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2005 Gross Domestic Product

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2005 Gross Domestic Product Powered By Docstoc
					        2005
Gross Domestic Product


GNP statistics are also included in Section 6 of this report




   Census and Statistics Department
Hong Kong Special Administrative Region

                   February 2006
        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 : gdp-e@censtatd.gov.hk


           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 : gdp-p@censtatd.gov.hk


Enquiries on GNP can be directed to the Balance of Payments Branch (2) of the Census and Statistics Department
    Address : Unit 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 : gnp@censtatd.gov.hk


                               Website of the Census and Statistics Department
                                        http://www.censtatd.gov.hk
                                             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, 1961-2005
                   (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,
                   1961-2005
                   (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, 1961-2005        24
       Table 4     Private consumption expenditure on food, consumer goods and services,
                   1966-2005
                   (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,
                   1966-2004
                   (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 component, 1966-2005
                   (a) At current market prices                                                      34
                   (b) Volume indices (2000=100)                                                     35
                   (c) Percentage changes in real terms                                              36
       Table 7     Individual and collective consumption, 1961-2005
                   (a) At current market prices                                                      37
                   (b) Percentage changes in nominal terms                                           38
       Table 8     Gross domestic fixed capital formation by type of assets and
                   by private/public sector, 1966-2005
                   (a) At current market prices                                                      39
                   (b) Volume indices (2000=100)                                                     40
                   (c) Percentage changes in real terms                                              41
       Table 9     Exports and imports of services by major service group, 1980-2004
                   (a) At current market prices                                                      42
                   (b) Volume indices (2000=100)                                                     44
                   (c) Percentage changes in real terms                                              46



                                                  3
                                     Contents ---- Continued
                                                                                                  Page

      Table 10    GDP and its expenditure components at constant (2000) market prices,              48
                  2000-2005

  (B) Quarterly GDP by expenditure component                                                       49

      Table 11    GDP by major expenditure component, first quarter 1973 to fourth quarter 2005
                  (a) At current market prices                                                     50
                  (b) Year-on-year percentage changes in nominal terms                             56
                  (c) Volume indices (2000=100)                                                    62
                  (d) Year-on-year percentage changes in real terms                                68
      Table 12    GDP and its expenditure components at constant (2000) market prices,             74
                  first quarter 2000 to fourth quarter 2005
      Table 13    Seasonally adjusted constant price GDP and implicit price deflator of GDP,       77
                  first quarter 1990 to fourth quarter 2005:
                  Percentage changes over the preceding quarter

  (C) Annual GDP by economic activity at current prices                                            79

      Table 14    GDP by economic activity, 1980-2004
                  (a) At current prices                                                            80
                  (b) Percentage contribution to GDP at current prices                             82
                  (c) Percentage changes in nominal terms                                          84
      Table 15    Gross output, intermediate consumption, value added and factor income             86
                  by economic activity at current prices, 1980-2004
      Table 16    Value added of selected economic activities, 1980-2004
                  (a) At current prices                                                            96
                  (b) Percentage changes in nominal terms                                         100

  (D) Annual and quarterly GDP by economic activity at constant (2000) prices                     105

      Table 17    GDP by economic activity, first quarter 2000 to third quarter 2005
                  (a) At constant (2000) prices                                                   106
                  (b) Year-on-year percentage changes in real terms                               108
      Table 18    Value added of selected economic activities, first quarter 2000 to
                  third quarter 2005
                  (a) At constant (2000) prices                                                   110
                  (b) Year-on-year percentage changes in real terms                               112

3. Methods and Data Sources for Compilation of GDP by the Expenditure                             115
   Approach
    Current Price GDP by Expenditure Component                                                    115

       Private consumption expenditure                                                            115

       Government consumption expenditure                                                         119

       Gross domestic capital formation                                                           120




                                                    4
                                        Contents ---- Continued
                                                                                Page

          Building and construction                                             121

          Costs of ownership transfer                                           121

          Machinery, equipment and computer software                            122

          Changes in inventories                                                122

       Imports and exports of goods and services                                123

          Imports and exports of goods                                          123

          Imports and exports of services                                       123

    Constant Price GDP by Expenditure Component and Implicit Price Deflators    124

    Limitations of the Compilation Method                                       128

       Private consumption expenditure                                          128

       Government consumption expenditure                                       129

       Gross domestic capital formation                                         129

       Imports and exports of services                                          129

    Seasonally Adjusted GDP and its Main Expenditure Components                 130

    Real Gross Domestic Income                                                  130

4. Methods and Data Sources for Compilation of GDP by the Production            133
   Approach
    Current Price Annual GDP by Economic Activity                               133

       Agriculture and fishing                                                  133

       Mining and quarrying; manufacturing; electricity, gas and water          133

       Construction                                                             134

       Wholesale, retail and import and export trades, restaurants and hotels   135

       Transport, storage and communications                                    136

       Financing, insurance, real estate and business services                  137

          Financial intermediation services                                     137

          Other financial services                                              138

          Insurance services                                                    138




                                                 5
                                     Contents ---- Continued
                                                                                             Page

           Real estate development, real estate leasing, brokerage and management services   139

           Business services                                                                 140

       Community, social and personal services                                               141

       Ownership of premises                                                                 141

    Constant Price GDP by Economic Activity                                                  143

       Single extrapolation by deflated gross output measures                                143

       Single extrapolation by volume/quantity indicators                                    143

       Single extrapolation by input indicators                                              144

       Double indicators method                                                              144

    Limitations of the Compilation Method                                                    147

5. Annual Current Price GDP by Economic Activity and by Factor Income,                       148
   1970-1980
6. Gross National Product (GNP)                                                              149
    Introduction                                                                             149

       Conceptual framework and method of compiling GNP                                      149

       Major components of external factor income flows (EFIF)                               150

    Methods and Data Sources                                                                 151

       Survey of External Claims, Liabilities and Income                                     151

       Data reporting arrangements                                                           152

    Limitations of the EFIF Statistics                                                       153

    Real Gross National Income                                                               153

    Revision and Publication of GNP and EFIF Statistics                                      154

    Table A     Gross National Product (GNP) and External Factor Income Flows (EFIF)         155
                by Income Component by Type of Transactor (At Current Market Prices),
                2000 to 2004 and first quarter 2004 to third quarter 2005

    Table B     Real Gross National Income (2000-based), 2002 to 2004 and first quarter      157
                2002 to third quarter 2005




                                                  6
                                         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 (C&SD). Data series of GDP by expenditure
component and by economic activity are presented. GDP by expenditure component includes
(1) annual series from 1961 to 2005 and (2) quarterly series from the first quarter of 1973 to the fourth
quarter of 2005. As for GDP by economic activity, data presented in this report include (1) annual
series at current prices from 1980 to 2004 and (2) annual and quarterly series at constant prices from
the first quarter of 2000 to the third quarter of 2005. Statistics on Gross National Product (GNP) for
2000 to 2004 and the first quarter of 2004 to the third quarter of 2005 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.


                                                  7
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 10, while quarterly series are presented in Tables
11 to 13. Annual figures in respect of 2005 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 14 to 16 while annual and quarterly series at
constant prices are presented in Tables 17 to 18.

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.

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


                                                      8
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 C&SD 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 2005 and 2004 in this report are respectively
preliminary figures and revised figures, while those for 2003 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 C&SD.

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 C&SD 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.

1.19     Furthermore, the C&SD 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). As a result of this statistical development, the entire series of GDP were revised in August
2005. Please refer to the article “Implementation of the Latest International Guidelines on Dealing
with Financial Intermediation Services in the Compilation of National Accounts Statistics of Hong
Kong” available in the website of the Census and Statistics Department (http://www.censtatd.gov.hk)
for details.
1.20     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
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.


                                                 9
1.21    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.

1.22     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 1980-2004 between the current price GDP
compiled using the expenditure approach and the production approach are generally within 2% (Table
14). 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
1.23     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 3.65-3.69.




                                                     10
                                         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 %
¡X        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
                                                      ¡Ñ Constant price figures of component i for jth quarter in 2000
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 ¡Ñ Constant price PCE for 1st quarter in 2000
Volume index of PCE for 1st quarter 2000

=       87.0
               ¡Ñ HK$187,861 million
        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.




