economy of Hong Kong.

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1.4 In 2005, C&SD has further introduced the enhanced estimation method for financial intermediation services indirectly measured (FISIM) and their allocation by user sector as recommended in the 1993 SNA. The latest guideline enables GDP statistics to reflect in a better way the economic contribution of banks in facilitating the channeling of funds from depositors to borrowers. This is particularly important to Hong Kong as an international financial centre in the region.

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1.5 Another major methodological enhancement is the adoption of the chain volume measures of GDP in place of the previous constant price measures. This is to gear with the latest international guidelines on the compilation of GDP in volume terms in order to provide a better measure of the real growth of the aggregate economic activity of an economy.

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(1) 1993 SNA is the latest adopted version of the international statistical standards for national accounts statistics, including GDP. Previous versions include 1953 SNA and 1968 SNA.

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1.6 The C&SD will introduce the annually re-weighted chain linking approach for compiling the volume measures of GDP starting from the GDP figures for the third quarter of 2007 to be released on 16 November 2007. Compilation of the constant price measures of GDP will be discontinued.

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1.7 This special report introduces the concepts and compilation method of the chain volume measures of GDP. It also presents the historical series of the volume measures of GDP up to the second quarter of 2007, recalculated based on the annually re-weighted chain linking approach. The set of revised data series of GDP contained in this publication supersedes the previous set of GDP figures released in the annual report 2006 Gross Domestic Product published in February 2007 and those released in the quarterly report Gross Domestic Product, Second Quarter 2007 published in August 2007.

2. � � � � � � � � � � � � � � � � � � � � � � � � � � � �

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2. Basic concepts of the volume measures of GDP

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2.1 The GDP measures the total production of goods and services by all producing units within an economy.

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2.2 In Hong Kong, C&SD adopts more than one approach to compile the GDP statistics, as is the case in other economies.

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2.3 Under the expenditure approach, GDP is compiled as total final expenditure (comprising private consumption expenditure, government consumption expenditure, gross domestic fixed capital formation, changes in inventories and exports of goods and services) less the import content (i.e. imports of goods and services).

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2.4 Under the production approach, GDP is compiled as the sum of value added of all producing units within an economy. Details of the concepts, definitions and compilation methodology of GDP and related national accounts statistics are given in Chapters 3 to 6 of the annual publication on GDP, the latest issue being the 2006 Gross Domestic Product.

3

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2.5 Conceptually, changes over time in the GDP at current prices can be factored into two components, reflecting (i) changes in the prices of goods and services produced or purchased and (ii) changes in their volume. In order to measure the volume growth of GDP and its components, the effect of price changes has to be eliminated. The volume measure of GDP is sometimes referred to as the inflation-adjusted or real GDP.

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2.6 The change in the volume of GDP is widely used as an important macro-economic indicator of the real growth of the aggregate economic activity of an economy.

3. � ��

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3. International guidelines on the compilation of volume measures of GDP

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3.1 The previous 1968 version of the SNA (1968 SNA) set out the fixed-weighted approach for compiling the volume measures of GDP. Intuitively, the volume measure of GDP is compiled by aggregating the volumes of its components, using the relative prices of these components as weights.

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3.2 Under the fixed-weighted approach, the price structures of a fixed base year are adopted as weights for aggregating the volumes of components in compiling the volume measure of GDP. Thus, the volume estimates of the aggregates in subsequent periods are said to be expressed in constant prices of the base year. They are generally referred to as the constant price measures of GDP. For example, in the case of Hong Kong, the constant (2000) price measures of GDP for 2001, 2002, 2003 and so on all adopt the same set of price structures in 2000 (the fixed base year) as weights.

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3.3 Over time, the price structures in the base year tend to become progressively less relevant. This impacts in particular on the estimates of the real growth of GDP for periods which are distant from the base year. Thus, it is necessary to update the base year every five or ten years. For the Hong Kong’s constant price GDP series, previous base years include 1966, 1973, 1980, 1990 and 2000.

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3.4 While the relative prices and volumes of various GDP components may change gradually from one year to another, the cumulative effect may become significant over a number of years.

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3.5 Those components for which relative prices have fallen or have been increasing at a slower pace tend to record faster volume growth. For example, this phenomenon is observed for information and communication technology products such as personal computers and mobile phones. The constant price measures of GDP which adopt the price structures at the fixed base year tend to accord a larger weight for such components and over-record their contribution to the real growth of the GDP aggregate.

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3.6 Furthermore, in times of dramatic economic changes and volatility of relative prices of different components and the associated volume changes, updating the base year every five or ten years may not be sufficient to reflect the changing economic environment.

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3.7 The latest 1993 version of SNA (1993 SNA) thus recommends the adoption of the annually re-weighted chain linking approach for compiling the volume measures of GDP. Under the new calculation method, the volume measure of GDP for each year is compiled by aggregating the volume estimates of its components using the price structures in the preceding year as weights.

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3.8 The chain volume measures of GDP use information updated every year to give each component the most relevant weight. Statistically speaking, it has the same effect of rebasing the constant price GDP series every year. The chain volume measures of GDP take account of the up-to-date price structures as weights in aggregating the volume estimates of the GDP components, thus providing a better measure of the real growth rate of an economy.

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3.9 In recent years, an increasing number of statistically advanced economies(2) have changed over from the constant price measures of GDP to the chain volume measures of GDP in order to enhance the measurement of the growth of GDP in real terms.

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(2) Economies which have changed over to the chain volume measures of GDP include the US, Canada, Australia, New Zealand, Japan, UK and some European economies.

5

4.��

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4. Compilation method of the chain volume measures of GDP

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4.1 In the compilation of the volume measures of GDP, “base year” and “reference year” are two concepts that should be seen as independent.

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4.2 Base year refers to the year from which the price structures are used as weights for deriving the aggregate volume measures. For the chain volume measures of GDP, the base year of the price weights for the volume estimates of a particular year is always the preceding year in principle. For example, the volume estimates for 2006 adopt the price structures in 2005 as weights. The volume estimates for 2005 adopt the price structures in 2004 as weights and so on. The price weights for the chain volume measures are updated every year (hence the concept of “annually re-weighted”).

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4.3 Reference year refers to the year to which the time series of the volume measures has been referenced. The preceding-year weighted volume measures reflect the change in volume of GDP and its components between two adjacent years. The purpose of the reference year is to provide a reference time point for linking up these year-to-year movements in volume terms in order to obtain a continuous time series of the aggregate volume measure (hence the concept of “chain linking”).

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4.4 As an illustration, in compiling the volume measure of GDP for a particular year, say 2006, volume estimates of major components revalued at preceding year (i.e. 2005) prices are first produced by “deflating” the current price values of sub-components by the relevant price indices at the most disaggregated levels. The volume estimate of GDP for 2006 is then obtained by aggregating the volume estimates of GDP components revalued at 2005 prices.

6

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4.5 The short-term volume index of GDP for 2006 is then calculated by dividing the volume estimate of GDP for 2006 by the current price GDP for 2005. With the effect of price changes eliminated by revaluing the 2006 values of components at 2005 prices, the short-term volume index measures the real growth of GDP of 2006 over 2005. Short-term volume indices for other years are compiled in a similar manner. This results in pairs of short-term volume indices for GDP and its components which measure the year-to-year movements in volume terms in the GDP aggregate and its components.

4.6 => * ! Â« �*Ä��0�

z ú §¨6 � ; ÇD¦! �@J Å

� � 4 � 5�÷�*(W ü �÷�*`QRR{*)CD r D�� X��f� �Å s ü þ F Æ �¦! §¨

6 �#`T � � , � �� X

��f� ��Ó Ô´�µ ¶4C��

� ��X��f� ��¦! Å � � F

$ 8 j k H� #

4.6 The preceding-year weighted short-term volume indices for other years are then chain linked to a selected reference year (the current reference year is 2005) in order to obtain a continuous time series of the chain volume indices of GDP and its components. In order to preserve the historical real growth rates of GDP and its components, it is necessary for the chain linking process to be carried out for the GDP and its components independently.

4.7� : ; ¦! §¨6 �� # h a D

�_ �0�� X=�f� �

�´��³C� H -. � � Ï � ÷ø D

¬ �� X=�f

� ��§¨��#¦! §¨6 ��Æ $

D * � `D¦! §¨�0�¬ �C@

�$ U � � �¦! §¨6 � � D÷�

*�c ü ¬ ��C" 9 :D¦! §

¨�0�¬ �#�

4.7 While the chain volume indices generally suffice for calculating the changes over time in real terms for GDP and its components, some economic analyses require data of volume measures of GDP and its components expressed in dollar terms. The chain volume index series can be converted into the chained dollar series by multiplying the current price value in the reference year by the corresponding chain volume index.

4.8� � &= CD¦! §¨�0�¬ �

$ ��¦! §¨6 �_ ` \ n 6 ° CD

\ n �U ÷�* ! (W ü �÷�*`QRR{*)�c ü ¬ �� « X � n 0#67 C% & D¦! §¨�0�¬

�4�0�� (X=�f��)�´�µ ¶4< % & � � ¦ ! §¨6 �4�0�´�µ ¶4 $ � ( �#

4.8 In other words, the chained dollar series are derived by extrapolation of the current price value in the reference year (the current reference year is 2005) backward and forward using the chain volume index as the extrapolator. Thus, real growth rates of GDP (and its components) calculated from the chained dollar estimates are the same as those calculated from the corresponding chain volume indices.

7

5.��

! �� " # $ % & ! �� " # $ % & ! �� " # $ % & ! �� " # $ % &

�' (�' (�' (�' ( ��

5. Non-additivity property of the chained dollar estimates of GDP and its components

5.1� ï � ð "ñ$ 6 D§¨�0�

¬ �C�f� �� ' N ��

��Ê"#�D� � �$ Ct �

De 5¬ D¦! §¨�0��

�� Æ ~ â � Kc�ü � � �

� ð �Ê"C8K=> ü � 2 Ö W,

� ð �Ê"#�

5.1 Additivity is a property of the volume measures in which the sum of the components is equal to the GDP aggregate. It should be noted that both the constant price measures of GDP and the chain volume measures of GDP are a combination of additive time spans and non-additive time spans.

5.2� D e 5 ¬ �0��

��Æ 9 {*Ò¹ *¡Ã � *#Ó Ô ,

( � *�§¨�Æ " S� � � @�Å

� � OP � *�§¨�Æ CD r D��

Å s �ü þ FÆ #�

5.2 The constant price GDP series are rebased every five to ten years. The historical volume series on different base years are linked together to the volume series on the latest base year by simple splicing in order to obtain a continuous time series.

5.3� D e 5 ¬ �0��Æ KOP

� *X= * ! " � � � ð � �

"#OP � *D« �§¨�Æ 2 Ö W,

� ð � � "Cr$ 6`Å � ��

��X¤ d �f� �� Ó � $ j

k H� #D � ` $ CDe 5(QRRR*) ¬ �0�� QRRR*XD " � � � ð �"

�#Ó Ô�e 5¬ �Æ (w�(»�*Ò�(((* ) $ · , ( � * (�(»»*��(¸) *��(ÚR*X�

((R*)��Æ � � 8fC67 Ö W, � ð � � "#�

5.3 While the constant price series are additive for the latest base year and onwards, the volume series prior to the latest base year are non-additive because the splicing process is carried out for the GDP aggregate and its components independently. In the case of Hong Kong, the previous constant (2000) price GDP series are additive from 2000 and onwards. The historical constant price series (i.e. for the period from 1961 to 1999) which are compiled on different base years (1966, 1973, 1980 and 1990) are non-additive.

5.4� �� X=�f� ��

¦! §¨¬ � � �$ { ÷�*(W ü �÷�*`QRR{*)�c ü ¬ � � D� � �¦! §¨6 � � �8f#K÷�

*X= � *�� X=�f

� ��¦! §¨¬ ��Æ $ D � �

� ð �"�C? 5 � * ! ��

�<��f� ��2 l � K�

gCr$ ·N �_ �0�1§¨�¬

Ä�$ 9 *mP �#�

5.4 The chained dollar estimates of GDP and its components are derived by multiplying the current price values at the reference year (the current reference year is 2005) by the corresponding chain volume indices. While the chained dollar series of GDP and its components are additive in the reference year and the following year, a discrepancy may exist between the GDP aggregate and the sum of its components for the earlier periods, owing to the fact that the price weights are updated every year.

5.5� K� f ÷�*�* ! C�g� �

±� u 5 � C? c . / ÷�* 0 1 C�

g� � ±Ç s G j k#

5.5 The extent of non-additivity is usually small for periods around the reference year and the discrepancy enlarges as the data series move further away from the reference year.

8

5.6� KQRRR*ÒQRRm*C�

�� ¦! §¨¬ ��<�

] ^�f� ��¦! ¬ ��

�� y ~ �g( , � ; � û )`�� #�((R*Ò�(

((* 5 � * ! � y ~ �g 5 kC`

� � �� (3)#�

5.6 The average discrepancy (regardless of sign) between the chained dollar estimate of GDP and the sum of chained dollar estimates of expenditure components is around 0.4% for the recent period of 2000 to 2004. For the earlier period of 1990 to 1999, the average discrepancy is higher, at 0.8%(3).

5.7� �D� � �$ C¦! §¨¬ � ,

� ð �"� � $ � N =� ¡ l ¢ C

67 � � �g , �£ ��¤ `��

��& � ��6 ° #�� 6 7

b , } ~ u �� ¦! §¨¬ �

� , � ð �Æ _ Ö ¥ ¦ � � C6`r

> Ç � �§¨�Æ �� # § ¨ C9 :

D§¨�0�� x ¢ o �

$ � ¯ �¤ 5 ��6 ° D¨±�¤-.

12K� � ü þ L �´�µ ¶#�

5.7 It should be noted that non-additivity arises from purely mathematical reasons; the discrepancy should not be interpreted as an indication of the data quality of GDP statistics. International statistical guidelines do not recommend adjustments for non-additivity of the chained dollar GDP series which will undermine the quality of the GDP volume measures. After all, the primary purpose of compiling the volume measures of GDP is to provide a good indicator of the real growth over time of an economy.

6.�� ) * � � � �) * � � � �) * � � � �) * � � � � � + ,� + ,� + ,� + ,

�� - .- .- .- . ��

6. Backdating of the historical volume series of GDP

6.1� `T � � �� X��

f� ��Æ � ! "C67 Ç © lD

P �Â*¡Ã Ä�X¦! Å � �0@

� ª « Ó Ô��Æ #�

6.1 In order to maintain the comparability of the time series data, backdating of the historical series based on the new calculation method of the annually re-weighted chain linking approach is made for the GDP and its components as far as practicable.