                                                     11
(A) Annual GDP by expenditure component




                  13
                                     Table 1 GDP by major expenditure component
                                             (a) At current market prices
HK$ million
                                                                                            (1)            (2)            (3)            (4)



                                   a                                                                                       Gross
                         Gross                  Per                               b        Private   Government         domestic
                      domestic          capita GDP                Domestic            consumption    consumption    fixed capital   Changes in
Year                   product               (HK$)                 demand              expenditure    expenditure      formation    inventories
1961                      7,453                  2,353                 8,019                5,612           619           1,733            55
1962                      8,678                  2,626                 9,400                6,275           654           2,407            64
1963                     10,420                  3,046                11,162                6,924           746           3,415            77
1964                     11,884                  3,391                12,795                7,639           847           4,221            88
1965                     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           107
1967                     15,470                  4,155                14,750               10,439          1,199          2,997           115
1968                     16,529                  4,347                15,639               11,592          1,300          2,625           122
1969                     19,423                  5,027                17,708               13,117          1,412          3,036           143
1970                     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           197
1972                     32,168                 7,801                 29,609               19,987          2,078          7,308           236
1973                     41,284                 9,733                 38,675               26,659          2,559          9,154           303
1974                     47,165                10,774                 44,901               30,306          3,171         10,746           678
1975                     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          2,979
1977                    73,222                 15,974                68,434                44,343          4,655         17,734          1,702
1978                    85,698                 18,361                84,828                54,747          5,436         22,578          2,067
1979                   112,533                 22,828               111,076                67,544          6,755         33,521          3,256
1980                   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          3,953
1982                   195,408                 37,118               194,223               119,091         14,547         59,182          1,403
1983                   216,383                 40,482               212,371               138,268         16,336         53,438          4,329
1984                   260,761                 48,308               239,617               157,843         18,027         57,944          5,803
1985                   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         6,183
1987                   393,541                70,521                352,165               224,020         25,672         92,727         9,746
1988                   465,245                82,672                423,267               261,754         29,943        117,438        14,132
1989                   536,268                94,310                474,336               296,603         36,168        138,102         3,463
1990                   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         4,098
1992                   805,082               138,795                762,417               472,798         63,795        217,637         8,187
1993                   927,996               157,261                865,107               541,082         72,283        249,443         2,299
1994                 1,047,470               173,554              1,034,577               624,409         83,148        305,757        21,263
1995                 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          9,762
1997                 1,365,024               210,350              1,410,780               833,825        112,751        451,891         12,313
1998                 1,292,764               197,559              1,285,578               795,948        116,550        388,731        (15,651)
1999                 1,266,702               191,736              1,199,991               765,282        119,993        325,328        (10,612)
2000                 1,314,789               197,268              1,256,226               774,280        120,172        347,375         14,399

2001                 1,298,813                193,135             1,240,429               782,587        128,866        333,036         (4,060)
2002                 1,276,757                188,118             1,170,821               747,850        131,291        286,020          5,660
2003                 1,233,983                181,385             1,119,933               719,304        130,151        261,367          9,111
2004 @               1,291,568                187,657             1,177,026               767,769        127,309        274,872          7,076
2005 @               1,382,203                199,282             1,214,419               809,244        121,419        287,862         (4,106)
       a Gross domestic product = (1) + (2) + (3) + (4) + (5) + (6) - (7) - (8)
       b Domestic demand = (1) + (2) + (3) + (4)




                                                                                  14
                    Table 1         GDP by major expenditure component
                                    (a) At current market prices
                                                                                                 HK$ million
                   (5)                                     (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        Year
   3,930                  2,939            991             2,261           5,673         1,084         1961
   4,387                  3,317          1,070             2,419           6,332         1,196         1962
   4,991                  3,831          1,160             2,629           7,062         1,300         1963
   5,784                  4,428          1,356             2,885           8,147         1,433         1964
   6,530                  5,027          1,503             3,073           8,560         1,523         1965

   7,563                  5,730          1,833             3,278           9,651         1,695         1966
   8,781                  6,700          2,081             3,696          10,002         1,755         1967
  10,570                  8,428          2,142             4,345          11,952         2,073         1968
  13,197                 10,518          2,679             5,262          14,298         2,446         1969
  15,238                 12,347          2,892             6,294          16,897         2,855         1970

  17,164                 13,750          3,414             6,677          19,456         3,264         1971
  19,400                 15,245          4,154             7,784          20,914         3,711         1972
  25,999                 19,474          6,525             9,303          27,912         4,781         1973
  30,036                 22,911          7,124            10,890          32,833         5,829         1974
  29,832                 22,859          6,973            11,525          32,281         6,303         1975

  41,557                 32,629          8,928            14,931          41,939         7,804         1976
  44,833                 35,004          9,829            16,258          47,060         9,243         1977
  53,908                 40,711         13,197            19,508          61,074        11,472         1978
  75,934                 55,912         20,022            25,073          83,437        16,113         1979
  98,242                 68,171         30,072            29,239         108,120        20,047         1980

 122,163              80,423            41,739            35,655         134,815        25,572         1981
 127,385              83,032            44,353            40,736         139,321        27,615         1982
 160,699             104,405            56,294            47,327         171,279        32,735         1983
 221,441             137,936            83,504            57,396         218,252        39,441         1984
 235,152             129,882           105,270            62,564         226,037        43,536         1985

 276,530             153,983           122,546           73,482          269,913        50,632         1986
 378,034             195,254           182,780           94,324          369,935        61,047         1987
 493,069             217,664           275,405          111,305          488,360        74,036         1988
 570,509             224,104           346,405          127,209          551,246        84,540         1989
 639,874             225,875           413,999          142,505          629,846       100,778         1990

  765,886            231,045            534,841         161,106          764,124       115,211         1991
  924,953            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         1993
1,170,013            222,092            947,921         234,284        1,229,041       162,363         1994
1,344,127            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         1996
1,455,949            211,410          1,244,539         286,595        1,589,876       198,424         1997
1,347,649            188,454          1,159,195         262,099        1,408,317       194,245         1998
1,349,000            170,600          1,178,400         276,385        1,373,500       185,174         1999
1,572,689            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         2001
1,562,121            131,079          1,431,041         347,836        1,601,527       202,494         2002
1,749,089            122,126          1,626,964         362,420        1,794,059       203,400         2003
2,027,031            126,386          1,900,645         429,563        2,099,545       242,507         2004 @
2,251,744            136,324          2,115,419         479,510        2,311,091       252,379         2005 @




                                                  15
                    Table 1 GDP by major expenditure component
                      (b) Percentage changes in nominal terms
%
                                                       (1)            (2)               (3)




            Gross                                     Private   Government     Gross domestic
         domestic        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              38.9
1963         20.1              16.0       18.7           10.3           14.1              41.9
1964         14.0              11.3       14.6           10.3           13.5              23.6
1965         17.4              14.3       12.8           12.7           12.0              12.9

1966          2.4               1.4        2.4           13.4           12.8             -19.4
1967          8.4               5.6       -0.2            6.9           12.1             -22.0
1968          6.8               4.6        6.0           11.0            8.4             -12.4
1969         17.5              15.6       13.2           13.2            8.6              15.7
1970         18.9              16.1       20.4           14.2           15.4              49.7

1971         15.4              12.9       19.7           15.5            6.8              38.6
1972         20.7              18.4       16.0           15.6           19.4              16.0
1973         28.3              24.8       30.6           33.4           23.1              25.3
1974         14.2              10.7       16.1           13.7           23.9              17.4
1975          5.1               3.1        4.2            5.3           10.2              -0.9

1976         27.4              25.8       20.5           13.9           14.7              22.6
1977         16.0              14.3       21.3           22.0           16.1              35.9
1978         17.0              14.9       24.0           23.5           16.8              27.3
1979         31.3              24.3       30.9           23.4           24.3              48.5
1980         27.4              24.1       29.7           26.5           28.9              37.9

1981         20.6              17.8       21.8           20.3           40.3              22.4
1982         13.0              11.2       10.6           15.9           19.1               4.6
1983         10.7               9.1        9.3           16.1           12.3              -9.7
1984         20.5              19.3       12.8           14.2           10.4               8.4
1985          6.2               5.0        3.8            7.3            9.6               0.2

1986         15.3              13.9       16.5           13.4           15.7              18.1
1987         23.3              22.0       21.5           16.6           12.4              35.2
1988         18.2              17.2       20.2           16.8           16.6              26.6
1989         15.3              14.1       12.1           13.3           20.8              17.6
1990         11.7              11.3       15.4           15.4           19.3              13.1

1991         15.3              14.3       17.4           18.8           18.9              15.8
1992         16.6              15.6       18.6           17.2           17.7              20.4
1993         15.3              13.3       13.5           14.4           13.3              14.6
1994         12.9              10.4       19.6           15.4           15.0              22.6
1995          6.5               4.4       12.6           10.8           12.6               9.4

1996         10.2               5.4        7.0            9.2           10.6              13.2
1997         11.0              10.1       13.1           10.4            8.9              19.4
1998         -5.3              -6.1       -8.9           -4.5            3.4             -14.0
1999         -2.0              -2.9       -6.7           -3.9            3.0             -16.3
2000          3.8               2.9        4.7            1.2            0.1               6.8

2001         -1.2              -2.1       -1.3            1.1            7.2              -4.1
2002         -1.7              -2.6       -5.6           -4.4            1.9             -14.1
2003         -3.4              -3.6       -4.3           -3.8           -0.9              -8.6
2004 @        4.7               3.5        5.1            6.7           -2.2               5.2
2005 @        7.0               6.2        3.2            5.4           -4.6               4.7




                                         16
                  Table 1 GDP by major expenditure component
                    (b) Percentage changes in nominal terms
                                                                                              %
                (4)                                 (5)             (6)           (7)

     Exports of goods (f.o.b.)