6.2� % �� X=] ^�f�

�8&CÓ Ô§¨�Æ Ç ª « Ò�(Ú

¸*# ; 8C·N �& 4 ¬ C�(»�

*Ò�(Ú»* � ú * ! ��Cb ,

lDÂ*¡Ã Ä��§¨6 �@�C¡

P �0 �� X=�f�

! �§¨ � �#·�(»�*Ò�(Ú

»*��Æ $ De 5¬ �0��

� ��´�µ ¶4C� \ n �Å � �

P �¦! §¨�Æ CD r D � Å s "�

§¨FÆ #�

6.2 For the GDP and its expenditure components, the historical volume series are backdated to 1987. Application of the new annually re-weighted volume index approach for the earlier period of 1961 to 1986 is not feasible due to limited input data available for re-calculation of reliable volume estimates of GDP and its components. In order to obtain a continuous time series, the data series for 1961 to 1986 are linked to the chain volume series by extrapolation based on real growth rates calculated from the constant price GDP data.

( 3 ) Z�[ !�"�#�$�%�& ' ?�@�B�C�\ & D�E^]`_�abIdce'f g�h F��'�i�j b�kl.nmo�p�p�p ��q op�p 7��r�s�t�'��uv�wF��!�"�#�$�%�&�' ?�@B�C�\ & D�x 'y�z�{�| ;~}�� (

_��)��

�� p ��q��r��u�'�y�z�{�|�� rK�� ;/�� .

(3) The extent of non-additivity for the Hong Kong’s chained dollar GDP series is comparable to the case of the US. The average discrepancy (regardless of sign) for the US’s chained dollar GDP series is 0.2% for the recent period of 2000 to 2006 and is larger at 1.3% for the earlier period of 1990 to 1999.

9

6.3� ÒN �� o @o CÂ-. ² ³ ®

��´�µ ð ¬ ��Ó Ô � Æ �Æ C2

ª « ÒQRRR*#�

6.3 On the production side, the entire historical series of the real value added by economic activity is backdated to 2000.

7. � � � � � - / �0 1� � � � � - / �0 1� � � � � - / �0 1� � � � � - / �0 1 7. Revision to the GDP figures 7.1� �P �@�9 :D§¨�0��

�� b , Ç � �Dc ü ¬ �

0�� # ? ·N $ ` Õ Ã C

Ï $ � m P T a õ� ¯ DX ° î TO

P � � ± ��C =$ QRRm²QR

R{* ³ ´ ] ^� � � µ (4)� � 3 C6

7 f *Dc ü ¬ �0��

� � ��Ï _ Ö Õ Ã #KQRRR*

ÒQRR»*CDc ü ¬ �0��

�� C¶ · y ~ � ¥ Õ Ã ¸

� � ¹ �#ÒN �(((* = « Ó Ô½ �D

c ü ¬ �0�� X=�

f� ��& 2º � Õ Ã C� � ��

� OP 'Q× × »*�� 3Â

*Ø Ù d r ©C67 b , ÇK�ÊË�

ó ô � �� L ¡ » ËÐ#��

7.1 The current price GDP is not affected by the new method for calculating the volume measure of GDP, though the estimates for the recent years are subject to revision due to regular updating of data sources and incorporation of latest benchmark data, in particular the 2004/05 Household Expenditure Survey(4). The level of the current price GDP is revised slightly upwards by an average of 0.1% for the period of 2000 to 2006. No revisions are made to the historical figures of the current price GDP and its components prior to 1999. These figures can be obtained from the latest annual report 2006 Gross Domestic Product and they are not repeated in the detailed tables of this special report.

7.2 ·N S�TD¦! §¨�0��

�� CQRR¸*¥ ¼ *��

� ��´�µ ¶4· ½ � ¾ � ¶ · � I

Õ Ã Ò ½ � ¹ �C8QRR»n *�´�µ

¶4C2· ½ � ¿� Õ Ã Ò ½ � ��#KQRR

R*C·N � H �f� �� u ¬ �

§¨�³ 5 ` À ³C�� ´�

µ ¶4�Õ Ã � ±Ï � u 5 k (· ¹ � �Õ Ã Ò��)#�� §¨�{*(wQRR�*ÒQRR»*) Á Â y ~9 *µ ¶4 Ï · Ã � ½ � Õ Ã Ò Ã � � �(5)#�

�ÄÐÆ D¦! §¨�0��

�´�µ ¶4�Õ Ã ��Cb<D« 4

½ �De 5¬ �0�Æ ! 5 #�

�� 7.2 As a result of introducing the chain volume measures of GDP, the GDP real growth rate for the first half of 2007 is revised slightly downwards from 6.3% to 6.1% and for 2006, from 6.9% to 6.8%. A relatively more significant revision is observed for the GDP real growth rate for 2000 (from 10% to 8%) due to volatility in relative price and volume movement of some components. The five-year (2001 to 2006) trend growth of the volume of GDP is revised downwards from 5.6% to 5.4%(5). A comparison of the growth rates in real terms of the revised GDP series based on the chain volume measures against the previously published figures based on the constant price measures is summarized in Table A.

( 4 ) �� '�� o�pp�p �� . (4) The previous round of the Household Expenditure Survey was conducted in 1999/2000.

( 5 ) �� W 9:�= 0�?�@B�C ��!�"�#�$�%�&�'��¡v�¢��£ ¤ ¥�'�¦�§�� !�"�# $�%�&�'�¨©�ª�« ¬�D�E � b � 0 2�0A®�\�¯ ��' D E ��°��± ;A²�³�´�µ .·¶A¸ ��£�¹�º�»>¼��v� m¾½¿ À�0 B�C � ��'�! "�#�$�% &�Á 9<�= )�*�V�rÂ Ã ' \�¯ Ä ;�Å D � W B C�ª�« r Æ�'Ç È�ÉÊË� ¶�\�¯ ��°��Ì Í ³�Î Ï��Ð f g r�Ñ Ò��1¼Ó�Ô�Õ � ! "�#�$�% &�'�Ö�×Ë�Ø� <�= )�*�' \�¯Å D�Ù Ì�Í�Ú�Û .

(5) For those economies that have changed over to the chain volume measures of GDP, it is a common phenomenon that the GDP real growth rates are generally revised slightly downwards against those calculated based on the previous constant price measures. One of the main reasons is that the contribution of those components which have recorded faster volume growth accompanied with falling prices or slower price increases are reduced as a result of adopting the up-to-date and more relevant price structure as weights in compiling the volume measure of the GDP aggregate.

10

� ��

Table A: Comparison of the real growth rates of GDP before and after the revision

Ü�Ý Þ ß à�á GDP

â�ã�ä Before revision

â�ã�å After revision

â�ã Revision

( æ�ç�è ) (%)

( æ�ç�è ) (%)

( æ�çAé ) (% point)

1988 8.0 8.4 0.4 1989 2.7 2.2 -0.5 1990 4.0 3.9 -0.1 1991 5.7 5.7 ** 1992 6.5 6.1 -0.4 1993 6.3 6.0 -0.3 1994 5.6 6.0 0.4 1995 3.9 2.3 -1.6 1996 4.2 4.2 ** 1997 5.1 5.1 ** 1998 -5.5 -6.0 -0.5 1999 4.0 2.6 -1.4 2000 10.0 8.0 -2.0 2001 0.6 0.5 -0.1 2002 1.8 1.8 ** 2003 3.2 3.0 -0.2 2004 8.6 8.5 -0.1 2005 7.5 7.1 -0.4 2006 6.9 6.8 -0.1

** ´êµ � ±0.05£ìëíÊ�îêï�ð

** Revision within ±0.05 % point

�

7.3 �� L � y è §¬ 6 �

� 9 :@�$ { Dc ü ¬ �0��

�� í DD§¨�0��

� ��8D#�� L � y è §

¬ 6 ��Â*�³�Õ Ã (� # K � � � ¤

Å � p = L )C<�� §¨�³4��Õ Ã � � ±k � @ C? Æ �

p �Õ Ã @ � (Ç�È )#�

7.3 The GDP deflator is derived implicitly by dividing the current price estimate of GDP by the volume estimate of GDP. The revision to the year-on-year changes in the GDP deflator is similar in magnitude (mostly within 0.5 of a percentage point), but opposite in direction, to that for the volume measure of GDP (see Table B).

11

� �� ! " �� ! " �� ! " �� ! " �� # $ % & ' ( �# $ % & ' ( �# $ % & ' ( �# $ % & ' ( � � � � � ��

Table B: Comparison of the year-on-year percentage changes of GDP deflator before and after the revision

Ü�Ý Þ ß à�áòñìó�ô�õ�ö�÷�ø ù

GDP deflator â�ã�ä

Before revision â�ã�å

After revision â�ã

Revision ( æ�ç�è )

(%) ( æ�ç�è )

(%) ( æ�çAé ) (% point)

1988 9.5 9.0 -0.5 1989 12.1 12.8 0.7 1990 7.4 7.5 0.1 1991 9.0 9.0 ** 1992 9.6 9.9 0.3 1993 8.4 8.7 0.3 1994 7.0 6.5 -0.5 1995 2.4 4.1 1.7 1996 5.8 5.8 ** 1997 5.6 5.7 0.1 1998 0.2 0.8 0.6 1999 -5.8 -4.5 1.3 2000 -5.6 -3.6 2.0 2001 -1.8 -1.9 -0.1 2002 -3.5 -3.5 ** 2003 -6.4 -6.2 0.2 2004 -3.6 -3.5 0.1 2005 -0.4 -0.1 0.3 2006 -0.4 -0.1 0.3

** ´êµ � ±0.05£ìëíÊ�îêï�ð

** Revision within ±0.05 % point

�

7.4 �ÉÐÆ D¦! §¨�0��

�� x ¢ �f� �� y ~ Â*´

�µ ¶4�Õ Ã ��Cb<D« 4½ �

De 5¬ �0��_ ! 5 #% kß

�] ^�f� �8&Cy ~ Â*´�µ

¶4�Õ Ã � ±C� # K � � Ã ¤ Å � p

= L #�

7.4 A comparison of the average growth rates in real terms of the major GDP expenditure components based on the chain volume measures against the previously published figures based on the constant price measures is given in Table C. For most of the expenditure components, the revision to the average annual real growth rate is generally within 0.5 of a percentage point.

12

� )� )� )� ) �� * + , - . / 0 ( � � � � � � 1 # $ � � � � �� * + , - . / 0 ( � � � � � � 1 # $ � � � � �� * + , - . / 0 ( � � � � � � 1 # $ � � � � �� * + , - . / 0 ( � � � � � � 1 # $ � � � � � ��

� � � � �� Table C: Comparison of the average annual real growth rates of the major expenditure components

of GDP before and after the revision

% 1987-2001 2001-2006 1987-2006 â�ã�ä â�ã�å â�ã�ä â�ã�å â�ã�ä â�ã�å Before

revision After

revision Before revision

After revision

Before revision

After revision ú û�ü�ý�þ�ÿ

4.6 4.5 2.7 2.7 4.1 4.0 Private consumption expenditure

�� ü�ý�þ�ÿ 4.4 4.4 0.4 0.4 3.3 3.3

Government consumption expenditure

Ü�Ý��Ü��à� 5.4 5.0 2.3 1.8 4.5 4.1 Gross domestic fixed capital formation

�� 10.0 9.8 11.9 11.4 10.5 10.2

Exports of goods

�� 5.5 5.6 11.3 11.4 7.0 7.1

Exports of services

�� 10.3 10.3 10.7 10.4 10.4 10.3

Imports of goods

�� 5.8 5.9 5.9 6.0 5.8 5.9

Imports of services

�� !�� !�� !�� ! 4.3 3.9 5.6 5.4 4.6 4.3

Gross domestic product

7.5 ÒN �� o @o C� � Â-. ²

³ ® ��µ ð ¬ � Ï % & Â*¡Ã Ä

�X¦! Å � �¡P �0#k� �-.

² ³� y ~ Â*´�µ ¶4�Õ Ã �

± ~ K � � ¾ ¤ Å � p = L #�ÊÐÆ D

¦! §¨�0� x ¢ - . ² ³� µ ð

¬ �� y ~ Â*´�µ ¶4�Õ Ã �

�Cb<D« 4½ �De 5¬ �0�

��_ ! 5 #�

7.5 On the production side, the volume measures of value added of economic activities are also recalculated based on the annually re-weighted chain linking approach. The revision to the average annual real growth rate is generally within 0.3 of a percentage point for most of the economic activities. A comparison of the average growth rates in real terms of the value added of major economic activities based on the chain volume measures against the previously published figures based on the constant price measures is given in Table D.