 (4)              (4a)           (4b)
  Total          Domestic           Re-         Exports of     Imports of     Imports of
exports           exports        exports          services   goods (f.o.b.)     services   Year

      -                  -             -                 -               -             -   1961
   11.6               12.9           8.0               7.0            11.6          10.3   1962
   13.8               15.5           8.4               8.7            11.5           8.7   1963
   15.9               15.6          16.9               9.7            15.4          10.2   1964
   12.9               13.5          10.8               6.5             5.1           6.3   1965

   15.8               14.0          22.0               6.7            12.7          11.3   1966
   16.1               16.9          13.5              12.8             3.6           3.5   1967
   20.4               25.8           2.9              17.6            19.5          18.1   1968
   24.9               24.8          25.1              21.1            19.6          18.0   1969
   15.5               17.4           7.9              19.6            18.2          16.7   1970

   12.6               11.4          18.1               6.1            15.1          14.3   1971
   13.0               10.9          21.7              16.6             7.5          13.7   1972
   34.0               27.7          57.1              19.5            33.5          28.8   1973
   15.5               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   1976
    7.9                7.3          10.1               8.9            12.2          18.4   1977
   20.2               16.3          34.3              20.0            29.8          24.1   1978
   40.9               37.3          51.7              28.5            36.6          40.5   1979
   29.4               21.9          50.2              16.6            29.6          24.4   1980

   24.3               18.0          38.8              21.9            24.7          27.6   1981
    4.3                3.2           6.3              14.3             3.3           8.0   1982
   26.2               25.7          26.9              16.2            22.9          18.5   1983
   37.8               32.1          48.3              21.3            27.4          20.5   1984
    6.2               -5.8          26.1               9.0             3.6          10.4   1985

   17.6               18.6          16.4              17.5            19.4          16.3   1986
   36.7               26.8          49.2              28.4            37.1          20.6   1987
   30.4               11.5          50.7              18.0            32.0          21.3   1988
   15.7                3.0          25.8              14.3            12.9          14.2   1989
   12.2                0.8          19.5              12.0            14.3          19.2   1990

   19.7                 2.3         29.2              13.1            21.3          14.3   1991
   20.8                 1.3         29.2              15.4            22.7          13.6   1992
   13.1                -4.7         19.2              12.7            12.3           7.0   1993
   11.8                -0.4         15.1              11.8            16.7          16.0   1994
   14.9                 4.3         17.4               8.3            19.3          11.2   1995

    4.0                -8.4          6.6              12.5             3.0           5.1   1996
    4.2                -0.4          5.0               0.4             5.2           4.6   1997
   -7.4               -10.9         -6.9              -8.5           -11.4          -2.1   1998
    0.1                -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   2001
    5.5               -14.6          7.8               8.4             3.4           4.3   2002
   12.0                -6.8         13.7               4.2            12.0           0.4   2003
   15.9                 3.5         16.8              18.5            17.0          19.2   2004 @
   11.1                 7.9         11.3              11.6            10.1           4.1   2005 @




                                           17
                    Table 1 GDP by major expenditure component
                            (c) Volume indices (2000=100)

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




            Gross                                Private      Government     Gross domestic
         domestic   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              2.8
1962          7.6         15.3        7.4               6.5            8.6               9.0              3.2
1963          8.8         17.1        8.8               7.2            9.6              12.2              3.8
1964          9.5         18.1        9.7               7.8           10.5              13.6              4.1
1965         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              4.8
1967         11.3         20.2       10.5           10.0              14.0              10.9              4.9
1968         11.6         20.4       10.8           11.0              14.8               9.9              5.1
1969         13.0         22.3       11.6           12.0              16.1              10.3              5.7
1970         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           6.7
1972         16.8         27.1       16.1           16.1              18.5             15.9           7.4
1973         18.8         29.6       18.1           18.2              20.3             17.8           8.3
1974         19.2         29.3       18.0           17.8              22.2             17.5          14.1
1975         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          54.2
1977         25.1         36.5       24.4           23.2              27.6             25.5          29.8
1978         27.2         38.9       27.9           27.2              30.3             28.1          34.2
1979         30.4         41.1       31.2           29.8              33.5             32.3          46.8
1980         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          47.7
1982         37.8         47.8       39.6           37.9              46.3             43.2          14.9
1983         40.0         49.9       41.1           40.8              49.1             39.7          40.5
1984         44.0         54.3       43.2           43.1              51.1             40.7          50.3
1985         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          55.4
1987         55.8         66.6       53.4           54.0              58.0             49.4          81.7
1988         60.2         71.3       57.9           58.8              60.2             52.7         111.7
1989         61.8         72.5       58.8           61.0              63.3             54.7          26.3
1990         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          31.9
1992         72.4         83.1       75.2           76.8              81.3             70.7          66.0
1993         76.9         86.9       79.2           83.0              83.0             73.3          17.0
1994         81.2         89.7       88.3           88.5              86.1             84.5         156.4
1995         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          74.7
1997         92.5         95.0      104.5           99.6              94.4            116.6          84.0
1998         87.4         89.1       94.9           93.1              95.0            108.1        -118.6
1999         90.9         91.7       90.7           94.4              98.0             90.1         -84.5
2000        100.0        100.0      100.0          100.0             100.0            100.0         100.0

2001        100.6         99.7      101.0          102.1             106.0            102.6          -34.0
2002        102.5        100.6      100.3          101.1             108.7             98.0           47.8
2003        105.8        103.6      100.5          100.1             110.7             98.9           71.9
2004 @      114.9        111.2      105.6          107.4             111.5            101.9           50.8
2005 @      123.3        118.5      107.9          111.4             108.1            105.8          -35.7




                                             18
                  Table 1 GDP by major expenditure component
                          (c) Volume indices (2000=100)

                (5)                                 (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      Year

    1.1                 7.4          0.4               8.9                1.6             3.3   1961
    1.3                 8.5          0.4               9.2                1.9             3.7   1962
    1.4                 9.4          0.4               9.5                2.0             4.0   1963
    1.6                10.7          0.5              10.0                2.3             4.3   1964
    1.8                12.4          0.5              10.3                2.4             4.6   1965

    2.2                14.5          0.6              10.5                2.7             5.1   1966
    2.5                16.4          0.7              11.3                2.8             5.2   1967
    2.9                19.6          0.7              12.4                3.2             5.9   1968
    3.4                23.1          0.8              13.8                3.6             6.5   1969
    3.7                25.4          0.8              15.5                4.1             7.2   1970

    3.9                26.6          1.0              15.4                4.6          8.0      1971
    4.2                28.1          1.1              17.0                4.8          8.8      1972
    4.8                30.6          1.4              17.4                5.3          9.7      1973
    4.6                29.7          1.3              17.0                4.8          9.4      1974
    4.6                29.8          1.3              17.4                5.0         10.0      1975

    6.0                38.4          1.7              20.8             6.2            11.7      1976
    6.2                40.2          1.7              21.5             6.7            13.1      1977
    7.0                44.4          2.1              24.0             8.1            15.3      1978
    8.4                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      1981
   11.1                61.7          4.6              30.6            12.4            25.4      1982
   12.8                70.6          5.3              32.5            13.5            28.6      1983
   15.6                82.8          6.9              36.0            15.6            32.4      1984
   16.5                78.3          8.6              38.1            16.5            35.0      1985

   19.0                90.9          9.8              43.1            18.8            39.5      1986
   25.4               111.9         14.3              50.5            24.7            46.1      1987
   32.3               122.0         20.8              54.6            31.3            53.5      1988
   35.8               122.2         24.7              55.7            34.1            56.7      1989
   39.2               121.5         28.6              57.9            38.1            62.9      1990

   46.0               122.1         36.2              60.6            45.4            69.8      1991
   55.1               122.3         46.5              65.8            55.5            77.4      1992
   62.6               116.8         55.6              70.4            62.6            81.7      1993
   69.1               114.1         63.3              75.3            71.6            88.9      1994
   77.4               116.4         72.4              77.5            81.5            90.5      1995

  81.1                106.6        77.8              85.4             85.0           95.1       1996
  86.1                108.8        83.2              85.0             91.2           98.8       1997
  82.4                100.3        80.1              82.0             84.6          100.4       1998
  85.4                 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       2001
 105.0                 79.8       108.3             118.0            105.9          106.0       2002
 120.0                 73.9       126.0             127.3            119.7          103.8       2003
 138.3                 75.7       146.5             150.1            136.7          118.9       2004@
 153.8                 81.4       163.2             162.7            148.5          122.2       2005@




                                           19
                    Table 1 GDP by major expenditure component
                         (d) Percentage changes in real terms
%
                                                          (1)               (2)                  (3)



            Gross                                        Private      Government        Gross domestic
         domestic      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                 34.8
1963         15.7            11.8       19.2                 9.6              10.8                 34.8
1964          8.6             6.0        9.8                 8.8               9.8                 11.5
1965         14.5            11.5       12.1                12.9               8.3                 11.6

1966          1.7             0.8        1.1                12.1              11.2                -13.1
1967          1.7            -0.9       -4.5                 1.3              10.6                -17.3
1968          3.4             1.2        3.6                10.1               5.8                 -9.1
1969         11.3             9.5        7.4                 8.6               8.6                  4.1
1970          9.2             6.6       11.1                10.6               5.8                 14.1

1971          7.2             4.9       15.3                12.9               2.4                 23.8
1972         10.5             8.4        7.6                 7.5               6.1                  9.2
1973         12.3             9.2       12.6                13.3              10.1                 11.7
1974          2.3            -0.9       -0.4                -2.2               9.2                 -1.6
1975          0.4            -1.5        2.8                 3.6               6.3                  2.0

1976         16.2            14.8       13.7                 7.6               6.8                 13.7
1977         11.8            10.2       15.9                16.9               9.3                 25.9
1978          8.4             6.4       14.5                17.3               9.9                 10.3
1979         11.6             5.7       11.7                 9.5              10.6                 14.9
1980         10.3             7.4       14.0                12.2               7.4                 20.2

1981          9.4             6.8        8.9                    7.6           21.9                  9.2
1982          3.0             1.4        2.3                    5.3            5.5                  1.9
1983          5.9             4.3        3.8                    7.7            6.0                 -8.2
1984          9.9             8.8        5.0                    5.7            3.9                  2.7
1985          0.7            -0.4        1.1                    4.3            2.7                  0.1

1986         11.0             9.7        9.5                 8.5                  6.5               6.1
1987         13.4            12.3       11.6                10.6                  3.9              14.2
1988          8.0             7.1        8.5                 8.9                  3.7               6.6
1989          2.7             1.7        1.5                 3.7                  5.2               3.8
1990          4.0             3.6        7.1                 6.2                  5.4               8.2

1991          5.7             4.8        8.8                    9.3               7.7               9.4
1992          6.5             5.6        9.8                    9.2               7.1               9.3
1993          6.3             4.5        5.3                    8.0               2.1               3.6
1994          5.6             3.3       11.5                    6.6               3.7              15.3
1995          3.9             1.9        7.2                    2.1               3.2              10.4

1996          4.2            -0.3        2.1                 3.9                  3.8              10.9
1997          5.1             4.2        8.2                 6.2                  2.4              12.6
1998         -5.5            -6.2       -9.2                -6.6                  0.7              -7.3
1999          4.0             3.0       -4.4                 1.4                  3.1             -16.6
2000         10.0             9.0       10.3                 6.0                  2.1              11.0

2001          0.6            -0.3        1.0                 2.1               6.0                  2.6
2002          1.8             0.9       -0.7                -1.0               2.5                 -4.5
2003          3.2             3.0        0.1                -0.9               1.9                  0.9
2004 @        8.6             7.3        5.1                 7.3               0.7                  3.0
2005 @        7.3             6.5        2.1                 3.7              -3.0                  3.9




                                               20
                  Table 1 GDP by major expenditure component
                       (d) Percentage changes in real terms
                                                                                                 %
                (4)                                 (5)                (6)           (7)

     Exports of goods (f.o.b.)

 (4)              (4a)           (4b)
  Total          Domestic           Re-         Exports of        Imports of     Imports of
exports           exports        exports          services      goods (f.o.b.)     services   Year

      -                  -             -                    -               -             -   1961
   13.8               14.8           7.7                  3.8            16.4          11.5   1962
    9.1               10.0           7.1                  3.7            10.1           7.7   1963
   13.9               14.3           6.7                  4.7            11.0           7.5   1964
   14.6               15.9          12.5                  2.9             5.0           5.6   1965

   19.2               16.7          22.2               2.7               14.2          11.2   1966
   14.3               13.4          13.6               6.9                2.8           2.1   1967
   14.1               19.3          -4.0               9.6               16.1          13.9   1968
   17.8               18.0          16.7              11.5               11.6          10.5   1969
    9.3               10.0           3.6              12.8               12.5          10.8   1970

    6.4                 4.8         17.2              -1.1               12.9          11.6   1971
    8.0                 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   1974
    0.9                 0.4            *               1.9                3.2           7.0   1975

   28.8               29.0          28.3              19.8               24.9          16.7   1976
    4.6                4.7           3.4               3.2                7.3          11.7   1977
   12.6               10.3          21.3              11.7               21.5          16.9   1978
   20.1               17.8          27.0               9.4               15.9          25.8   1979
   18.6               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   1982
   14.8               14.4          15.6               6.2                9.6          12.4   1983
   22.1               17.2          30.3              10.8               14.9          13.5   1984
    5.8               -5.4          24.5               6.0                6.2           8.0   1985

   15.3               16.1          14.0              13.1               13.6          12.8   1986
   33.5               23.1          45.9              17.1               31.7          16.8   1987
   27.3                9.0          45.7               8.1               26.8          15.9   1988
   10.6                0.1          18.6               2.0                8.9           6.0   1989
    9.6               -0.5          16.0               4.1               11.5          10.9   1990

   17.3                 0.5         26.5                  4.7            19.1          10.9   1991
   19.8                 0.2         28.3                  8.6            22.2          11.0   1992
   13.5                -4.5         19.6                  6.9            12.9           5.6   1993
   10.4                -2.3         13.8                  7.1            14.2           8.8   1994
   12.0                 2.0         14.3                  2.9            13.9           1.8   1995

    4.8                -8.4          7.5              10.2                4.3           5.1   1996
    6.1                 2.1          6.8              -0.4                7.3           3.9   1997
   -4.3                -7.9         -3.7              -3.5               -7.3           1.6   1998
    3.7                -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   2001
    8.7               -11.2         11.0              10.9                7.9           3.9   2002
   14.2                -7.3         16.3               7.9               13.1          -2.1   2003
   15.3                 2.4         16.3              17.9               14.1          14.6   2004 @
   11.2                 7.6         11.4               8.4                8.6           2.8   2005 @




                                           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    Imports
         domestic 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       16.8
1962          8.7     10.1          12.4           6.3         7.7       21.5      21.6     19.2          8.4       20.9       16.7
1963          9.1     10.1          12.5           6.5         8.1       22.5      22.6     19.4          8.8       21.1       16.8
1964          9.5     10.5          12.6           6.7         9.0       22.9      22.9     21.3          9.2       22.0       17.3
1965          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       17.4
1967         10.5     11.2          13.5           7.1      7.9          22.2      22.6     20.9     10.4           21.9       17.6
1968         10.8     11.5          13.6           7.3      7.6          23.5      23.8     22.4     11.2           22.5       18.3
1969         11.4     12.1          14.2           7.3      8.5          24.9      25.2     24.0     12.1           24.1       19.5
1970         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       21.1
1972         14.6     14.7          16.1           9.4     13.2          29.1      30.0     26.7     14.6           26.7       22.0
1973         16.7     17.0          18.9          10.5     14.8          34.5      35.1     32.7     16.9           32.3       25.6
1974         18.6     19.8          22.0          11.9     17.7          41.6      42.7     38.8     20.3           41.5       32.3
1975         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       34.6
1977         22.2     22.4          24.7          14.0     20.0          45.7      48.1     40.4     24.1           42.9       36.7
1978         23.9     24.2          26.0          14.9     23.1          48.8      50.7     44.7     25.8           45.9       39.0
1979         28.2     28.4          29.3          16.8     29.9          57.2      59.1     53.4     30.4           54.1       43.5
1980         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       52.8
1982         39.4     39.0          40.6          26.1     39.4          72.7      74.3     69.5     42.3           68.9       56.4
1983         41.1     41.1          43.8          27.7     38.8          79.9      81.7     76.3     46.3           77.2       59.5
1984         45.1     44.2          47.2          29.4     40.9          90.2      92.1     86.9     50.7           85.7       63.2
1985         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        66.6
1987         53.7     52.5          53.6          36.8     54.0         94.6       96.4     91.9     59.3          91.4        68.8
1988         58.8     58.2          57.5          41.4     64.2         96.9       98.6     95.0     64.8          95.2        71.9
1989         65.9     64.3          62.8          47.5     72.7        101.3      101.4    100.8     72.6          98.6        77.5
1990         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        85.8
1992         84.6     80.7          79.5          65.3     88.6        106.7      105.8    106.8     89.7         103.3        87.8
1993         91.7     87.0          84.2          72.5     98.0        106.3      105.5    106.3     94.6         102.7        89.0
1994         98.1     93.3          91.2          80.4    104.2        107.6      107.5    107.6     98.8         104.9        94.9
1995        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       103.7
1997        112.2    107.4       108.1            99.4    111.6        107.5      107.3    107.5    107.0         106.5       104.4
1998        112.4    107.8       110.4           102.0    103.6        104.0      103.9    104.0    101.5         101.8       100.6
1999        105.9    105.3       104.7           101.9    104.0        100.5      101.4    100.3     98.4          99.2       100.3
2000        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       98.9
2002         94.8     92.9          95.6         100.5     84.0          94.6      90.8     94.9     93.6           92.4       99.3
2003 @       88.7     88.7          92.8          97.8     76.1          92.7      91.3     92.8     90.4           91.6      101.9
2004 @       85.5     88.7          92.3          95.0     77.7          93.2      92.2     93.2     90.8           93.9      106.0
2005         85.3     89.6          93.8          93.4     78.3          93.1      92.5     93.2     93.6           95.1      107.4