13

� 2� 2� 2� 2 ��# * + � 3 4 & 5 ( � � 6 ! � � � � � 1 # $ � � � � �# * + � 3 4 & 5 ( � � 6 ! � � � � � 1 # $ � � � � �# * + � 3 4 & 5 ( � � 6 ! � � � � � 1 # $ � � � � �# * + � 3 4 & 5 ( � � 6 ! � � � � � 1 # $ � � � � � ��

� � � � �� Table D: Comparison of the average annual real growth rates of value added by major economic

activity before and after the revision

% 2001-2006 â�ã�ä â�ã�å Before revision After revision "$# %�&�# -1.9 -1.8 Agriculture and fishing '�( % '�) # -1.9 -1.9 Mining and quarrying *�+ # -3.1 -3.1 Manufacturing ,�-/.10$2 % 3 � # 2.2 2.2 Electricity, gas and water 4�+ # -6.7 -6.5 Construction �� # 6.8 6.4 Services 5�67.98�:;.<�=�?>��?@$AB.9C�D %�E�F�# 10.5 10.3

Wholesale, retail and import and export trades, restaurants and hotels G � .1H�I % J$K�# 7.5 7.2 Transport, storage and communications L�MB.1N�O/. Ý�ß %�P�Q � � # 8.9 8.6 Financing, insurance, real estate and business services R�S7.<R�T %�U û�� # 1.1 0.9 Community, social and personal services V�W #�X 2.3 2.3 Ownership of premises

7 8 9 : ; 7 8 9 : ; 7 8 9 : ; 7 8 9 : ; �� Further References

� � 9 : � �� @�Xa õ

� ¯ Cö÷ø �� Ö +'Q× × »*

�� 3¿) Ò»ù�

2006 Gross Domestic Product, Census and Statistics Department, Chapters 3 to 6 regarding the methods and data sources for compilation of the Hong Kong’s GDP statistics

� � �� ¬ X§¨�� 6

7Cö÷ø Ë ® �Ö +'�(() *+�,

-. / 0123¿¹ »ù�

System of National Accounts 1993, United Nations, Chapter XVI regarding the international guidelines on price and volume measures of GDP

� � Â À �� ¬ X§¨��

� 6 7Cö÷ø �� Þ Ì � � �Í Ö +'Â

À �, -. / 0 Î Ï �Ð�Í Î �a õ� ¯ X

9 :@�3¿(ù�

Quarterly National Accounts Manual - Concepts, Data Sources, and Compilation, International Monetary Fund, Chapter IX regarding the international guidelines on price and volume measures of quarterly GDP

15

�

�

�

�8. �� Statistical Tables

��

� � � � � � ��

GDP at current GDP in chained Implicit price Per capita GDP at Per capita GDP inmarket prices (2005) dollars deflator of GDP current market prices chained (2005) dollars

� ! " # $ � ! " # $ ( � � 2005=100) �" # $ �" # $

Year (HK$ million) (HK$ million) (Index 2005=100) (HK$) (HK$)

1961 7,453 ( - ) 79,354 ( - ) 9.4 ( - ) 2,353 ( - ) 25,048 ( - )1962 8,678 (16.4) 90,591 (14.2) 9.6 (2.0) 2,626 (11.6) 27,409 (9.4)1963 10,420 (20.1) 104,824 (15.7) 9.9 (3.8) 3,046 (16.0) 30,642 (11.8)1964 11,884 (14.0) 113,804 (8.6) 10.4 (5.1) 3,391 (11.3) 32,473 (6.0)1965 13,948 (17.4) 130,292 (14.5) 10.7 (2.5) 3,877 (14.3) 36,213 (11.5)

1966 14,276 (2.4) 132,566 (1.7) 10.8 (0.6) 3,933 (1.4) 36,521 (0.9)1967 15,470 (8.4) 134,804 (1.7) 11.5 (6.6) 4,155 (5.6) 36,210 (-0.9)1968 16,529 (6.8) 139,368 (3.4) 11.9 (3.3) 4,347 (4.6) 36,650 (1.2)1969 19,423 (17.5) 155,096 (11.3) 12.5 (5.6) 5,027 (15.6) 40,140 (9.5)1970 23,100 (18.9) 169,394 (9.2) 13.6 (8.9) 5,835 (16.1) 42,787 (6.6)

1971 26,647 (15.4) 181,516 (7.2) 14.7 (7.7) 6,587 (12.9) 44,871 (4.9)1972 32,168 (20.7) 200,633 (10.5) 16.0 (9.2) 7,801 (18.4) 48,655 (8.4)1973 41,284 (28.3) 225,323 (12.3) 18.3 (14.3) 9,733 (24.8) 53,122 (9.2)1974 47,165 (14.2) 230,454 (2.3) 20.5 (11.7) 10,774 (10.7) 52,642 (-0.9)1975 49,567 (5.1) 231,404 (0.4) 21.4 (4.7) 11,110 (3.1) 51,866 (-1.5)

1976 63,141 (27.4) 268,955 (16.2) 23.5 (9.6) 13,975 (25.8) 59,530 (14.8)1977 73,222 (16.0) 300,686 (11.8) 24.4 (3.7) 15,974 (14.3) 65,599 (10.2)1978 85,698 (17.0) 325,895 (8.4) 26.3 (8.0) 18,361 (14.9) 69,822 (6.4)1979 112,533 (31.3) 363,777 (11.6) 30.9 (17.6) 22,828 (24.3) 73,793 (5.7)1980 143,402 (27.4) 401,392 (10.3) 35.7 (15.5) 28,323 (24.1) 79,278 (7.4)

1981 172,965 (20.6) 439,078 (9.4) 39.4 (10.3) 33,369 (17.8) 84,708 (6.8)1982 195,408 (13.0) 452,174 (3.0) 43.2 (9.7) 37,118 (11.2) 85,891 (1.4)1983 216,383 (10.7) 478,942 (5.9) 45.2 (4.5) 40,482 (9.1) 89,604 (4.3)1984 260,761 (20.5) 526,382 (9.9) 49.5 (9.6) 48,308 (19.3) 97,516 (8.8)1985 276,823 (6.2) 530,147 (0.7) 52.2 (5.4) 50,735 (5.0) 97,164 (-0.4)

1986 319,232 (15.3) 588,657 (11.0) 54.2 (3.9) 57,784 (13.9) 106,552 (9.7)1987 393,541 (23.3) 667,571 (13.4) 59.0 (8.7) 70,521 (22.0) 119,626 (12.3)1988 465,245 (18.2) 723,945 (8.4) 64.3 (9.0) 82,672 (17.2) 128,642 (7.5)1989 536,268 (15.3) 740,032 (2.2) 72.5 (12.8) 94,310 (14.1) 130,145 (1.2)1990 598,950 (11.7) 768,882 (3.9) 77.9 (7.5) 104,996 (11.3) 134,785 (3.6)

1991 690,324 (15.3) 812,666 (5.7) 84.9 (9.0) 120,015 (14.3) 141,284 (4.8)1992 805,082 (16.6) 862,181 (6.1) 93.4 (9.9) 138,795 (15.6) 148,639 (5.2)1993 927,996 (15.3) 914,285 (6.0) 101.5 (8.7) 157,261 (13.3) 154,937 (4.2)1994 1,047,470 (12.9) 969,265 (6.0) 108.1 (6.5) 173,554 (10.4) 160,597 (3.7)1995 1,115,739 (6.5) 991,492 (2.3) 112.5 (4.1) 181,241 (4.4) 161,058 (0.3)

1996 1,229,481 (10.2) 1,033,065 (4.2) 119.0 (5.8) 191,047 (5.4) 160,526 (-0.3)1997 1,365,024 (11.0) 1,085,300 (5.1) 125.8 (5.7) 210,350 (10.1) 167,245 (4.2)1998 1,292,764 (-5.3) 1,019,895 (-6.0) 126.8 (0.8) 197,559 (-6.1) 155,859 (-6.8)1999 1,266,668 (-2.0) 1,045,963 (2.6) 121.1 (-4.5) 191,731 (-3.0) 158,323 (1.6)2000 1,317,650 (4.0) 1,129,132 (8.0) 116.7 (-3.6) 197,697 (3.1) 169,412 (7.0)

2001 1,299,218 (-1.4) 1,134,746 (0.5) 114.5 (-1.9) 193,500 (-2.1) 169,004 (-0.2)2002 1,277,314 (-1.7) 1,155,637 (1.8) 110.5 (-3.5) 189,397 (-2.1) 171,355 (1.4)2003 1,234,761 (-3.3) 1,190,376 (3.0) 103.7 (-6.2) 183,449 (-3.1) 176,855 (3.2)2004 1,291,902 (4.6) 1,291,139 (8.5) 100.1 (-3.5) 190,448 (3.8) 190,335 (7.6)2005 1,383,049 (7.1) 1,383,049 (7.1) 100.0 (-0.1) 202,996 (6.6) 202,996 (6.7)

2006 1,474,329 (6.6) 1,476,430 (6.8) 99.9 (-0.1) 215,008 (5.9) 215,314 (6.1)

�� Notes: Figures in brackets refer to year-on-year percentage changes.

- � � � - Not applicable

@ � � � � � � � � � � � � ! " # $ @ Figures are subject to revision later on as more data become available

��

� ��

Table 1 Annual GDP, implicit price deflator of GDP and per capita GDP

�

@

@

16

��

� � � � �� ( � � � ) � � � ( � � � ) � � !

Grossdomestic

Gross Private Government fixed Changes Exports of Imports ofdomestic consumption consumption capital in goods Exports of goods Imports of

Year product expenditure expenditure formation inventories (f.o.b.) services (f.o.b.) services

� � � � �� At current market prices (HK$ million)

1999 1,266,668 765,248 119,993 325,328 -10,612 1,349,000 276,385 1,373,500 185,174

2000 1,317,650 777,141 120,172 347,375 14,399 1,572,689 315,012 1,636,711 192,427

2001 1,299,218 782,984 128,866 333,044 -4,060 1,480,987 320,799 1,549,222 194,180

2002 1,277,314 748,402 131,291 286,025 5,660 1,562,121 347,836 1,601,527 202,494

2003 1,234,761 719,873 130,151 261,576 9,111 1,749,089 362,420 1,794,059 203,400

2004 1,291,902 767,923 127,327 275,034 7,076 2,027,031 429,563 2,099,545 242,507

2005 1,383,049 804,936 121,435 289,224 -4,761 2,251,744 495,799 2,311,091 264,237

2006 1,474,329 866,095 123,436 316,968 -926 2,467,357 561,547 2,576,340 283,808

� � � � � � � � � �� Percentage changes in nominal terms (%)

1999 -2.0 -3.9 3.0 -16.3 - 0.1 5.5 -2.5 -4.7

2000 4.0 1.6 0.1 6.8 - 16.6 14.0 19.2 3.9

2001 -1.4 0.8 7.2 -4.1 - -5.8 1.8 -5.3 0.9

2002 -1.7 -4.4 1.9 -14.1 - 5.5 8.4 3.4 4.3

2003 -3.3 -3.8 -0.9 -8.5 - 12.0 4.2 12.0 0.4

2004 4.6 6.7 -2.2 5.1 - 15.9 18.5 17.0 19.2

2005 7.1 4.8 -4.6 5.2 - 11.1 15.4 10.1 9.0

2006 6.6 7.6 1.6 9.6 - 9.6 13.3 11.5 7.4

�� -�� Notes: - Not applicable

@�� @ Figures are subject to revision later on as more data become available

��

Less :

��

��

Table 2 Annual GDP by major expenditure component At current market prices

@

@

@

@

17

��

��

Table 3 Chain volume measures of annual GDP by major expenditure component Chained (2005) dollars ��

HK$ million�� !�

" #�$�%�&#�$�%�&#�$�%�&#�$�%�& '�()�* '�()�* +�, - ��.�/( 0�1�2 ) 3�4�5 � ( 0�1�2 ) 3�4�5�6

GrossGross Private Government domestic Changes Exports Exports Imports Imports

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

1961 79,354 43,894 9,311 19,421 421 17,280 25,779 25,071 6,8281962 90,591 48,576 9,765 26,176 489 19,664 26,759 29,181 7,6111963 104,824 53,262 10,822 35,296 570 21,451 27,738 32,128 8,1941964 113,804 57,939 11,881 39,349 625 24,431 29,043 35,670 8,8091965 130,292 65,414 12,865 43,909 727 28,006 29,877 37,460 9,301

1966 132,566 73,344 14,302 38,166 734 33,369 30,697 42,766 10,3461967 134,804 74,277 15,817 31,580 747 38,136 32,827 43,979 10,5611968 139,368 81,780 16,727 28,709 774 43,499 35,986 51,063 12,0291969 155,096 88,796 18,164 29,890 862 51,245 40,120 56,991 13,2901970 169,394 98,195 19,223 34,113 944 56,012 45,259 64,099 14,723

1971 181,516 110,904 19,677 42,218 1,011 59,587 44,770 72,398 16,4291972 200,633 119,241 20,887 46,102 1,120 64,354 49,429 75,408 17,9321973 225,323 135,102 23,005 51,506 1,262 72,697 50,728 83,150 19,7791974 230,454 132,130 25,123 50,661 2,137 69,717 49,613 76,138 19,1681975 231,404 136,880 26,713 51,674 1,716 70,313 50,535 78,582 20,501

1976 268,955 147,257 28,530 58,767 8,228 90,573 60,540 98,181 23,9221977 300,686 172,163 31,179 73,966 4,525 94,744 62,475 105,360 26,7211978 325,895 202,010 34,281 81,565 5,196 106,661 69,801 127,981 31,2261979 363,777 221,197 37,914 93,724 7,094 128,112 76,338 148,279 39,2881980 401,392 248,129 40,734 112,668 7,135 151,947 76,798 176,886 44,464

1981 439,078 267,085 49,665 123,084 7,237 173,994 85,099 198,469 51,3881982 452,174 281,337 52,382 125,403 2,258 169,227 88,958 194,486 51,9431983 478,942 302,988 55,549 115,095 6,139 194,254 94,508 213,134 58,3751984 526,382 320,309 57,721 118,154 7,631 237,157 104,683 244,900 66,2271985 530,147 334,174 59,300 118,224 1,960 250,862 110,986 260,025 71,537

1986 588,657 362,550 63,133 125,469 8,401 289,136 125,549 295,279 80,6971987 667,571 401,036 65,599 143,248 12,389 386,022 146,993 389,027 94,2211988 723,945 438,273 68,066 154,857 16,951 489,365 159,132 493,163 109,0451989 740,032 454,584 71,631 160,885 3,997 540,414 162,011 537,174 115,8201990 768,882 483,390 75,555 174,016 6,783 591,830 168,329 599,143 128,394

1991 812,666 528,443 81,338 190,394 4,833 694,313 176,086 713,778 142,4201992 862,181 572,491 92,094 207,500 7,212 831,926 191,713 872,989 158,1451993 914,285 616,960 94,003 213,630 2,757 945,183 205,522 986,750 166,9151994 969,265 656,379 97,533 245,770 22,410 1,039,558 219,898 1,121,654 181,3791995 991,492 667,793 100,499 262,934 44,032 1,158,137 226,712 1,276,457 185,076

1996 1,033,065 692,458 104,226 290,918 10,338 1,211,048 251,579 1,331,513 194,1661997 1,085,300 730,342 106,562 330,903 12,400 1,283,986 249,536 1,428,215 203,0791998 1,019,895 689,861 107,052 305,714 -16,633 1,225,338 239,772 1,329,061 208,8721999 1,045,963 698,131 110,416 254,495 -10,649 1,269,842 261,092 1,328,331 201,7232000 1,129,132 733,414 112,650 274,623 14,136 1,484,194 296,052 1,572,393 206,163

2001 1,134,746 746,791 119,464 281,899 -4,712 1,434,699 314,976 1,542,184 210,3872002 1,155,637 740,193 122,383 268,676 6,355 1,557,855 349,815 1,663,688 218,6832003 1,190,376 730,443 124,599 271,167 9,432 1,776,069 376,335 1,881,110 213,8332004 1,291,139 781,491 125,493 277,907 7,748 2,040,127 443,872 2,139,714 245,0182005 @ 1,383,049 804,936 121,435 289,224 -4,761 2,251,744 495,799 2,311,091 264,237

2006 @ 1,476,430 852,163 121,764 307,506 -205 2,461,008 539,907 2,523,907 281,806

Notes:

@ 798;:=<?>;@9A�BDCFE;GDHFI�JLKNM�O @ Figures are subject to revision later on as more data become available

P;QSRUTWVDXDX9YDZ9[]\�^D_9`LaWb 7Lc b�dDeWf�gihkjDlm]n Z9oWVDXDX9YDZWb9p H�qDr hksWt�u]vDb;[]\�^_Dw 7yxFzD{|xF>9}L~D�9@��N�L�D�D�D�9�DrL{D��L�9�D�]b;�L�D�9�DjL�D� �D�9� hk�DTD�L�9�D�D�� r b;�D`W� � h��9�L�D�L�9 D¡D¢ �L�D�D�D�9�DrbN�9� r �

In calculating the chained (2005) dollar series, the current price value inthe reference year of 2005 is extrapolated backwards and forwards usingthe corresponding chain volume index. Because the extrapolation processis carried out for the GDP and its components independently, theextrapolated values of the components do not, in general, aggregateexactly to the extrapolated value of GDP.