                                                                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 Imports
         domestic 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        -0.6
1963          4.6        *           0.8          3.2         5.2         4.7        4.6      1.0     4.8         1.0         0.6
1964          4.4      4.0           0.8          3.1        11.1         1.8        1.3      9.8     4.5         4.3         3.0
1965          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            1.1
1968          2.9      2.7           0.7          2.8        -3.8         5.9        5.3      7.2     7.7         2.7            4.0
1969          5.6      5.2           4.4            *        11.8         6.0        5.9      7.1     8.0         7.1            6.6
1970          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         2.4
1972          9.0      8.1           8.1         13.3         5.6         4.7       4.9       6.0     5.8         3.5         4.3
1973         14.4     15.6          17.4         11.7        12.1        18.6      17.0      22.5    15.8        21.0        16.4
1974         11.4     16.5          16.4         13.3        19.6        20.6      21.7      18.7    20.1        28.5        26.2
1975          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         6.1
1977          3.7      5.2           4.2          6.1         8.1         3.2       2.3       6.3     5.7         4.4         6.1
1978          7.7      8.0           5.3          6.4        15.5         6.8       5.4      10.6     7.1         7.0         6.3
1979         18.0     17.4          12.7         12.8        29.4        17.2      16.6      19.5    17.8        17.9        11.5
1980         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        10.5
1982          9.7      8.0          10.0         13.0         2.6         7.2       5.8       9.4     9.3         5.5         6.8
1983          4.3      5.4           7.9          6.1        -1.5         9.9      10.0       9.8     9.5        12.0         5.5
1984          9.7      7.5           7.8          6.1         5.4        12.9      12.7      13.9     9.5        11.0         6.2
1985          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         3.1
1987          8.7      8.7           5.5          8.2        18.4         2.4          3.0    2.2     9.6            4.0         3.3
1988          9.5     10.9           7.3         12.5        18.9         2.4          2.3    3.4     9.3            4.2         4.5
1989         12.1     10.5           9.2         14.7        13.2         4.5          2.8    6.1    12.0            3.6         7.8
1990          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            3.0
1992          9.6      8.0           7.3          9.9        10.2         0.9        1.1      0.7     6.3         0.4            2.3
1993          8.4      7.8           5.9         11.0        10.6        -0.4       -0.3     -0.5     5.5        -0.6            1.4
1994          7.0      7.2           8.3         10.9         6.3         1.2        1.9      1.2     4.4         2.1            6.6
1995          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        -0.1
1997          5.6      4.5           3.9          6.4          6.0       -1.9       -2.5     -1.8      0.8       -1.9         0.7
1998          0.2      0.4           2.1          2.6         -7.2       -3.3       -3.2     -3.3     -5.1       -4.4        -3.6
1999         -5.8     -2.3          -5.2         -0.1          0.4       -3.4       -2.4     -3.6     -3.1       -2.6        -0.3
2000         -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        -1.1
2002         -3.5     -4.9          -3.4         -0.6        -10.1       -2.9       -3.8     -3.0     -2.2       -4.2         0.4
2003 @       -6.4     -4.5          -2.9         -2.7         -9.4       -2.0        0.6     -2.2     -3.4       -0.9         2.6
2004 @       -3.6        *          -0.5         -2.9          2.1        0.5        1.0      0.4      0.4        2.5         4.0
2005         -0.2      1.0           1.6         -1.7          0.8       -0.1        0.3        *      3.1        1.3         1.3




                                                        23
           Table 3 Ratio of expenditure components to GDP at current market prices

%
                                         (1)                 (2)                 (3)               (4)                  (5)      (6)         (7)
                                                                                           a
                                                                                Gross            Exports                        Imports
                      Gross      Private              Government             domestic                  of          Exports            of    Imports
                   domestic consumption               consumption              capital             goods                 of       goods           of
Year                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        14.5
1962                   100.0               72.3                    7.5              28.5             50.6                27.9      73.0        13.8
1963                   100.0               66.4                    7.2              33.5             47.9                25.2      67.8        12.5
1964                   100.0               64.3                    7.1              36.3             48.7                24.3      68.6        12.1
1965                   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        11.9
1967                   100.0               67.5                    7.8              20.1             56.8                23.9      64.7        11.3
1968                   100.0               70.1                    7.9              16.6             63.9                26.3      72.3        12.5
1969                   100.0               67.5                    7.3              16.4             67.9                27.1      73.6        12.6
1970                   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        12.2
1972                   100.0               62.1                    6.5              23.5             60.3                24.2      65.0        11.5
1973                   100.0               64.6                    6.2              22.9             63.0                22.5      67.6        11.6
1974                   100.0               64.3                    6.7              24.2             63.7                23.1      69.6        12.4
1975                   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        12.4
1977                   100.0               60.6                    6.4              26.5             61.2                22.2      64.3        12.6
1978                   100.0               63.9                    6.3              28.8             62.9                22.8      71.3        13.4
1979                   100.0               60.0                    6.0              32.7             67.5                22.3      74.1        14.3
1980                   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        14.8
1982                   100.0               60.9                    7.4              31.0             65.2                20.8      71.3        14.1
1983                   100.0               63.9                    7.5              26.7             74.3                21.9      79.2        15.1
1984                   100.0               60.5                    6.9              24.4             84.9                22.0      83.7        15.1
1985                   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         15.9
1987                   100.0               56.9                    6.5              26.0            96.1                 24.0     94.0         15.5
1988                   100.0               56.3                    6.4              28.3           106.0                 23.9    105.0         15.9
1989                   100.0               55.3                    6.7              26.4           106.4                 23.7    102.8         15.8
1990                   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         16.7
1992                   100.0               58.7                    7.9              28.0           114.9                 23.1    116.4         16.3
1993                   100.0               58.3                    7.8              27.1           112.7                 22.6    113.5         15.1
1994                   100.0               59.6                    7.9              31.2           111.7                 22.4    117.3         15.5
1995                   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         15.4
1997                   100.0               61.1                    8.3              34.0           106.7                 21.0    116.5         14.5
1998                   100.0               61.6                    9.0              28.9           104.2                 20.3    108.9         15.0
1999                   100.0               60.4                    9.5              24.8           106.5                 21.8    108.4         14.6
2000                   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         15.0
2002                   100.0               58.6                 10.3                22.8           122.4                 27.2    125.4         15.9
2003 @                 100.0               58.3                 10.5                21.9           141.7                 29.4    145.4         16.5
2004 @                 100.0               59.4                  9.9                21.8           156.9                 33.3    162.6         18.8
2005                   100.0               58.5                  8.8                20.5           162.9                 34.7    167.2         18.3

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




                                                                               24
  Table 4 Private consumption expenditure on food, consumer goods and services
                         (a) At current market prices
                                                                                                                              HK$ million
                                                                      (1)                                      (2)               (3)
                                              Consumption expenditure in the domestic market
                                                                     Consumer goods
                 a                                                                                                         Expenditure of
          Private                                                                    Consumer             Expenditure        non-residents
     consumption                                                     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               1,362
1967            10,439         11,474         3,506          3,763             875      2,888      4,205             432               1,467
1968            11,592         12,749         3,716          4,444           1,183      3,261      4,589             496               1,653
1969            13,117         14,512         4,209          5,186           1,476      3,710      5,117             578               1,973
1970            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                 2,269
1972            19,987         21,705         6,121          8,178           2,063      6,115      7,406           995                 2,713
1973            26,659         28,222         7,806         10,741           2,574      8,167      9,675         1,277                 2,840
1974            30,306         31,710         9,603         11,037           2,646      8,391     11,070         1,677                 3,081
1975            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                 4,171
1977            44,343         45,717        11,620         16,033           4,300     11,733     18,064         2,987                 4,361
1978            54,747         56,664        14,078         21,139           6,320     14,819     21,447         3,533                 5,450
1979            67,544         69,434        16,292         26,299           8,688     17,611     26,843         4,888                 6,778
1980            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              8,719
1982          119,091        119,682         25,871         40,745          13,072     27,673     53,066         8,830              9,421
1983          138,268        139,726         29,484         49,074          16,339     32,735     61,168        10,646             12,104
1984          157,843        160,110         32,223         57,136          19,142     37,994     70,751        12,558             14,825
1985          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             18,761
1987          224,020        232,277         37,087         90,729          32,950     57,779    104,461        17,523             25,780
1988          261,754        272,112         40,818        110,669          42,709     67,960    120,625        21,997             32,355
1989          296,603        305,747         44,786        118,409          43,560     74,849    142,552        26,383             35,527
1990          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             38,851
1992          472,798        478,178         58,983        194,973          73,300    121,673    224,222        41,522             46,902
1993          541,082        546,585         64,436        225,375          84,406    140,969    256,774        47,628             53,131
1994          624,409        623,358         74,179        253,819          90,443    163,376    295,360        56,189             55,138
1995          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             72,080
1997          833,825        815,920         96,492        313,321      115,105       198,216    406,107        78,059             60,154
1998          795,948        757,204         89,502        259,174       89,699       169,475    408,528        83,090             44,346
1999          765,282        726,290         87,274        231,292       82,194       149,098    407,724        82,273             43,281
2000          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             46,979
2002          747,850        728,233         89,473        216,870          81,370    135,500    421,890        78,179             58,562
2003 @        719,304        705,029         86,727        211,916          81,858    130,058    406,386        70,280             56,005
2004 @        767,769        756,172         92,790        240,343          90,126    150,217    423,039        82,120             70,523
2005          809,244        805,692         99,658        256,649          94,400    162,249    449,385        82,702             79,150

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




                                                                        25
       Table 4      Private consumption expenditure on food, consumer goods and services
                                  (b) Volume indices (2000=100)

                                                     (1)                                        (2)              (3)
                                 Consumption expenditure in the domestic market
                                                   Consumer goods
                                                                                                             Expenditure of
              Private                                               Consumer               Expenditure         non-residents
         consumption                                 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              29.7
1967            10.0     12.2    28.8        9.3             4.0         13.9      10.0                3.5              30.9
1968            11.0     13.4    29.5       11.1             5.0         16.5      10.7                3.9              32.7
1969            12.0     14.6    31.2       12.5             6.0         18.0      11.7                4.3              36.7
1970            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              38.0
1972            16.1     19.1    37.1       18.5             7.5         28.3      14.5                6.3              42.7
1973            18.2     20.9    38.4       19.9             8.3         30.0      16.8                7.7              37.4
1974            17.8     20.2    40.1       16.7             7.3         24.9      17.7                8.4              35.5
1975            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              46.2
1977            23.2     26.2    45.5       22.9            10.9         33.5      23.7               11.4              46.0
1978            27.2     30.7    52.3       28.8            15.2         40.7      26.5               12.7              52.3
1979            29.8     33.1    55.0       31.1            18.8         41.6      28.9               16.6              55.1
1980            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              52.1
1982            37.9     40.6    62.5       36.6            24.3         46.8      38.1               23.7              52.1
1983            40.8     43.6    65.4       40.3            28.6         49.7      40.7               27.4              59.2
1984            43.1     46.0    66.3       42.7            30.3         52.7      43.5               30.9              64.6
1985            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              72.5
1987            54.0     58.1    73.9       57.8            45.7         66.9      54.6               39.8              90.3
1988            58.8     63.2    74.8       65.8            56.0         73.2      58.4               47.7             102.9
1989            61.0     65.3    74.8       66.7            55.4         75.2      62.1               50.2             105.6
1990            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             102.3
1992            76.8     80.6    80.0      91.3             83.6         97.1      72.9               67.4             115.1
1993            83.0     86.7    83.2     100.3             93.2        105.7      77.7               75.0             122.0
1994            88.5     91.7    90.9     107.4             97.4        114.9      80.3               79.1             116.5
1995            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                 133.7
1997            99.6    101.1   102.0     114.9            115.0        114.9      90.7           94.3                 106.1
1998            93.1     91.7    92.9      93.2             89.4         96.1      90.3          103.0                  86.6
1999            94.4     93.2    94.9      91.8             87.1         95.4      93.9          103.1                  92.7
2000           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                 103.7
2002           101.1    103.1   105.2      98.3            103.8         95.0     105.4           98.8                 130.2
2003 @         100.1    103.2   103.8      98.4            109.9         91.4     105.8           86.4                 125.9
2004 @         107.4    111.3   108.7     108.9            122.8        100.3     113.2           96.3                 149.9
2005           111.4    116.2   112.8     115.9            131.0        106.6     117.0           95.9                 160.7




                                                                   26
   Table 4    Private consumption expenditure on food, consumer goods and services
                          (c) Percentage changes in real terms
                                                                                                                     %
                                                (1)                                       (2)                (3)
                            Consumption expenditure in the domestic market
                                            Consumer goods
                                                                                                        Expenditure of
          Private                                             Consumer               Expenditure          non-residents
     consumption                                Consumer           non-               of residents      in the domestic
Year 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                4.0
1968         10.1     9.4     2.6       19.4          23.9         18.2        7.7               9.4                5.8
1969          8.6     9.1     5.8       11.9          20.5          9.3        9.4              10.0               12.1
1970         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               -12.7
1972          7.5     7.6    5.8          7.3           4.2         8.3        9.3              20.0                12.3
1973         13.3     9.2    3.5          7.1          10.4         6.3       15.6              21.9               -12.4
1974         -2.2    -3.0    4.5        -16.1         -12.3       -16.9        5.3               8.6                -5.2
1975          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                26.3
1977         16.9    14.6    5.7        29.0          32.8         27.6        9.8              15.2                -0.5
1978         17.3    17.3   15.1        25.8          39.6         21.4       11.4              12.2                13.9
1979          9.5     7.7    5.1         8.0          23.6          2.3        9.1              30.4                 5.3
1980         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               12.8
1982          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               13.6
1984          5.7     5.4    1.3          6.1          6.1          6.0        6.9              12.5                9.2
1985          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                9.9
1987         10.6    11.6    4.1        16.3          19.2         14.8       10.8              16.0               24.6
1988          8.9     8.6    1.2        13.9          22.7          9.4        7.0              20.1               13.9
1989          3.7     3.4      *         1.4          -1.0          2.7        6.3               5.2                2.6
1990          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               -2.4
1992          9.2    10.1    0.2        15.1          21.2         11.4        8.4               5.1               12.6
1993          8.0     7.6    4.0         9.9          11.5          8.8        6.5              11.3                6.0
1994          6.6     5.7    9.2         7.1           4.5          8.8        3.4               5.4               -4.5
1995          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               10.0
1997          6.2     3.7     2.7         1.3           8.3        -3.5        6.3                5.3              -20.6
1998         -6.6    -9.3    -8.9       -18.9         -22.2       -16.4       -0.4                9.2              -18.4
1999          1.4     1.7     2.1        -1.5          -2.6        -0.7        4.0                0.2                7.0
2000          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               3.7
2002         -1.0     0.9     2.8       -2.6           1.5         -5.2        2.3               -2.2              25.6
2003 @       -0.9     0.1    -1.4        0.1           5.9         -3.8        0.4              -12.6              -3.3
2004 @        7.3     7.8     4.7       10.6          11.7          9.8        7.0               11.5              19.0
2005          3.7     4.4     3.8        6.5           6.7          6.3        3.4               -0.5               7.2




                                                  27
 Table 5 Consumption expenditure in the domestic market by commodity group
                       (a) At current market prices
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            and
          the 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            687
1967            11,474        3,506            241         273       1,686        1,568       212            629
1968            12,749        3,716            252         261       2,018        1,707       227            830
1969            14,512        4,209            306         272       2,426        1,791       249            932
1970            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          1,233
1972            21,705        6,121            499         334       4,189        2,196       351          1,337
1973            28,222        7,806            578         338       5,705        2,639       410          1,778
1974            31,710        9,603            550         401       5,469        3,348       624          1,991
1975            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         2,691
1977            45,717       11,620          752           549       7,569        5,599        883         3,297
1978            56,664       14,078          891           613      10,678        6,562        919         4,277
1979            69,434       16,292        1,021           779      12,640        8,176      1,263         6,147
1980            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         9,597
1982           119,682       25,871        1,470          1,262     18,797       15,195      2,501         9,743
1983           139,726       29,484        1,580          1,406     22,826       17,879      2,907        12,179
1984           160,110       32,223        1,564          1,570     26,629       20,128      3,362        15,107
1985           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        18,793
1987           232,277       37,087        2,527          1,815     45,328       28,232      3,719        24,037
1988           272,112       40,818        2,944          2,179     55,895       33,068      3,950        29,129
1989           305,747       44,786        2,603          2,724     61,531       38,228      4,511        30,555
1990           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        42,764
1992           478,178       58,983        3,341          3,891    95,616        63,328      6,453        51,767
1993           546,585       64,436        3,274          3,460   115,424        74,542      6,743        56,615
1994           623,358       74,179        3,601          3,461   126,536        91,873      7,448        66,468
1995           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        73,393
1997           815,920       96,492        3,869          4,327   159,997       136,317     11,118        75,654
1998           757,204       89,502        2,957          3,870   129,329       146,674     11,982        64,764
1999           726,290       87,274        3,320          3,394   110,245       139,767     11,853        63,056
2000           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        72,772
2002           728,233       89,473        2,715          2,459    88,169       134,602     15,553        67,621
2003           705,029       86,727        2,614          2,782    82,368       132,957     16,667        69,778
     @
2004           756,172       92,790        2,842          2,706   101,433       129,850     17,226        73,544




                                                     28
  Table 5 Consumption expenditure in the domestic market by commodity group
                        (a) At current market prices
                                                                                            HK$ million
   (8)          (9)       (10)           (11)              (12)           (13)       (14)



                           Medical
                              care
                               and       Transport         Recreation
Household      Personal     health            and                 and                 Other
 operation         care   expenses   communication      entertainment   Education   services     Year

         164      218         320                 710            716         202        834      1966
         182      226         363                 747            732         217        892      1967
         203      255         335                 841            813         233      1,058      1968
         245      292         373               1,027            924         253      1,213      1969
         276      318         463               1,233          1,085         288      1,441      1970

         306      365         489               1,370          1,127         296      1,671      1971
         334      436         495               1,500          1,257         332      2,324      1972
         446      570         834               1,837          1,557         409      3,315      1973
         516      712         934               1,866          1,698         455      3,543      1974
         527      729       1,017               2,103          1,899         520      4,029      1975

      599          785      1,164               2,550          2,281         570      4,855      1976
      722          868      1,734               2,924          2,782         601      5,817      1977
      872        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      1979
    1,344        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      1981
    1,948        2,084      4,179            9,050             8,259       1,393     17,930      1982
    2,147        2,677      5,459            9,619             9,646       1,616     20,301      1983
    2,427        3,038      6,160           10,959            11,460       1,890     23,593      1984
    2,684        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      1986
    3,350        4,201      8,700           16,019            17,362       2,654     37,246      1987
    3,900        4,686      9,567           20,156            20,367       3,003     42,450      1988
    4,471        5,492     10,233           22,398            22,771       3,492     51,952      1989
    5,077        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      1991
    6,434        8,279     19,217           44,530            30,765       5,349     80,225      1992
    7,175       10,385     20,934           48,022            39,616       6,335     89,624      1993
    7,802       12,827     25,305           53,297            43,657       7,941     98,963      1994
    8,985       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      1996
   11,442       15,325     31,745           67,848            56,336      13,237    132,213      1997
   12,274       11,234     30,962           67,267            48,820      14,747    122,822      1998
   11,943       10,538     30,846           65,827            43,167      15,801    129,259      1999
   12,173       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      2001
   13,587       10,449     31,854           70,265            45,611      17,588    138,287      2002
   12,518       11,372     31,424           64,726            39,894      17,837    133,365      2003
                                                                                                      @
   13,161       12,678     33,435           70,147            46,740      17,975    141,645      2004