18

��

��

Table 4 Chain volume measures of annual GDP by major expenditure component Percentage changes in real terms

%��

� �� !�"�#�$ !�"�#�$ %�&( '�(�) ) *�+�, � ( '�(�) ) *�+�,�-

GrossGross Private Government domestic Exports Exports Imports Imports

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

1961 - - - - - - - -1962 14.2 10.7 4.9 34.8 13.8 3.8 16.4 11.51963 15.7 9.6 10.8 34.8 9.1 3.7 10.1 7.71964 8.6 8.8 9.8 11.5 13.9 4.7 11.0 7.51965 14.5 12.9 8.3 11.6 14.6 2.9 5.0 5.6

1966 1.7 12.1 11.2 -13.1 19.2 2.7 14.2 11.21967 1.7 1.3 10.6 -17.3 14.3 6.9 2.8 2.11968 3.4 10.1 5.8 -9.1 14.1 9.6 16.1 13.91969 11.3 8.6 8.6 4.1 17.8 11.5 11.6 10.51970 9.2 10.6 5.8 14.1 9.3 12.8 12.5 10.8

1971 7.2 12.9 2.4 23.8 6.4 -1.1 12.9 11.61972 10.5 7.5 6.1 9.2 8.0 10.4 4.2 9.11973 12.3 13.3 10.1 11.7 13.0 2.6 10.3 10.31974 2.3 -2.2 9.2 -1.6 -4.1 -2.2 -8.4 -3.11975 0.4 3.6 6.3 2.0 0.9 1.9 3.2 7.0

1976 16.2 7.6 6.8 13.7 28.8 19.8 24.9 16.71977 11.8 16.9 9.3 25.9 4.6 3.2 7.3 11.71978 8.4 17.3 9.9 10.3 12.6 11.7 21.5 16.91979 11.6 9.5 10.6 14.9 20.1 9.4 15.9 25.81980 10.3 12.2 7.4 20.2 18.6 0.6 19.3 13.2

1981 9.4 7.6 21.9 9.2 14.5 10.8 12.2 15.61982 3.0 5.3 5.5 1.9 -2.7 4.5 -2.0 1.11983 5.9 7.7 6.0 -8.2 14.8 6.2 9.6 12.41984 9.9 5.7 3.9 2.7 22.1 10.8 14.9 13.51985 0.7 4.3 2.7 0.1 5.8 6.0 6.2 8.0

1986 11.0 8.5 6.5 6.1 15.3 13.1 13.6 12.81987 13.4 10.6 3.9 14.2 33.5 17.1 31.7 16.81988 8.4 9.3 3.8 8.1 26.8 8.3 26.8 15.71989 2.2 3.7 5.2 3.9 10.4 1.8 8.9 6.21990 3.9 6.3 5.5 8.2 9.5 3.9 11.5 10.9

1991 5.7 9.3 7.7 9.4 17.3 4.6 19.1 10.91992 6.1 9.1 7.1 9.0 19.8 8.9 22.3 11.01993 6.0 7.8 2.1 2.9 13.6 7.2 13.0 5.61994 6.0 6.4 3.8 15.0 10.0 7.0 13.7 8.71995 2.3 1.7 3.0 7.0 11.4 3.1 13.8 2.0

1996 4.2 3.7 3.7 10.6 4.6 11.0 4.3 4.91997 5.1 5.5 2.2 13.7 6.0 -0.8 7.3 4.61998 -6.0 -5.5 0.5 -7.6 -4.6 -3.9 -6.9 2.81999 2.6 1.2 3.1 -16.7 3.6 8.9 -0.1 -3.42000 8.0 5.1 2.0 7.9 16.9 13.4 18.4 2.2

2001 0.5 1.8 6.0 2.6 -3.3 6.4 -1.9 2.02002 1.8 -0.9 2.4 -4.7 8.6 11.1 7.9 3.92003 3.0 -1.3 1.8 0.9 14.0 7.6 13.1 -2.22004 8.5 7.0 0.7 2.5 14.9 17.9 13.7 14.62005 @ 7.1 3.0 -3.2 4.1 10.4 11.7 8.0 7.8

2006 @ 6.8 5.9 0.3 6.3 9.3 8.9 9.2 6.6

.0/ 1 2430576Notes: - Not applicable

@ 8:90;=<?>0@:ACB7DFE0G7HFICJLKNMCO @ Figures are subject to revision later on as more data become available

19

��

��

Table 5 Quarterly GDP by major expenditure component At current market prices ��

HK$ million��

Less:�� ! � �#"$ % & '�(�)�*'�(�)�*'�(�)�*'�(�)�* +�, -�. +�, -�. /�0 1 ��2�3

( 4�5�6 ) 7�8�9 � ( 4�5�6 ) 7�8�9�:Gross

Gross Private Government domestic Changes Exports Exports Imports Importsdomestic consumption consumption fixed capital in of goods of of goods of

Year Quarter product expenditure expenditure formation inventories (f.o.b.) services (f.o.b.) services

1999 1 295,461 183,509 31,370 81,439 -7,860 283,055 62,310 291,816 46,5462 310,662 194,170 28,677 80,716 -4,832 325,470 63,405 332,901 44,0433 324,379 189,575 29,518 81,375 748 367,635 73,008 368,703 48,7774 336,167 197,994 30,428 81,798 1,332 372,839 77,662 380,079 45,807

2000 1 315,359 189,748 31,993 83,397 4,481 339,574 71,934 358,919 46,8492 320,103 195,205 28,705 83,316 4,521 381,572 74,356 400,901 46,6713 338,072 191,987 29,656 91,118 3,710 432,067 83,587 442,554 51,4994 344,117 200,201 29,818 89,544 1,687 419,477 85,135 434,337 47,408

2001 1 314,557 192,962 32,958 84,769 928 347,384 76,629 372,029 49,0442 317,779 200,003 30,778 79,929 1,649 363,449 77,091 387,337 47,7833 331,215 193,623 32,516 88,269 -2,633 400,989 82,983 413,747 50,7854 335,666 196,396 32,614 80,077 -4,004 369,165 84,096 376,110 46,568

2002 1 302,981 187,941 34,217 67,827 -1,567 326,087 76,477 338,531 49,4702 310,943 189,319 31,572 70,996 1,622 373,691 81,265 390,072 47,4503 328,762 184,787 33,453 75,029 1,885 435,519 93,000 440,498 54,4134 334,627 186,355 32,049 72,173 3,720 426,824 97,094 432,427 51,161

2003 1 299,502 177,704 33,659 64,026 3,735 383,436 85,917 399,421 49,5542 287,670 174,894 30,577 61,300 1,502 419,318 70,820 429,129 41,6123 317,747 178,035 32,502 67,368 -1,586 467,515 98,909 468,901 56,0954 329,842 189,240 33,413 68,882 5,460 478,820 106,774 496,608 56,139

2004 1 308,143 185,559 34,405 67,901 9,974 434,433 98,369 467,247 55,2512 310,687 192,688 29,648 69,322 8,647 497,894 97,858 527,326 58,0443 327,642 188,753 31,242 69,064 -2,291 546,732 114,551 555,243 65,1664 345,430 200,923 32,032 68,747 -9,254 547,972 118,785 549,729 64,046

2005 @ 1 321,447 192,172 32,267 69,869 -4,082 479,096 113,441 498,773 62,5432 331,593 200,770 28,518 73,549 -2,287 555,352 112,725 574,998 62,0363 356,570 199,943 30,263 72,290 766 614,625 131,543 621,566 71,2944 373,439 212,051 30,387 73,516 842 602,671 138,090 615,754 68,364

2006 @ 1 346,089 206,619 33,055 73,483 -678 538,460 128,439 568,261 65,0282 348,756 218,360 28,479 77,857 -1,217 586,741 128,979 622,110 68,3333 376,949 211,190 30,397 83,111 -2,820 667,228 149,487 685,797 75,8474 402,536 229,926 31,505 82,517 3,789 674,929 154,642 700,172 74,600

2007 @ 1 369,700 221,009 34,362 71,890 2,132 587,298 144,066 621,522 69,5352 379,011 236,874 30,408 81,048 5,607 656,509 146,871 702,713 75,593

;=<?> @ @BA=CEDGF=HBI�JLKNM=OLPNQ�RTSVU�W Note: @ Figures are subject to revision later on as more data become available

20

��

��

Table 6 Quarterly GDP by major expenditure component Year-on-year percentage changes in nominal terms

%

��

� � �� !�� !�� !�� ! "�#�$�% "�#�$�% &�'( (�)�* ) +�,�- � ( (�)�* ) +�,�-�.


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

1999 1 -5.7 -6.1 6.6 -21.3 -9.0 -2.5 -13.8 -6.32 -3.6 -3.0 1.9 -25.4 -5.9 2.4 -11.2 -5.93 -1.5 -3.9 -0.8 -8.4 4.3 9.5 4.3 -0.74 2.5 -2.5 4.1 -7.4 10.1 11.6 11.3 -5.8

2000 1 6.7 3.4 2.0 2.4 20.0 15.4 23.0 0.72 3.0 0.5 0.1 3.2 17.2 17.3 20.4 6.03 4.2 1.3 0.5 12.0 17.5 14.5 20.0 5.64 2.4 1.1 -2.0 9.5 12.5 9.6 14.3 3.5

2001 1 -0.3 1.7 3.0 1.6 2.3 6.5 3.7 4.72 -0.7 2.5 7.2 -4.1 -4.7 3.7 -3.4 2.43 -2.0 0.9 9.6 -3.1 -7.2 -0.7 -6.5 -1.44 -2.5 -1.9 9.4 -10.6 -12.0 -1.2 -13.4 -1.8

2002 1 -3.7 -2.6 3.8 -20.0 -6.1 -0.2 -9.0 0.92 -2.2 -5.3 2.6 -11.2 2.8 5.4 0.7 -0.73 -0.7 -4.6 2.9 -15.0 8.6 12.1 6.5 7.14 -0.3 -5.1 -1.7 -9.9 15.6 15.5 15.0 9.9

2003 1 -1.1 -5.4 -1.6 -5.6 17.6 12.3 18.0 0.22 -7.5 -7.6 -3.2 -13.7 12.2 -12.9 10.0 -12.33 -3.4 -3.7 -2.8 -10.2 7.3 6.4 6.4 3.14 -1.4 1.5 4.3 -4.6 12.2 10.0 14.8 9.7

2004 1 2.9 4.4 2.2 6.1 13.3 14.5 17.0 11.52 8.0 10.2 -3.0 13.1 18.7 38.2 22.9 39.53 3.1 6.0 -3.9 2.5 16.9 15.8 18.4 16.24 4.7 6.2 -4.1 -0.2 14.4 11.2 10.7 14.1

2005 @ 1 4.3 3.6 -6.2 2.9 10.3 15.3 6.7 13.22 6.7 4.2 -3.8 6.1 11.5 15.2 9.0 6.93 8.8 5.9 -3.1 4.7 12.4 14.8 11.9 9.44 8.1 5.5 -5.1 6.9 10.0 16.3 12.0 6.7

2006 @ 1 7.7 7.5 2.4 5.2 12.4 13.2 13.9 4.02 5.2 8.8 -0.1 5.9 5.7 14.4 8.2 10.23 5.7 5.6 0.4 15.0 8.6 13.6 10.3 6.44 7.8 8.4 3.7 12.2 12.0 12.0 13.7 9.1

2007 @ 1 6.8 7.0 4.0 -2.2 9.1 12.2 9.4 6.92 8.7 8.5 6.8 4.1 11.9 13.9 13.0 10.6

/1032@ 4651798;:1<6=?>A@CB1DAECF?GIHKJ?L Note: @ Figures are subject to revision later on as more data become available

21

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Chained (2005) dollars ��HK$ million��

�� !�" # $�%�&�'$�%�&�'$�%�&�'$�%�&�' (�)*�+ (�)*�+ ,�- . ��/�0

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



1973 1 55,112 32,626 5,527 13,171 1,960 15,487 13,233 18,414 4,8062 54,738 32,308 5,320 13,569 303 16,830 12,817 19,594 4,6673 58,475 33,581 5,914 12,294 606 20,730 12,583 21,092 5,2014 56,814 37,290 6,199 12,301 -186 20,100 12,205 22,865 4,957

1974 1 58,490 31,268 5,978 12,547 4,322 17,274 14,073 18,285 4,9652 56,017 34,133 5,773 12,800 102 18,617 13,112 21,232 5,0023 60,750 33,671 6,709 13,181 1,609 18,344 11,934 18,749 4,9894 54,762 33,769 6,637 11,963 -881 15,931 10,544 16,685 4,059

1975 1 55,806 32,657 6,843 12,547 371 14,743 12,724 16,383 5,0302 57,195 32,754 6,474 12,672 345 16,830 12,602 18,154 4,7233 60,612 34,283 6,578 12,927 1,808 19,387 12,829 20,541 5,4954 57,630 37,660 6,771 13,400 -548 19,654 12,402 22,764 5,126