                                                   29
 Table 5 Consumption expenditure in the domestic market by commodity group
            (b) Percentage distribution at current market prices
%
                            (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            and
          the 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              6.4
1967             100.0            30.6          2.1          2.4        14.7         13.7     1.8              5.5
1968             100.0            29.1          2.0          2.0        15.8         13.4     1.8              6.5
1969             100.0            29.0          2.1          1.9        16.7         12.3     1.7              6.4
1970             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              6.6
1972             100.0            28.2          2.3          1.5        19.3         10.1     1.6              6.2
1973             100.0            27.7          2.0          1.2        20.2          9.4     1.5              6.3
1974             100.0            30.3          1.7          1.3        17.2         10.6     2.0              6.3
1975             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              7.1
1977             100.0            25.4          1.6          1.2        16.6         12.2     1.9              7.2
1978             100.0            24.8          1.6          1.1        18.8         11.6     1.6              7.5
1979             100.0            23.5          1.5          1.1        18.2         11.8     1.8              8.9
1980             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              9.3
1982             100.0            21.6          1.2          1.1        15.7         12.7     2.1              8.1
1983             100.0            21.1          1.1          1.0        16.3         12.8     2.1              8.7
1984             100.0            20.1          1.0          1.0        16.6         12.6     2.1              9.4
1985             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              9.6
1987             100.0            16.0          1.1          0.8        19.5         12.2     1.6             10.3
1988             100.0            15.0          1.1          0.8        20.5         12.2     1.5             10.7
1989             100.0            14.6          0.9          0.9        20.1         12.5     1.5             10.0
1990             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             10.5
1992             100.0            12.3          0.7          0.8        20.0         13.2     1.3             10.8
1993             100.0            11.8          0.6          0.6        21.1         13.6     1.2             10.4
1994             100.0            11.9          0.6          0.6        20.3         14.7     1.2             10.7
1995             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              9.7
1997             100.0            11.8          0.5          0.5        19.6         16.7     1.4              9.3
1998             100.0            11.8          0.4          0.5        17.1         19.4     1.6              8.6
1999             100.0            12.0          0.5          0.5        15.2         19.2     1.6              8.7
2000             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              9.7
2002             100.0            12.3          0.4          0.3        12.1         18.5     2.1              9.3
2003 @           100.0            12.3          0.4          0.4        11.7         18.9     2.4              9.9
2004             100.0            12.3          0.4          0.4        13.4         17.2     2.3              9.7




                                                      30
 Table 5 Consumption expenditure in the domestic market by commodity group
            (b) Percentage distribution at current market prices
                                                                                                           %
   (8)          (9)         (10)             (11)            (12)           (13)          (14)



                             Medical
                                care
                                 and         Transport       Recreation
Household      Personal       health              and               and                    Other
 operation         care     expenses     communication    entertainment   Education      services   Year

         1.5          2.0          3.0              6.6             6.7            1.9       7.8    1966
         1.6          2.0          3.2              6.5             6.4            1.9       7.8    1967
         1.6          2.0          2.6              6.6             6.4            1.8       8.3    1968
         1.7          2.0          2.6              7.1             6.4            1.7       8.4    1969
         1.6          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    1971
         1.5          2.0          2.3              6.9             5.8            1.5      10.7    1972
         1.6          2.0          3.0              6.5             5.5            1.4      11.7    1973
         1.6          2.2          2.9              5.9             5.4            1.4      11.2    1974
         1.6          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    1976
         1.6          1.9          3.8              6.4             6.1            1.3      12.7    1977
         1.5          1.9          3.6              6.5             6.0            1.2      12.3    1978
         1.6          1.8          3.6              6.7             6.2            1.1      12.2    1979
         1.6          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    1981
         1.6          1.7          3.5              7.6             6.9            1.2      15.0    1982
         1.5          1.9          3.9              6.9             6.9            1.2      14.5    1983
         1.5          1.9          3.8              6.8             7.2            1.2      14.7    1984
         1.6          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    1986
         1.4          1.8          3.7              6.9             7.5            1.1      16.0    1987
         1.4          1.7          3.5              7.4             7.5            1.1      15.6    1988
         1.5          1.8          3.3              7.3             7.4            1.1      17.0    1989
         1.5          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    1991
         1.3          1.7          4.0              9.3             6.4            1.1      16.8    1992
         1.3          1.9          3.8              8.8             7.2            1.2      16.4    1993
         1.3          2.1          4.1              8.5             7.0            1.3      15.9    1994
         1.3          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    1996
         1.4          1.9          3.9              8.3             6.9            1.6      16.2    1997
         1.6          1.5          4.1              8.9             6.4            1.9      16.2    1998
         1.6          1.5          4.2              9.1             5.9            2.2      17.8    1999
         1.6          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    2001
         1.9          1.4          4.4              9.6             6.3            2.4      19.0    2002
         1.8          1.6          4.5              9.2             5.7            2.5      18.9    2003 @
         1.7          1.7          4.4              9.3             6.2            2.4      18.7    2004




                                                    31
 Table 5 Consumption expenditure in the domestic market by commodity group
                      (c) Volume indices (2000=100)

                             (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            and
          the domestic      alcoholic     Alcoholic                   personal     tenance      and     household
Year            market     beverages      beverages     Tobacco         effects    charges     light    equipment

1966               12.0            28.9          62.0        202.5         9.6          8.8     11.5             3.5
1967               12.2            28.8          65.8        232.4         9.5          9.7     12.5             3.0
1968               13.4            29.5          67.4        225.6        12.5         10.6     13.2             3.7
1969               14.6            31.2          80.8        236.8        14.2         11.2     14.9             3.9
1970               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             5.0
1972               19.1            37.1       115.0          272.5        23.9         12.1     18.8             5.3
1973               20.9            38.4       124.6          264.1        24.3         13.5     20.5             6.3
1974               20.2            40.1       100.0          274.6        18.1         15.9     21.5             6.1
1975               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             8.0
1977               26.2            45.5       125.7          269.4        26.4         21.6     27.5             9.6
1978               30.7            52.3       144.8          278.5        35.7         23.8     28.3            11.9
1979               33.1            55.0       147.7          306.6        36.0         25.7     31.5            15.6
1980               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            21.5
1982               40.6            62.5       176.1          347.3        40.6         34.8     32.7            21.3
1983               43.6            65.4       153.8          244.1        45.0         37.9     35.2            25.2
1984               46.0            66.3       132.3          231.8        47.5         39.7     40.8            28.5
1985               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            33.5
1987               58.1            73.9       168.3          210.7        65.7         48.9     48.8            40.9
1988               63.2            74.8       191.6          240.6        75.1         55.2     51.0            46.9
1989               65.3            74.8       157.8          281.9        77.6         60.1     56.9            47.9
1990               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            63.3
1992               80.6            80.0       143.4          194.9        98.7         74.0     66.8            74.6
1993               86.7            83.2       133.1          154.9       112.0         80.9     67.9            80.4
1994               91.7            90.9       156.3          161.5       114.1         85.8     72.5            91.7
1995               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          96.8
1997              101.1        102.0          154.3          155.3       121.8         94.3     90.0          96.8
1998               91.7         92.9          111.8          139.3        96.5         95.9     95.7          80.5
1999               93.2         94.9          123.6          120.5        96.0         97.2     94.8          82.7
2000              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         105.0
2002              103.1        105.2          107.5           85.5        86.9        111.2    118.9         108.0
2003              103.2        103.8          113.2          100.0        81.3        115.2    126.6         117.9
     @
2004              111.3        108.7          112.5           95.0        94.8        118.5    122.8         126.6




                                                        32
 Table 5 Consumption expenditure in the domestic market by commodity group
                      (c) Volume indices (2000=100)

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


                            Medical
                               care
                                and       Transport         Recreation
Household       Personal     health            and                 and                   Other
 operation          care   expenses   communication      entertainment     Education   services   Year

         24.5       18.3       15.0                7.0              14.1        29.0       7.6    1966
         24.9       18.6       16.8                7.4              14.4        30.9       7.9    1967
         26.0       20.1       14.7                8.2              15.5        32.8       9.1    1968
         26.6       21.7       15.9                9.9              16.7        35.6      10.2    1969
         27.5       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    1971
         29.5       25.9       18.6               13.0              20.2        45.2      15.1    1972
         31.6       30.5       29.1               14.8              22.0        53.2      17.8    1973
         32.4       32.5       29.0               13.2              21.4        55.1      17.9    1974
         32.9       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    1976
         36.9       36.3       40.1               17.5              28.4        56.1      25.0    1977
         40.4       42.0       41.9               20.8              32.2        59.4      28.1    1978
         42.4       43.7       47.9               21.7              36.7        69.0      30.5    1979
         45.5       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    1981
         49.3       49.5       55.7               26.7              49.6        78.6      40.5    1982
         49.5       58.6       63.9               26.7              55.2        76.5      42.6    1983
         50.5       61.2       61.3               27.8              60.6        78.1      46.2    1984
         52.1       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    1986
         57.5       73.3       74.1               34.0              78.4        75.4      61.1    1987
         60.9       77.0       75.2               40.4              82.8        73.2      63.3    1988
         63.3       83.8       73.9               41.2              83.1        71.9      67.6    1989
         65.1       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    1991
         70.5      101.5      103.8               63.6              90.1        67.0      76.5    1992
         74.5      122.6      104.2               65.3             105.2        68.0      79.4    1993
         74.5      145.0      114.6               67.9             105.2        72.5      81.3    1994
         79.8      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    1996
      92.6         151.1      114.2               80.3             106.9        83.3      96.3    1997
      98.1         106.3      103.8               82.2              98.5        87.4      90.5    1998
      96.2         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    2001
     111.2         105.7      101.3              106.7             103.0       101.3     100.6    2002
     103.8         117.8       99.7              105.9              91.8       102.1     100.2    2003
                                                                                                       @
     112.7         132.8      105.1              118.7             104.4       102.3     109.1    2004