1976 1 65,485 33,265 7,105 14,339 12,882 20,401 15,655 22,607 5,9372 64,720 37,223 6,851 14,550 797 22,489 15,224 24,675 5,9103 69,571 35,360 7,224 14,618 3,349 23,861 15,014 24,263 6,1964 69,535 41,922 7,303 15,176 351 24,120 14,633 25,893 5,810

1977 1 72,675 37,710 7,876 18,216 14,157 20,550 16,514 24,251 6,6102 71,566 41,403 7,438 18,135 1,110 23,085 15,911 26,469 6,6613 78,386 44,517 7,697 18,124 235 25,203 15,084 25,022 6,8984 78,038 49,059 8,083 19,403 -807 25,907 14,916 28,875 6,453

1978 1 80,846 45,566 8,666 20,508 18,403 21,443 17,200 27,383 7,7132 81,592 48,885 8,137 20,141 1,622 26,362 17,729 30,933 7,3673 81,376 50,956 8,664 19,982 -661 28,633 17,418 31,715 8,1514 82,304 57,242 8,750 20,924 -878 30,375 17,391 37,206 7,987

1979 1 87,308 51,068 9,944 23,676 11,649 26,357 19,485 32,747 9,4242 89,762 54,046 8,894 22,317 2,973 31,574 19,819 36,899 9,6043 92,489 56,087 9,270 23,277 448 35,046 18,817 37,533 10,3564 94,516 60,382 9,719 24,476 771 35,585 18,213 40,650 9,851

1980 1 93,171 58,163 9,999 27,966 6,500 32,015 19,149 39,444 10,9142 100,691 59,673 9,643 27,780 3,178 38,870 20,054 44,637 10,9863 104,693 63,413 10,071 28,781 5 40,862 19,140 43,650 11,4494 103,039 67,019 10,941 28,217 2,646 41,095 18,488 48,854 11,124

1981 1 103,430 65,857 14,151 30,405 8,657 38,417 21,407 47,067 14,1202 107,104 65,128 11,250 31,561 1,846 43,040 21,452 50,170 12,4513 111,451 65,491 11,401 30,969 1,402 46,380 21,107 49,793 13,0524 117,027 70,703 12,805 30,239 1,712 47,050 21,123 51,135 11,813

22

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Table 7 (Cont'd.) Chain volume measures of quarterly GDP


�� !�" # $�%�&�'$�%�&�'$�%�&�'$�%�&�' (�)*�+ (�)*�+ ,�- . ��/�0

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



1982 1 109,337 70,069 13,553 32,225 -2,977 37,970 22,994 45,028 13,5092 108,841 65,976 12,876 29,759 2,847 41,402 22,277 48,285 12,7363 115,159 71,984 13,158 32,563 32 44,142 21,819 49,392 13,6034 118,495 73,379 12,764 30,949 748 46,604 21,785 51,331 12,132

1983 1 109,862 74,840 14,055 28,886 -6,920 38,864 22,406 44,476 14,3012 115,569 73,070 13,766 27,751 2,722 46,763 23,424 52,643 13,9113 123,903 77,070 13,820 29,348 1,658 52,642 23,759 55,099 15,5504 129,455 78,323 13,843 29,220 4,265 56,730 24,926 60,612 14,630

1984 1 123,482 79,362 14,799 28,597 -173 51,520 25,849 54,492 16,7032 131,979 76,031 13,744 29,629 6,372 58,378 27,031 61,324 16,2843 137,150 82,076 14,647 29,738 1,146 63,529 26,090 62,155 16,8334 133,687 83,260 14,467 30,280 1,228 64,175 25,750 66,330 16,351

1985 1 130,841 82,066 15,080 29,683 449 58,072 29,129 60,193 18,4722 128,529 80,667 14,061 29,830 707 62,399 28,643 66,151 17,8023 133,608 83,698 14,928 28,309 -48 64,275 26,217 63,402 17,8624 136,853 87,832 15,226 30,481 1,311 66,558 26,927 69,974 17,363

1986 1 131,509 88,315 16,057 29,413 -1,073 56,793 28,807 60,671 19,6342 139,370 85,599 15,173 29,902 4,835 68,553 30,829 72,616 19,5233 156,249 91,999 15,668 31,042 2,216 78,093 32,178 75,297 20,5624 161,502 96,616 16,236 35,115 2,426 85,694 33,733 86,694 20,979

1987 1 148,863 96,508 16,844 34,024 568 78,258 34,041 82,612 22,8352 158,270 97,424 15,627 34,474 3,391 93,707 36,114 96,929 23,0503 180,040 102,093 16,303 37,043 2,628 105,502 37,613 100,390 24,0004 180,398 105,011 16,825 37,707 5,810 108,555 39,225 109,096 24,336

1988 1 163,243 106,643 17,141 36,343 -2,289 97,939 37,836 99,387 26,8712 172,386 104,485 16,244 38,415 7,185 116,034 40,138 121,844 26,5093 192,911 110,643 17,622 39,627 6,263 134,810 39,629 131,149 28,1884 195,405 116,502 17,059 40,472 5,799 140,582 41,529 140,783 27,477

1989 1 174,263 114,058 18,488 40,556 2,758 118,613 39,273 125,367 29,5812 177,353 109,217 17,090 41,032 6,060 133,365 40,529 140,240 27,7133 193,428 113,852 17,637 40,678 -3,180 146,356 40,138 136,558 29,3724 194,988 117,457 18,416 38,619 -1,640 142,080 42,071 135,009 29,154

1990 1 175,994 114,879 19,623 41,154 -1,211 120,852 40,136 124,985 30,6132 185,414 115,917 17,682 43,364 5,743 143,000 42,502 150,003 31,2903 202,918 124,361 19,123 43,692 1,182 157,503 42,270 153,145 33,6644 204,556 128,233 19,127 45,806 1,070 170,475 43,421 171,010 32,827

by major expenditure component

23

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�� !�" # $�%�&�'$�%�&�'$�%�&�'$�%�&�' (�)*�+ (�)*�+ ,�- . ��/�0

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



1991 1 186,782 123,716 21,105 43,123 5,192 139,441 41,591 148,184 34,8362 195,167 126,736 19,634 47,675 6,826 169,047 44,336 181,589 34,2213 213,457 137,849 20,037 48,777 -2,821 187,524 44,076 186,280 36,1244 217,260 140,142 20,562 50,819 -4,364 198,301 46,083 197,725 37,239

1992 1 198,348 135,191 23,524 46,607 1,708 169,658 45,485 180,635 38,8652 207,762 137,632 22,346 52,509 7,274 206,548 48,199 224,873 38,2223 227,511 148,820 23,081 53,791 -3,963 222,790 48,682 224,856 40,7114 228,560 150,848 23,143 54,593 2,193 232,930 49,347 242,625 40,347

1993 1 210,673 145,462 23,587 50,277 1,550 202,346 48,450 215,868 41,0722 220,029 149,704 23,287 54,677 6,766 231,164 51,123 251,644 41,3463 240,777 156,499 23,516 54,750 545 255,811 53,138 259,693 43,1654 242,806 165,295 23,613 53,926 -6,104 255,862 52,811 259,545 41,332

1994 1 227,291 160,320 24,507 57,923 -5,040 218,008 52,666 233,279 45,0872 234,888 158,736 24,266 62,916 14,785 255,998 53,598 288,048 44,0623 251,763 163,376 24,349 60,418 10,402 282,325 55,882 296,891 46,6564 255,323 173,947 24,411 64,513 2,263 283,227 57,752 303,436 45,574

1995 1 235,777 163,607 25,252 62,511 8,993 253,944 54,490 283,524 46,8472 241,668 163,112 24,625 67,012 19,725 287,081 55,800 328,108 45,3063 254,777 164,437 25,361 66,705 9,356 315,542 57,461 336,433 47,5704 259,270 176,637 25,261 66,706 5,958 301,570 58,961 328,392 45,353

1996 1 241,584 167,968 25,844 67,350 2,259 265,739 60,285 298,340 48,3212 250,267 166,536 25,692 72,523 9,299 297,816 61,659 335,645 46,7073 266,661 171,872 26,374 71,154 1,123 330,331 63,684 348,615 49,4524 274,553 186,082 26,316 79,891 -2,343 317,162 65,951 348,913 49,686

1997 1 255,649 174,581 26,883 78,918 4,785 276,142 62,959 317,763 51,0812 268,362 179,672 27,173 82,884 5,574 315,732 62,990 357,918 47,9603 282,838 185,683 26,314 81,306 8,320 345,258 62,349 373,591 53,1164 278,451 190,406 26,192 87,795 -6,279 346,854 61,238 378,943 50,922

1998 1 247,568 171,227 27,400 78,133 -2,247 278,940 58,052 312,709 53,5502 252,058 172,426 25,628 84,487 -388 313,761 56,287 353,434 49,9633 260,036 170,509 27,202 71,830 -2,857 320,099 61,487 335,394 53,1394 260,233 175,699 26,822 71,264 -11,141 312,538 63,946 327,524 52,220

1999 1 240,418 164,578 28,495 63,553 -7,939 265,570 58,898 280,921 51,6342 253,433 174,587 26,412 63,854 -5,113 307,312 59,516 324,363 47,8613 270,241 175,357 27,264 63,324 678 345,741 69,737 356,859 52,6594 281,871 183,609 28,245 63,764 1,725 351,219 72,941 366,188 49,569


24

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�� !�" # $�%�&�'$�%�&�'$�%�&�'$�%�&�' (�)*�+ (�)*�+ ,�- . ��/�0

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



2000 1 266,184 177,217 29,476 64,553 4,423 320,441 67,851 345,203 50,5932 272,432 183,860 27,088 65,263 4,307 360,432 69,129 386,249 49,8363 290,887 182,664 27,969 72,181 3,460 406,046 78,945 424,419 54,8704 299,629 189,673 28,117 72,626 1,946 397,275 80,127 416,522 50,864

2001 1 273,284 183,121 31,052 71,013 915 331,955 73,563 364,465 53,2222 276,539 189,776 28,320 67,091 1,644 351,759 74,624 383,469 51,5803 290,508 185,283 29,983 74,373 -2,838 389,491 82,428 412,824 54,7974 294,415 188,611 30,109 69,422 -4,433 361,494 84,361 381,426 50,788

2002 1 270,576 184,049 31,752 62,361 -1,762 323,476 77,003 349,457 54,8552 278,018 186,360 29,222 66,259 1,878 372,267 80,584 405,975 51,2263 298,620 183,647 31,034 70,802 2,075 434,048 93,494 457,610 57,8774 308,423 186,137 30,375 69,254 4,164 428,064 98,734 450,646 54,725

2003 1 281,770 177,500 32,025 65,504 3,929 384,374 88,029 414,918 53,1442 275,641 177,489 29,358 63,098 1,499 424,890 73,741 450,394 43,8753 310,081 183,257 31,186 71,363 -1,755 476,688 103,476 495,207 58,9464 322,884 192,197 32,030 71,202 5,759 490,117 111,089 520,591 57,868

2004 1 303,480 188,330 33,885 67,988 11,092 440,716 102,459 482,696 57,0692 308,718 196,563 29,330 68,875 8,980 502,989 101,118 540,398 59,0113 330,537 192,578 30,777 71,427 -2,607 548,271 118,184 563,225 65,3744 348,404 204,020 31,501 69,617 -9,717 548,151 122,111 553,395 63,564

2005 @ 1 322,288 194,028 32,353 69,606 -4,351 477,605 114,813 498,170 63,1952 330,719 200,574 28,600 72,611 -2,390 555,149 113,323 575,536 61,9193 357,337 199,111 30,252 73,152 664 613,784 131,887 620,793 70,9554 372,705 211,223 30,230 73,855 1,316 605,206 135,776 616,592 68,168

2006 @ 1 348,588 205,071 32,770 73,454 -762 543,257 125,179 564,453 65,9282 349,248 214,700 28,140 75,389 -707 585,791 123,894 610,074 67,8853 380,031 208,083 29,919 80,083 -1,798 662,461 143,230 667,208 74,7394 398,563 224,309 30,935 78,580 3,062 669,499 147,604 682,172 73,254

2007 @ 1 367,985 214,921 33,551 75,488 2,115 579,114 136,433 604,736 68,9012 372,456 226,833 28,896 82,906 4,895 644,777 138,232 680,772 73,311

Notes:

@ 8:9<;>=@?<A:B�CEDGF<HEIGJ�KMLON�P @ Figures are subject to revision later on as more data become available


QER�S�S<T:U<VXWGY:Z<[E\E] 8:^ ]G_:Èa<bdcfe�ghMi U<jER:S�S�T�UM]<k IGl:m cfnEo<pMq:]OVXWGYZ�r 8tsvu:wXsO?<xEy�z�A|{~}��E��:��mEw��:�<�� ]G�:�:�<�:e:�:� �:�<� c��:Q �E�<�:� �� m ]O��[M� � cf��:�:�:��:� �E��:��m]O�:� m|{

In calculating the chained (2005) dollar series, the current price valuein the reference year of 2005 is extrapolated backwards and forwardsusing the corresponding chain volume index. Because theextrapolation process is carried out for the GDP and its componentsindependently, the extrapolated values of the components do not, ingeneral, aggregate exactly to the extrapolated value of GDP.

�< ¢¡

25

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Table 8 Chain volume measures of quarterly GDPby major expenditure component


%��

�� !�� !�� !�� ! "�#�$�% "�#�$�% &�' (*)�+�,.-0/�1�2 � (*)�+�,.-0/�1�2�3



1974 1 6.1 -4.2 8.2 -4.7 11.5 6.3 -0.7 3.32 2.3 5.6 8.5 -5.7 10.6 2.3 8.4 7.23 3.9 0.3 13.4 7.2 -11.5 -5.2 -11.1 -4.14 -3.6 -9.4 7.1 -2.7 -20.7 -13.6 -27.0 -18.1

1975 1 -4.6 4.4 14.5 * -14.7 -9.6 -10.4 1.32 2.1 -4.0 12.2 -1.0 -9.6 -3.9 -14.5 -5.63 -0.2 1.8 -2.0 -1.9 5.7 7.5 9.6 10.14 5.2 11.5 2.0 12.0 23.4 17.6 36.4 26.3

1976 1 17.3 1.9 3.8 14.3 38.4 23.0 38.0 18.02 13.2 13.6 5.8 14.8 33.6 20.8 35.9 25.13 14.8 3.1 9.8 13.1 23.1 17.0 18.1 12.84 20.7 11.3 7.9 13.3 22.7 18.0 13.7 13.4

1977 1 11.0 13.4 10.9 27.0 0.7 5.5 7.3 11.32 10.6 11.2 8.6 24.6 2.6 4.5 7.3 12.73 12.7 25.9 6.6 24.0 5.6 0.5 3.1 11.34 12.2 17.0 10.7 27.9 7.4 1.9 11.5 11.1

1978 1 11.2 20.8 10.0 12.6 4.3 4.2 12.9 16.72 14.0 18.1 9.4 11.1 14.2 11.4 16.9 10.63 3.8 14.5 12.6 10.3 13.6 15.5 26.7 18.24 5.5 16.7 8.3 7.8 17.2 16.6 28.9 23.8

1979 1 8.0 12.1 14.7 15.4 22.9 13.3 19.6 22.22 10.0 10.6 9.3 10.8 19.8 11.8 19.3 30.43 13.7 10.1 7.0 16.5 22.4 8.0 18.3 27.14 14.8 5.5 11.1 17.0 17.2 4.7 9.3 23.3

1980 1 6.7 13.9 0.6 18.1 21.5 -1.7 20.5 15.82 12.2 10.4 8.4 24.5 23.1 1.2 21.0 14.43 13.2 13.1 8.6 23.6 16.6 1.7 16.3 10.64 9.0 11.0 12.6 15.3 15.5 1.5 20.2 12.9

1981 1 11.0 13.2 41.5 8.7 20.0 11.8 19.3 29.42 6.4 9.1 16.7 13.6 10.7 7.0 12.4 13.33 6.5 3.3 13.2 7.6 13.5 10.3 14.1 14.04 13.6 5.5 17.0 7.2 14.5 14.3 4.7 6.2

1982 1 5.7 6.4 -4.2 6.0 -1.2 7.4 -4.3 -4.32 1.6 1.3 14.4 -5.7 -3.8 3.8 -3.8 2.33 3.3 9.9 15.4 5.1 -4.8 3.4 -0.8 4.24 1.3 3.8 -0.3 2.3 -0.9 3.1 0.4 2.7

26

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�� !�� !�� !�� ! "�#�$�% "�#�$�% &�' (*)�+�,.-0/�1�2 � (*)�+�,.-0/�1�2�3



1983 1 0.5 6.8 3.7 -10.4 2.4 -2.6 -1.2 5.92 6.2 10.8 6.9 -6.7 12.9 5.2 9.0 9.23 7.6 7.1 5.0 -9.9 19.3 8.9 11.6 14.34 9.2 6.7 8.5 -5.6 21.7 14.4 18.1 20.6

1984 1 12.4 6.0 5.3 -1.0 32.6 15.4 22.5 16.82 14.2 4.1 -0.2 6.8 24.8 15.4 16.5 17.13 10.7 6.5 6.0 1.3 20.7 9.8 12.8 8.24 3.3 6.3 4.5 3.6 13.1 3.3 9.4 11.8

1985 1 6.0 3.4 1.9 3.8 12.7 12.7 10.5 10.62 -2.6 6.1 2.3 0.7 6.9 6.0 7.9 9.33 -2.6 2.0 1.9 -4.8 1.2 0.5 2.0 6.14 2.4 5.5 5.2 0.7 3.7 4.6 5.5 6.2

1986 1 0.5 7.6 6.5 -0.9 -2.2 -1.1 0.8 6.32 8.4 6.1 7.9 0.2 9.9 7.6 9.8 9.73 16.9 9.9 5.0 9.7 21.5 22.7 18.8 15.14 18.0 10.0 6.6 15.2 28.8 25.3 23.9 20.8

1987 1 13.2 9.3 4.9 15.7 37.8 18.2 36.2 16.32 13.6 13.8 3.0 15.3 36.7 17.1 33.5 18.13 15.2 11.0 4.1 19.3 35.1 16.9 33.3 16.74 11.7 8.7 3.6 7.4 26.7 16.3 25.8 16.0

1988 1 9.7 10.5 1.8 6.8 25.1 11.1 20.3 17.72 8.9 7.2 3.9 11.4 23.8 11.1 25.7 15.03 7.1 8.4 8.1 7.0 27.8 5.4 30.6 17.44 8.3 10.9 1.4 7.3 29.5 5.9 29.0 12.9

1989 1 6.8 7.0 7.9 11.6 21.1 3.8 26.1 10.12 2.9 4.5 5.2 6.8 14.9 1.0 15.1 4.53 0.3 2.9 0.1 2.7 8.6 1.3 4.1 4.24 -0.2 0.8 8.0 -4.6 1.1 1.3 -4.1 6.1

1990 1 1.0 0.7 6.1 1.5 1.9 2.2 -0.3 3.52 4.5 6.1 3.5 5.7 7.2 4.9 7.0 12.93 4.9 9.2 8.4 7.4 7.6 5.3 12.1 14.64 4.9 9.2 3.9 18.6 20.0 3.2 26.7 12.6

1991 1 6.1 7.7 7.6 4.8 15.4 3.6 18.6 13.82 5.3 9.3 11.0 9.9 18.2 4.3 21.1 9.43 5.2 10.8 4.8 11.6 19.1 4.3 21.6 7.34 6.2 9.3 7.5 10.9 16.3 6.1 15.6 13.4


��

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Table 8 (Cont'd.) Chain volume measures of quarterly GDP by major expenditure component

27

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�� !�� !�� !�� ! "�#�$�% "�#�$�% &�' (*)�+�,.-0/�1�2 � (*)�+�,.-0/�1�2�3



1992 1 6.2 10.1 5.4 8.1 21.7 9.4 21.9 11.62 6.5 9.4 7.7 10.1 22.2 8.7 23.8 11.73 6.6 8.7 9.0 10.3 18.8 10.5 20.7 12.74 5.2 8.4 6.5 7.4 17.5 7.1 22.7 8.3

1993 1 6.2 7.6 0.3 7.9 19.3 6.5 19.5 5.72 5.9 8.8 4.2 4.1 11.9 6.1 11.9 8.23 5.8 5.2 1.9 1.8 14.8 9.2 15.5 6.04 6.2 9.6 2.0 -1.2 9.8 7.0 7.0 2.4

1994 1 7.9 10.2 3.9 15.2 7.7 8.7 8.1 9.82 6.8 6.0 4.2 15.1 10.7 4.8 14.5 6.63 4.6 4.4 3.5 10.4 10.4 5.2 14.3 8.14 5.2 5.2 3.4 19.6 10.7 9.4 16.9 10.3

1995 1 3.7 2.1 3.0 7.9 16.5 3.5 21.5 3.92 2.9 2.8 1.5 6.5 12.1 4.1 13.9 2.83 1.2 0.6 4.2 10.4 11.8 2.8 13.3 2.04 1.5 1.5 3.5 3.4 6.5 2.1 8.2 -0.5

1996 1 2.5 2.7 2.3 7.7 4.6 10.6 5.2 3.12 3.6 2.1 4.3 8.2 3.7 10.5 2.3 3.13 4.7 4.5 4.0 6.7 4.7 10.8 3.6 4.04 5.9 5.3 4.2 19.8 5.2 11.9 6.2 9.6

1997 1 5.8 3.9 4.0 17.2 3.9 4.4 6.5 5.72 7.2 7.9 5.8 14.3 6.0 2.2 6.6 2.73 6.1 8.0 -0.2 14.3 4.5 -2.1 7.2 7.44 1.4 2.3 -0.5 9.9 9.4 -7.1 8.6 2.5

1998 1 -3.2 -1.9 1.9 -1.0 1.0 -7.8 -1.6 4.82 -6.1 -4.0 -5.7 1.9 -0.6 -10.6 -1.3 4.23 -8.1 -8.2 3.4 -11.7 -7.3 -1.4 -10.2 *4 -6.5 -7.7 2.4 -18.8 -9.9 4.4 -13.6 2.5

1999 1 -2.9 -3.9 4.0 -18.7 -4.8 1.5 -10.2 -3.62 0.5 1.3 3.1 -24.4 -2.1 5.7 -8.2 -4.23 3.9 2.8 0.2 -11.8 8.0 13.4 6.4 -0.94 8.3 4.5 5.3 -10.5 12.4 14.1 11.8 -5.1

2000 1 10.7 7.7 3.4 1.6 20.7 15.2 22.9 -2.02 7.5 5.3 2.6 2.2 17.3 16.2 19.1 4.13 7.6 4.2 2.6 14.0 17.4 13.2 18.9 4.24 6.3 3.3 -0.5 13.9 13.1 9.9 13.7 2.6



��

��

28

%��

�� !�� !�� !�� ! "�#�$�% "�#�$�% &�' (*)�+�,.-0/�1�2 � (*)�+�,.-0/�1�2�3



2001 1 2.7 3.3 5.3 10.0 3.6 8.4 5.6 5.22 1.5 3.2 4.5 2.8 -2.4 7.9 -0.7 3.53 -0.1 1.4 7.2 3.0 -4.1 4.4 -2.7 -0.14 -1.7 -0.6 7.1 -4.4 -9.0 5.3 -8.4 -0.1

2002 1 -1.0 0.5 2.3 -12.2 -2.6 4.7 -4.1 3.12 0.5 -1.8 3.2 -1.2 5.8 8.0 5.9 -0.73 2.8 -0.9 3.5 -4.8 11.4 13.4 10.8 5.64 4.8 -1.3 0.9 -0.2 18.4 17.0 18.1 7.8

2003 1 4.1 -3.6 0.9 5.0 18.8 14.3 18.7 -3.12 -0.9 -4.8 0.5 -4.8 14.1 -8.5 10.9 -14.43 3.8 -0.2 0.5 0.8 9.8 10.7 8.2 1.84 4.7 3.3 5.4 2.8 14.5 12.5 15.5 5.7

2004 1 7.7 6.1 5.8 3.8 14.7 16.4 16.3 7.42 12.0 10.7 -0.1 9.2 18.4 37.1 20.0 34.53 6.6 5.1 -1.3 0.1 15.0 14.2 13.7 10.94 7.9 6.2 -1.7 -2.2 11.8 9.9 6.3 9.8

2005 @ 1 6.2 3.0 -4.5 2.4 8.4 12.1 3.2 10.72 7.1 2.0 -2.5 5.4 10.4 12.1 6.5 4.93 8.1 3.4 -1.7 2.4 11.9 11.6 10.2 8.54 7.0 3.5 -4.0 6.1 10.4 11.2 11.4 7.2

2006 @ 1 8.2 5.7 1.3 5.5 13.7 9.0 13.3 4.32 5.6 7.0 -1.6 3.8 5.5 9.3 6.0 9.63 6.4 4.5 -1.1 9.5 7.9 8.6 7.5 5.34 6.9 6.2 2.3 6.4 10.6 8.7 10.6 7.5

2007 @ 1 5.6 4.8 2.4 2.8 6.6 9.0 7.1 4.52 6.6 5.7 2.7 10.0 10.1 11.6 11.6 8.0

46587 * 96:6; ±0.05 % <>= Notes: * Change within ±0.05 %

@ ?A@6;CBED6FAGIHKJML6NKOMPIQ>RTSIU @ Figures are subject to revision later on as more data become available

��



��

29

��

� ��

��

Table 9 Seasonally adjusted chain volume measures of quarterly GDP andimplicit price deflator of GDP

Percentage changes over the preceding quarter %��

�� !�"�#�$!�"�#�$!�"�#�$!�"�#�$ %�&�'�( %�&�'�(

( )�*�+ ) ,�-�. � ( )�*�+ ) ,�-�.�/ 0 +�1�2Gross Private Government Exports Exports Imports Imports Implicit price

domestic consumption consumption of goods of of goods of deflator ofYear Quarter product expenditure expenditure (f.o.b.) services (f.o.b.) services GDP

1990 1 1.4 1.9 2.0 -0.1 0.9 7.1 0.4 1.12 2.1 2.8 -1.2 7.8 1.3 6.3 6.2 1.43 1.0 2.7 4.9 1.5 1.0 3.3 4.0 1.84 1.0 1.2 0.9 10.3 0.3 8.4 0.3 2.1

1991 1 1.6 1.3 2.6 -1.8 0.9 1.5 2.9 1.82 1.3 3.4 1.8 6.2 2.3 5.0 1.9 2.73 1.3 4.5 -0.2 3.2 0.5 3.8 1.8 3.04 2.1 -0.3 3.4 7.6 2.8 5.5 6.1 1.9

1992 1 1.0 1.6 6.5 1.6 3.2 5.0 1.5 3.42 1.7 2.3 2.9 8.3 2.5 8.0 1.8 1.53 1.8 4.6 1.6 0.9 1.1 1.5 2.7 1.94 0.9 -1.2 1.0 6.3 0.3 6.9 2.0 2.3

1993 1 1.3 1.7 -4.1 3.0 2.2 3.1 -1.0 3.52 1.6 3.3 5.3 1.2 3.0 0.1 4.4 1.13 2.3 1.9 -0.1 3.3 3.1 3.6 0.5 1.54 1.1 2.0 0.7 1.5 -1.4 -0.3 -1.3 1.6

1994 1 2.3 2.5 -0.7 1.4 3.4 4.4 5.9 2.42 0.7 -0.3 3.7 4.2 0.3 6.8 1.8 1.23 0.8 0.8 -0.6 1.7 2.7 2.2 1.4 1.24 1.2 1.6 0.6 4.2 2.3 3.4 1.0 0.9

1995 1 0.7 0.1 0.4 4.1 -2.0 6.8 -0.4 0.32 -0.2 0.2 0.7 1.4 1.4 1.0 1.3 1.43 -0.3 -1.0 2.1 2.0 1.1 1.5 -0.2 1.64 1.3 2.0 0.2 -0.9 1.4 -1.0 -1.2 1.1

1996 1 1.7 1.9 * 1.6 6.3 3.2 3.1 1.02 0.7 -0.9 1.4 2.0 2.3 -0.1 1.9 1.73 1.2 1.3 2.1 1.3 0.6 1.1 -0.3 1.44 2.2 2.9 0.6 0.1 1.6 1.6 4.6 2.3

1997 1 1.8 1.3 0.1 1.3 0.1 5.0 -0.4 0.62 1.6 1.6 2.5 2.8 0.8 -1.3 -0.6 1.83 0.3 1.6 -3.2 0.5 -5.2 1.0 3.3 0.94 -2.3 -1.9 0.4 3.7 -3.7 3.7 0.1 1.5

1998 1 -2.8 -2.7 -0.1 -5.7 0.7 -5.4 2.1 -0.72 -1.6 -1.9 -0.2 0.4 -1.2 -0.5 -1.3 *3 -1.5 -2.2 3.5 -6.1 2.1 -7.7 -1.6 -0.34 -0.9 -0.9 -0.9 1.4 2.1 -0.9 3.5 -1.0

30

��!!!!""""# ��# ��# ��# ��

� ��

��

Table 9 (Cont'd.) Seasonally adjusted chain volume measures of quarterly GDP andimplicit price deflator of GDP

Percentage changes over the preceding quarter %��

�� !�"�#�$!�"�#�$!�"�#�$!�"�#�$ %�&�'�( %�&�'�(

( )�*�+ ) ,�-�. � ( )�*�+ ) ,�-�.�/ 0 +�1�2Gross Private Government Exports Exports Imports Imports Implicit price

domestic consumption consumption of goods of of goods of deflator ofYear Quarter product expenditure expenditure (f.o.b.) services (f.o.b.) services GDP

1999 1 1.1 1.4 0.9 -1.1 -0.2 -1.6 -3.9 -1.82 2.2 2.5 0.2 5.8 2.9 3.8 -2.1 -1.13 1.9 * 0.4 3.1 7.1 5.5 1.3 -1.54 2.8 0.9 3.6 3.7 3.0 3.6 -0.3 -1.0

2000 1 3.0 2.8 -0.9 5.6 2.2 7.1 -0.4 -0.12 0.2 0.6 0.1 3.8 3.3 2.0 3.9 -1.53 1.6 0.3 -0.4 2.8 3.3 4.3 0.8 -0.64 0.9 1.1 0.6 1.5 -0.1 0.8 -2.2 -1.5

2001 1 -0.4 0.8 4.7 -3.1 2.0 -1.1 3.3 0.62 -0.2 0.9 0.2 -4.0 2.4 -4.2 1.8 -0.63 -0.4 -1.1 1.6 0.6 * 1.3 -3.1 -0.34 -1.1 -0.8 0.3 -3.8 0.5 -5.5 -2.4 -0.3

2002 1 0.3 1.2 -0.1 4.1 1.7 4.0 7.6 -1.62 2.2 -1.0 1.8 5.6 6.3 6.8 -2.2 -0.43 1.7 0.1 1.5 5.9 4.8 6.0 2.5 -1.14 0.4 -1.7 -2.6 3.0 3.5 1.6 -0.6 -1.8

2003 1 -0.3 -1.0 -0.1 2.4 -1.0 3.3 -2.0 -1.92 -2.2 -2.2 2.2 1.7 -13.9 -0.2 -13.8 -2.03 6.3 5.3 1.0 3.2 25.7 3.7 21.2 -1.34 0.8 1.0 2.0 6.1 5.2 7.3 2.6 -0.8

2004 1 2.5 2.1 0.3 2.4 1.4 3.9 0.9 -0.42 2.1 1.8 -2.8 6.3 2.4 4.1 6.7 -1.23 1.1 0.5 -0.5 -0.6 3.8 -1.8 -0.1 -0.94 1.9 1.3 1.1 3.0 2.0 0.3 1.3 -0.6

2005 @ 1 1.0 -0.4 -2.6 0.6 3.1 1.4 3.4 0.92 3.1 0.5 -0.2 6.2 2.7 6.6 -0.1 0.23 1.8 2.3 * 2.2 3.3 1.7 3.7 0.34 0.8 0.9 -1.7 0.8 1.8 1.7 -0.1 -0.3

2006 @ 1 2.2 1.9 3.0 3.3 1.1 2.7 1.7 -0.62 0.8 1.6 -2.6 -0.1 2.5 -0.3 3.4 0.13 2.3 0.4 0.4 3.8 3.0 3.6 0.1 0.24 1.4 2.1 1.5 2.7 1.8 3.8 1.9 1.0

2007 @ 1 0.9 0.6 3.1 1.0 1.5 0.4 -0.4 *2 1.9 2.3 -2.1 2.2 4.4 3.5 5.9 0.7

35476* 8595: ±0.05 % ;=< Notes: * Change within ±0.05 %

@ >@?5:BADC5E@FHGJILK5MJNLOHP=QSRHT @ Figures are subject to revision later on as more data become available

31

��

��

Table 10 Annual GDP by economic activity�� At current prices

��

�� "!�#$ % � �&�� '�(�� )�*�� +�(�� ,�-,�-,�-,�- .0/��1�2�� 3�4��

Wholesale, retailand import and

Mining Electricity, export trades, Transport,Agriculture and gas restaurants storage and

Year and fishing quarrying Manufacturing and water Construction Sub-total and hotels communications576�8�9�: -�;�<�=�>�?�@�A�B576�8�9�: -�;�<�=�>�?�@�A�B576�8�9�: -�;�<�=�>�?�@�A�B576�8�9�: -�;�<�=�>�?�@�A�BDCCCCFE�G�H�IE�G�H�IE�G�H�IE�G�H�IKJJJJ

GDP at current prices (HK$ million)

1999 1,171 307 63,358 35,960 65,560 1,028,417 280,306 106,5742000 920 241 67,646 36,917 62,054 1,077,256 308,600 118,974

2001 1,003 174 59,760 37,957 57,167 1,076,998 309,926 117,5262002 1,002 136 51,396 39,609 51,534 1,079,476 310,500 121,7662003 824 116 44,403 38,839 44,910 1,062,714 308,872 117,4202004 886 72 44,455 39,726 40,376 1,119,283 345,092 126,8202005

@847 100 45,547 39,924 38,538 1,208,278 386,726 135,119

L =�>�?�@�A�BL =�>�?�@�A�BL =�>�?�@�A�BL =�>�?�@�A�BDCCCC 576�8�M�N�O =�-�;576�8�M�N�O =�-�;576�8�M�N�O =�-�;576�8�M�N�O =�-�;KJJJJP<�E�Q7R<�E�Q7R<�E�Q7R<�E�Q7R Percentage contribution to GDP at current factor cost

1999 0.1 * 5.3 3.0 5.5 86.1 23.5 8.92000 0.1 * 5.4 3.0 5.0 86.5 24.8 9.6

2001 0.1 * 4.8 3.1 4.6 87.3 25.1 9.52002 0.1 * 4.2 3.2 4.2 88.3 25.4 10.02003 0.1 * 3.7 3.3 3.8 89.2 25.9 9.92004 0.1 * 3.6 3.2 3.2 89.9 27.7 10.22005

@0.1 * 3.4 3.0 2.9 90.6 29.0 10.1

SUTWVYX[Z]\_^]Ùa]bdcfe]g]h]i_jUk]l]m]nUo]p_qUb_m]n]g]h]i_jUk]l]m]nUo]prjU^]`�sut_^]ÙawvyxUzd{U|~}��U�r�U�]�]|~}�h]ir�f� � n]m�suZ]\_^]Ùa]b_�]�]k]l]m]nUo]prjU�U�d�f�_�f�_�U��s * �_� �U�d�f�Ux 0.05%

@ �_�U��U�_�]�r� �U�r f¡]�d¢¤£]¥

32

��

��

Table 10 Annual GDP by economic activity�� At current prices

¦�§�¨¦�§�¨¦�§�¨¦�§�¨Services 576�8576�8576�8576�8

©�ª � M�N�O =M�N�O =M�N�O =M�N�O = 576�8�«�9576�8�«�9576�8�«�9576�8�«�9¬7 ��®�¯ � °�± � °�²�� -�;�<�=�>-�;�<�=�>-�;�<�=�>-�;�<�=�> ³ ¯ � ´�µ�¶�· # -�;�<�=�>-�;�<�=�>-�;�<�=�>-�;�<�=�>¸�¹�º *�� »�¼ º *�� ½�¾��0¿ ?�@�A�B?�@�A�B?�@�A�B?�@�A�B À ��Á

( Â�Ã�Ä )?�@�A�B?�@�A�B?�@�A�B?�@�A�B $

Gross GrossFinancing, Community, domestic domesticinsurance, social and product Taxes on Statistical# product

real estate and personal Ownership at current production discrepancy at currentbusiness services services of premises factor cost and imports (%) market prices Year

255,633 240,786 145,119 1,194,772 53,474 1.5 1,266,668 1999268,399 245,629 135,653 1,245,033 57,908 1.1 1,317,650 2000

251,495 257,726 140,326 1,233,059 53,917 0.9 1,299,218 2001247,045 259,893 140,273 1,223,153 43,325 0.8 1,277,314 2002251,085 256,134 129,203 1,191,807 48,057 -0.4 1,234,761 2003266,834 257,630 122,906 1,244,798 58,729 -0.9 1,291,902 2004294,666 253,312 138,455 1,333,235 62,891 -0.9 1,383,049 2005

@

21.4 20.2 12.1 100.0 199921.6 19.7 10.9 100.0 2000

20.4 20.9 11.4 100.0 200120.2 21.2 11.5 100.0 200221.1 21.5 10.8 100.0 200321.4 20.7 9.9 100.0 200422.1 19.0 10.4 100.0 2005

@

Notes: # Statistical discrepancy refers to the difference between the expenditure measure of GDP and the production measure of GDP due to adoption

of different data sources and compilation methods. It is expressed as a percentage of GDP.

* Percentage contribution less than 0.05%

@ Figures are subject to revision later on as more data become available

33

��

��

Table 11 Chain volume measures of annual and quarterly GDP by economic activity Chained (2005) dollars

��HK$ million

�� "!#� $�% �

& ' ( � ��) � *�+"� ,�-�� .�+"� /�0/�0/�0/�0 ## 132 �"4�5��

Mining Electricity, Wholesale, retail andAgriculture and gas and import and export trades,

Year Quarter and fishing quarrying Manufacturing water Construction Sub-total## restaurants and hotels

2000 863 141 59,766 35,442 50,410 937,328 258,538

2001 899 121 54,337 36,057 49,399 953,461 259,1902002 889 107 48,887 37,412 48,470 979,585 270,6472003 833 109 43,858 38,097 46,234 1,022,194 294,6892004 856 91 44,598 38,966 41,938 1,123,389 339,0842005 @ 847 100 45,547 39,924 38,538 1,208,278 386,726

2006 @ 819 110 46,534 40,259 35,335 1,301,002 422,958

2000 1 223 44 13,085 7,227 13,582 221,405 56,8792 218 30 14,647 8,852 11,238 227,217 59,5283 203 34 16,288 10,708 12,459 241,551 70,2794 220 31 15,744 8,657 13,130 247,153 71,852

2001 1 225 29 12,536 7,520 13,432 229,114 60,2302 231 29 13,994 8,992 11,449 231,982 60,0173 207 33 14,318 10,798 11,685 244,524 70,4224 236 29 13,488 8,750 12,832 247,840 68,521

2002 1 226 24 11,029 7,684 12,444 227,737 58,0352 236 29 12,388 9,719 11,951 234,393 60,1193 200 27 13,269 11,177 12,009 253,846 74,7724 227 27 12,200 8,836 12,065 263,608 77,721

2003 1 214 26 9,954 7,990 12,145 240,331 65,8732 220 33 10,677 9,391 11,157 235,682 62,4913 187 28 11,912 11,545 11,731 265,802 79,9544 212 24 11,314 9,173 11,200 280,379 86,371

2004 1 215 22 10,004 8,210 10,931 264,137 74,4352 228 23 10,654 9,625 9,887 267,482 75,6733 192 22 12,192 11,784 10,178 287,640 91,0064 221 25 11,748 9,348 10,941 304,130 97,969

2005 @ 1 207 22 9,777 8,522 10,823 282,336 84,4912 232 26 10,641 9,991 8,810 288,817 87,3283 193 26 12,693 11,739 9,550 310,035 103,7004 215 27 12,436 9,673 9,354 327,090 111,206

2006 @ 1 205 23 10,459 8,521 9,446 305,885 93,6292 221 29 11,201 10,205 8,476 307,817 92,9963 188 30 12,614 12,247 8,463 333,266 114,3344 205 29 12,259 9,287 8,948 354,034 121,998

2007 @ 1 187 27 10,301 8,644 8,816 327,779 101,2822 206 34 10,941 10,482 8,727 330,524 101,196

687 9## :8;=<8>=?8@�ACBED�F8G=HJILK�M�N�O=P�Q8R=S8T=U8V=W8@�ACBED�F8G=HJILK�M�N�OCILX=Y=ZE[�\�]=^�_�`ba=Z8c8M�d�ACBED�F8G=HIEe8;=f8g�h�ij`

@ k=l ]nmpo8q=r�sJtEu8vJwEx�yCzL{�|

34

��

��

Table 11 Chain volume measures of annual and quarterly GDP by economic activity Chained (2005) dollars

��HK$ million}�~��}�~��}�~��}�~��

Services�� "� �� "� � � �� -�� -�� "�"�3� �#� � & '

Financing, Community,Transport, insurance, social and Taxes on

storage and real estate and personal Ownership productioncommunications business services services of premises and imports Year Quarter

101,260 219,321 237,861 122,446 55,235 2000

103,145 220,264 247,337 126,607 54,304 2001109,751 226,303 246,251 128,879 54,180 2002110,450 238,840 247,134 132,533 55,571 2003125,838 270,912 253,526 134,557 62,396 2004135,119 294,666 253,312 138,455 62,891 2005 @

145,854 332,024 258,059 142,105 67,446 2006 @

23,252 55,673 55,939 30,103 14,965 2000 124,544 52,877 60,833 30,435 13,532 226,707 55,395 58,463 30,852 12,776 326,756 55,377 62,626 31,053 13,959 4

24,867 54,032 59,563 31,211 14,256 2001 124,630 55,205 62,078 31,026 14,410 226,834 54,722 61,080 31,952 11,918 326,813 56,306 64,616 32,415 13,718 4

25,476 54,408 58,867 31,904 14,216 2002 126,162 56,932 60,910 31,210 14,388 229,118 56,638 60,790 32,605 11,553 328,994 58,326 65,684 33,157 14,022 4

26,524 56,379 59,440 32,671 14,119 2003 124,307 57,971 59,462 32,169 13,621 229,409 60,575 62,270 33,722 11,970 330,210 63,915 65,962 33,969 15,861 4

29,677 66,125 60,883 33,261 16,539 2004 130,023 66,193 63,099 32,689 16,035 232,865 66,607 63,140 34,112 13,286 333,273 71,987 66,404 34,494 16,536 4

32,479 70,824 60,666 34,133 16,369 2005 @ 132,243 73,365 62,497 33,525 16,356 235,123 72,746 63,207 35,128 14,578 335,274 77,732 66,942 35,669 15,588 4

35,939 79,666 61,532 35,120 16,491 2006 @ 134,094 82,814 63,434 34,479 17,242 237,626 80,859 64,436 36,011 15,103 338,195 88,686 68,658 36,495 18,610 4

37,358 90,755 62,484 35,901 18,449 2007 @ 135,626 94,403 64,120 35,178 19,071 2

Notes: ## A discrepancy may exist between the chained dollar estimate of the value added of the services aggregate and the sum of the chained dollar estimates of value added of the constituent economic activities. Non-additivity is a technical feature of the chain volume measures. @ Figures are subject to revision later on as more data become available

35

��

��

Table 12 Chain volume measures of annual and quarterly GDP by economic activity Year-on-year percentage changes in real terms

%

��

! " � �# � $%�� &'�� (%�� )*)*)*)* +-,��./�

Mining Electricity, Wholesale, retail andAgriculture and gas and import and export trades,

Year Quarter and fishing quarrying Manufacturing water Construction Sub-total restaurants and hotels

2001 4.1 -14.1 -9.1 1.7 -2.0 1.7 0.32002 -1.1 -11.3 -10.0 3.8 -1.9 2.7 4.42003 -6.3 2.3 -10.3 1.8 -4.6 4.3 8.92004 2.7 -16.7 1.7 2.3 -9.3 9.9 15.12005 @ -1.0 10.1 2.1 2.5 -8.1 7.6 14.1

2006 @ -3.3 10.2 2.2 0.8 -8.3 7.7 9.4

2001 1 1.1 -34.0 -4.2 4.1 -1.1 3.5 5.92 5.9 -2.5 -4.5 1.6 1.9 2.1 0.83 2.0 -3.9 -12.1 0.8 -6.2 1.2 0.24 7.4 -6.9 -14.3 1.1 -2.3 0.3 -4.6

2002 1 0.5 -17.4 -12.0 2.2 -7.4 -0.6 -3.62 2.0 -1.4 -11.5 8.1 4.4 1.0 0.23 -3.2 -18.1 -7.3 3.5 2.8 3.8 6.24 -3.9 -7.1 -9.6 1.0 -6.0 6.4 13.4

2003 1 -5.4 7.2 -9.7 4.0 -2.4 5.5 13.52 -6.8 11.9 -13.8 -3.4 -6.6 0.5 3.93 -6.5 1.9 -10.2 3.3 -2.3 4.7 6.94 -6.7 -12.0 -7.3 3.8 -7.2 6.4 11.1

2004 1 0.2 -16.6 0.5 2.8 -10.0 9.9 13.02 3.6 -29.3 -0.2 2.5 -11.4 13.5 21.13 2.9 -20.5 2.3 2.1 -13.2 8.2 13.84 4.2 4.2 3.8 1.9 -2.3 8.5 13.4

2005 @ 1 -3.7 -0.3 -2.3 3.8 -1.0 6.9 13.52 2.0 13.9 -0.1 3.8 -10.9 8.0 15.43 0.4 19.9 4.1 -0.4 -6.2 7.8 13.94 -2.7 7.4 5.9 3.5 -14.5 7.5 13.5

2006 @ 1 -0.8 5.2 7.0 * -12.7 8.3 10.82 -4.9 11.1 5.3 2.1 -3.8 6.6 6.53 -2.4 15.4 -0.6 4.3 -11.4 7.5 10.34 -4.6 8.8 -1.4 -4.0 -4.3 8.2 9.7

2007 @ 1 -8.6 16.2 -1.5 1.4 -6.7 7.2 8.22 -6.9 16.6 -2.3 2.7 3.0 7.4 8.8

02143* 52627 ±0.05 8:9:;

@ <>=27@?BA2C>DFEHGJI2KHLJMFN:OQPFR

36

��

��

Table 12 Chain volume measures of annual and quarterly GDP by economic activity Year-on-year percentage changes in real terms

%ST�UST�UST�UST�UServices

V�W �XY �[Z�\ ]_^�� à � bc � b�d�� e a ��f�g� hi�j�'�� klj�'�� m�n��-o p��q !

Financing, Community,Transport, insurance, social and Taxes on

storage and real estate and personal Ownership productioncommunications business services services of premises and imports Year Quarter

1.9 0.4 4.0 3.4 -1.7 20016.4 2.7 -0.4 1.8 -0.2 20020.6 5.5 0.4 2.8 2.6 2003

13.9 13.4 2.6 1.5 12.3 20047.4 8.8 -0.1 2.9 0.8 2005 @

7.9 12.7 1.9 2.6 7.2 2006 @

6.9 -2.9 6.5 3.7 -4.7 2001 10.4 4.4 2.0 1.9 6.5 20.5 -1.2 4.5 3.6 -6.7 30.2 1.7 3.2 4.4 -1.7 4

2.4 0.7 -1.2 2.2 -0.3 2002 16.2 3.1 -1.9 0.6 -0.2 28.5 3.5 -0.5 2.0 -3.1 38.1 3.6 1.7 2.3 2.2 4

4.1 3.6 1.0 2.4 -0.7 2003 1-7.1 1.8 -2.4 3.1 -5.3 21.0 7.0 2.4 3.4 3.6 34.2 9.6 0.4 2.4 13.1 4

11.9 17.3 2.4 1.8 17.1 2004 123.5 14.2 6.1 1.6 17.7 211.8 10.0 1.4 1.2 11.0 310.1 12.6 0.7 1.5 4.3 4

9.4 7.1 -0.4 2.6 -1.0 2005 @ 17.4 10.8 -1.0 2.6 2.0 26.9 9.2 0.1 3.0 9.7 36.0 8.0 0.8 3.4 -5.7 4

10.7 12.5 1.4 2.9 0.7 2006 @ 15.7 12.9 1.5 2.8 5.4 27.1 11.2 1.9 2.5 3.6 38.3 14.1 2.6 2.3 19.4 4

3.9 13.9 1.5 2.2 11.9 2007 @ 14.5 14.0 1.1 2.0 10.6 2

Notes: * Change within ±0.05 %

@ Figures are subject to revision later on as more data become available

37

�� GNP Per capita GNP GNDI� � ��

Year Quarter (HK$ million) (HK$) (HK$ million)

1999 1,291,436 (- 2.0) 195,480 (- 2.9) 1,279,4932000 1,326,404 ( 2.7) 199,010 ( 1.8) 1,313,391

2001 1,327,761 ( 0.1) 197,751 (- 0.6) 1,313,8832002 1,282,966 (- 3.4) 190,235 (- 3.8) 1,268,1792003 1,263,252 (- 1.5) 187,682 (- 1.3) 1,248,9512004 1,315,312 ( 4.1) 193,899 ( 3.3) 1,299,8512005 1,384,697 ( 5.3) 203,237 ( 4.8) 1,368,173

2006 1,479,443 ( 6.8) 215,753 ( 6.2) 1,462,183

1999 1 300,701 ( - ) 297,7832 315,950 ( - ) 313,0453 331,271 ( - ) 328,2334 343,514 ( - ) 340,432

2000 1 319,867 ( 6.4) 316,4612 326,603 ( 3.4) 323,4233 338,852 ( 2.3) 335,6924 341,083 (- 0.7) 337,817

2001 1 324,816 ( 1.5) 321,2242 319,912 (- 2.0) 316,6103 343,228 ( 1.3) 339,6364 339,805 (- 0.4) 336,413

2002 1 307,985 (- 5.2) 304,2352 306,978 (- 4.0) 303,4183 330,462 (- 3.7) 326,6884 337,541 (- 0.7) 333,839

2003 1 319,528 ( 3.7) 315,6872 287,340 (- 6.4) 284,0213 323,068 (- 2.2) 319,4344 333,316 (- 1.3) 329,808

2004 1 310,704 (- 2.8) 306,9552 308,313 ( 7.3) 304,8093 341,696 ( 5.8) 337,6634 354,599 ( 6.4) 350,423

2005 1 335,642 ( 8.0) 331,1582 339,267 ( 10.0) 335,5423 342,969 ( 0.4) 338,7664 366,818 ( 3.4) 362,706

2006 1 354,142 ( 5.5) 349,8802 341,134 ( 0.6) 337,3843 377,187 ( 10.0) 372,6614 406,982 ( 10.9) 402,260

2007 1 397,121 ( 12.1) 391,6002 385,068 ( 12.9) 380,485

�� !#"%$'&)(#*#+#,#-).�/#0�1)243Notes: Figures in brackets refer to year-on-year percentage changes.

- 5�687 - Not applicable

@&)(�9;:=<�>)?#@8ACB�D8ECF#GIHKJ#L

@ Figures are subject to revision later on as more data become available.


��

��

Table 13 Annual and quarterly Gross National Product (GNP), per capita GNP and Gross National Disposable Income (GNDI)

��

@

@

@

@

@

38

��HK$ million

�� Real Gross Gross National Real Gross

Domestic Income Product National Income

996,144 ( 7.3) 920,430 ( - ) 1,001,459 ( - )1,041,482 ( 4.6) 972,442 ( 5.7) 1,043,493 ( 4.2)1,037,666 ( -0.4) 1,001,144 ( 3.0) 1,046,592 ( 0.3)

1,094,765 ( 5.5) 1,024,865 ( 2.4) 1,084,942 ( 3.7)1,157,210 ( 5.7) 1,085,160 ( 5.9) 1,155,892 ( 6.5)1,110,281 ( -4.1) 1,040,837 (- 4.1) 1,131,479 (- 2.1)1,122,659 ( 1.1) 1,067,658 ( 2.6) 1,144,618 ( 1.2)1,196,920 ( 6.6) 1,137,783 ( 6.6) 1,204,791 ( 5.3)

1,209,316 ( 1.0) 1,160,959 ( 2.0) 1,235,776 ( 2.6)1,249,024 ( 3.3) 1,162,113 ( 0.1) 1,254,447 ( 1.5)1,255,748 ( 0.5) 1,218,515 ( 4.9) 1,284,511 ( 2.4)1,308,871 ( 4.2) 1,314,506 ( 7.9) 1,332,536 ( 3.7)1,383,049 ( 5.7) 1,384,697 ( 5.3) 1,384,697 ( 3.9)

1,446,582 ( 4.6) 1,481,491 ( 7.0) 1,451,643 ( 4.8)

258,621 ( -3.2) 244,975 ( - ) 263,200 ( - )273,709 ( -0.5) 258,074 ( - ) 278,360 ( - )289,316 ( 1.5) 276,281 ( - ) 295,463 ( - )301,013 ( 6.3) 288,328 ( - ) 307,595 ( - )

282,910 ( 9.4) 270,268 ( 10.3) 286,956 ( 9.0)290,069 ( 6.0) 278,248 ( 7.8) 295,966 ( 6.3)308,390 ( 6.6) 291,892 ( 5.7) 309,106 ( 4.6)315,551 ( 4.8) 297,375 ( 3.1) 312,763 ( 1.7)

291,529 ( 3.0) 282,539 ( 4.5) 301,016 ( 4.9)293,808 ( 1.3) 278,680 ( 0.2) 295,760 (- 0.1)308,457 ( * ) 301,360 ( 3.2) 319,616 ( 3.4)315,522 ( * ) 298,380 ( 0.3) 319,384 ( 2.1)

292,469 ( 0.3) 275,413 ( -2.5) 297,273 (- 1.2)302,702 ( 3.0) 274,698 ( -1.4) 298,814 ( 1.0)322,607 ( 4.6) 300,520 ( -0.3) 324,250 ( 1.4)331,246 ( 5.0) 311,482 ( 4.4) 334,110 ( 4.6)

300,656 ( 2.8) 300,759 ( 9.2) 320,772 ( 7.9)292,394 ( -3.4) 275,653 ( 0.3) 292,034 (- 2.3)327,636 ( 1.6) 315,558 ( 5.0) 333,129 ( 2.7)335,062 ( 1.2) 326,545 ( 4.8) 338,576 ( 1.3)

312,111 ( 3.8) 306,108 ( 1.8) 314,654 (- 1.9)314,414 ( 7.5) 306,608 ( 11.2) 311,958 ( 6.8)333,512 ( 1.8) 344,355 ( 9.1) 347,831 ( 4.4)348,834 ( 4.1) 357,435 ( 9.5) 358,093 ( 5.8)

323,047 ( 3.5) 336,367 ( 9.9) 337,315 ( 7.2)330,465 ( 5.1) 338,256 ( 10.3) 338,100 ( 8.4)356,326 ( 6.8) 343,908 ( -0.1) 342,707 (- 1.5)373,211 ( 7.0) 366,166 ( 2.4) 366,575 ( 2.4)

343,989 ( 6.5) 356,591 ( 6.0) 351,992 ( 4.4)342,342 ( 3.6) 341,766 ( 1.0) 334,860 (- 1.0)369,934 ( 3.8) 380,264 ( 10.6) 370,167 ( 8.0)390,317 ( 4.6) 402,870 ( 10.0) 394,624 ( 7.7)

365,366 ( 6.2) 395,130 ( 10.8) 392,511 ( 11.5)367,824 ( 7.4) 378,335 ( 10.7) 373,703 ( 11.6)

�� "!�#�$�%�&"'�(�)�*"+-,Notes: Figures in brackets refer to year-on-year percentage changes.

- .�/10 - Not applicable*

'�(�2 ±0.05 % 3 � * Change within ±0.05 %

@�"!�25476�8"9�:1;=<�>1?=@�ACBED�F

@ Figures are subject to revision later on as more data become available.


Year Quarter

��

Table 14 Chain volume measures of annual and quarterly Real Gross Domestic Income, Gross National Product and Real Gross National Income

��

19931994

2004

19992000

200120022003

3

2005

2004 12

2006

3

2006 1

4

2

4

2005 1

3

� � � ��

2007 1

2

4

34

2003 12

2002 1234

2001 1234

2000 1234

4

1999 12

2

G H

3

199619971998

1995

@

@

@

@

@

39

41

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42

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