                                                   33
                Table 6 Government consumption expenditure by component
                             (a) At current market prices
HK$ million
                                                              (1)                    (2)                         (3)
                                                                                                                     Sales by
                                                                                                      government departments
                            Government a                                                                       not engaged in
                            consumption                Compensation of             Purchases of            market activities to
Year                         expenditure                   employees          goods and services    households and enterprises

1966                                  1,070                             720                   409                           59
1967                                  1,199                             758                   499                           58
1968                                  1,300                             833                   527                           60
1969                                  1,412                             916                   562                           66
1970                                  1,630                           1,029                   680                           79

1971                                  1,741                           1,142                   687                           88
1972                                  2,078                           1,533                   646                          101
1973                                  2,559                           1,674                   996                          111
1974                                  3,171                           2,074                 1,227                          130
1975                                  3,493                           2,320                 1,322                          149

1976                                  4,008                           2,658                 1,552                          202
1977                                  4,655                           3,071                 1,806                          222
1978                                  5,436                           3,573                 2,107                          244
1979                                  6,755                           4,255                 2,790                          290
1980                                  8,706                           5,661                 3,431                          386

1981                                12,211                            7,126                 5,599                          514
1982                                14,547                            9,631                 5,569                          653
1983                                16,336                           11,237                 5,937                          838
1984                                18,027                           12,942                 6,080                          995
1985                                19,751                           14,750                 6,062                        1,061

1986                                22,843                           17,009                 6,963                        1,129
1987                                25,672                           19,086                 7,907                        1,321
1988                                29,943                           21,933                 9,543                        1,533
1989                                36,168                           26,029                11,812                        1,673
1990                                43,141                           31,169                14,042                        2,070

1991                                51,294                           38,181                15,617                        2,504
1992                                63,795                           48,425                18,420                        3,050
1993                                72,283                           54,775                21,141                        3,633
1994                                83,148                           62,867                24,584                        4,303
1995                                93,624                           70,996                27,851                        5,223

1996                               103,541                           79,560                30,032                        6,051
1997                               112,751                           86,451                33,277                        6,977
1998                               116,550                           91,309                32,719                        7,478
1999                               119,993                           95,784                32,454                        8,245
2000                               120,172                           95,430                32,850                        8,108

2001                              128,866                           105,534                32,678                       9,346
2002                              131,291                           105,570                34,989                       9,268
2003                              130,151                           103,911                35,177                       8,937
2004@                             127,309                           101,983                35,231                       9,905
2005@                             121,419                            95,483                35,752                       9,816

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




                                                                         34
        Table 6 Government consumption expenditure by component
                    (b) Volume indices (2000=100)

                                (1)                      (2)                         (3)
                                                                                         Sales by
                                                                          government departments
            Government                                                             not engaged in
            consumption    Compensation of              Purchases of           market activities to
Year         expenditure       employees           goods and services   households and enterprises

1966                12.7               14.9                       9.6                         20.2
1967                14.0               15.3                      11.9                         19.1
1968                14.8               15.9                      12.9                         18.6
1969                16.1               17.3                      13.8                         18.1
1970                17.0               17.8                      15.5                         21.9

1971                17.4               19.2                      14.7                         25.2
1972                18.5               22.5                      12.6                         27.9
1973                20.3               22.1                      17.8                         28.0
1974                22.2               23.9                      19.6                         30.0
1975                23.6               25.6                      20.2                         28.5

1976                25.2               27.0                      22.5                         33.6
1977                27.6               28.6                      25.5                         32.7
1978                30.3               30.9                      29.1                         35.8
1979                33.5               32.9                      33.9                         39.5
1980                36.0               36.2                      34.7                         37.3

1981                43.9               38.8                      50.4                         41.4
1982                46.3               45.5                      46.0                         44.8
1983                49.1               49.4                      46.6                         44.7
1984                51.1               52.5                      46.4                         43.2
1985                52.5               54.6                      46.1                         40.7

1986                55.8               56.8                      50.9                         39.2
1987                58.0               59.3                      52.7                         43.6
1988                60.2               61.5                      54.8                         45.9
1989                63.3               64.0                      58.4                         44.5
1990                66.7               67.1                      62.9                         50.3

1991                71.8               73.3                      65.3                         53.3
1992                81.3               83.6                      72.0                         57.1
1993                83.0               85.2                      74.6                         62.4
1994                86.1               88.7                      76.7                         64.8
1995                88.8               90.9                      81.4                         72.1

1996                92.2               94.0                     85.9                          77.9
1997                94.4               95.3                     90.6                          83.6
1998                95.0               95.0                     94.3                          90.6
1999                98.0               98.7                     97.2                         102.2
2000               100.0              100.0                    100.0                         100.0

2001               106.0              109.1                     99.5                         114.9
2002               108.7              109.3                    109.6                         119.5
2003               110.7              109.8                    112.1                         105.9
2004@              111.5              111.4                    111.4                         109.9
2005@              108.1              107.5                    110.0                         108.2




                                              35
        Table 6 Government consumption expenditure by component
                  (c) Percentage changes in real terms
%
                                 (1)                 (2)                         (3)
                                                                                     Sales by
                                                                      government departments
             Government                                                        not engaged in
             consumption    Compensation of         Purchases of           market activities to
Year          expenditure       employees      goods and services   households and enterprises

1966                 11.2                 -                     -                            -
1967                 10.6               3.2                  24.8                         -5.2
1968                  5.8               3.9                   8.1                         -2.5
1969                  8.6               8.4                   6.9                         -2.7
1970                  5.8               3.1                  12.6                         20.7

1971                  2.4               7.9                  -5.4                         15.1
1972                  6.1              16.8                 -14.4                         10.7
1973                 10.1              -1.8                  41.3                          0.4
1974                  9.2               8.5                  10.1                          6.9
1975                  6.3               7.0                   3.3                         -4.8

1976                  6.8               5.3                  11.4                         17.6
1977                  9.3               6.2                  13.1                         -2.7
1978                  9.9               7.7                  14.1                          9.5
1979                 10.6               6.7                  16.8                         10.3
1980                  7.4               9.9                   2.2                         -5.5

1981                 21.9               7.3                  45.3                         10.9
1982                  5.5              17.1                  -8.6                          8.3
1983                  6.0               8.7                   1.2                         -0.2
1984                  3.9               6.2                  -0.5                         -3.5
1985                  2.7               4.0                  -0.6                         -5.6

1986                  6.5               4.0                  10.3                         -3.7
1987                  3.9               4.4                   3.7                         11.1
1988                  3.7               3.8                   3.8                          5.4
1989                  5.2               4.0                   6.6                         -3.1
1990                  5.4               4.8                   7.8                         13.0

1991                  7.7               9.3                   3.9                          5.8
1992                  7.1               7.7                   4.2                         -1.3
1993                  2.1               1.9                   3.7                          9.3
1994                  3.7               4.2                   2.8                          3.8
1995                  3.2               2.5                   6.1                         11.3

1996                  3.8               3.4                   5.5                          8.0
1997                  2.4               1.4                   5.5                          7.3
1998                  0.7              -0.3                   4.0                          8.4
1999                  3.1               3.9                   3.1                         12.8
2000                  2.1               1.3                   2.9                         -2.1

2001                  6.0               9.1                  -0.5                         14.9
2002                  2.5               0.2                  10.2                          4.0
2003                  1.9               0.5                   2.3                        -11.4
2004@                 0.7               1.4                  -0.7                          3.8
2005@                -3.0              -3.5                  -1.2                         -1.6




                                          36
                               Table 7 Individual and collective consumption
                                       (a) At current market prices
                                                                                                                                  HK$ million
                                 (1)                     (2)                     (3)                         (4)                        (5)
                                                                             Government
                             Private                Government              consumption
                        consumption                 consumption           expenditure for                Individual a              Collective b
Year                     expenditure                 expenditure           individual use              consumption               consumption

1961                             5,612                          619                    134                      5,746                         485
1962                             6,275                          654                    142                      6,417                         512
1963                             6,924                          746                    162                      7,086                         584
1964                             7,639                          847                    184                      7,823                         663
1965                             8,610                          949                    206                      8,816                         743

1966                             9,763                         1,070                   235                     9,998                        835
1967                            10,439                         1,199                   260                    10,699                        939
1968                            11,592                         1,300                   282                    11,874                      1,018
1969                            13,117                         1,412                   309                    13,426                      1,103
1970                            14,975                         1,630                   350                    15,325                      1,280

1971                            17,290                         1,741                   374                    17,664                      1,367
1972                            19,987                         2,078                   452                    20,439                      1,626
1973                            26,659                         2,559                   641                    27,300                      1,918
1974                            30,306                         3,171                   839                    31,145                      2,332
1975                            31,922                         3,493                   926                    32,848                      2,567

1976                            36,358                         4,008                 1,067                    37,425                      2,941
1977                            44,343                         4,655                 1,212                    45,555                      3,443
1978                            54,747                         5,436                 1,383                    56,130                      4,053
1979                            67,544                         6,755                 1,689                    69,233                      5,066
1980                            85,411                         8,706                 2,213                    87,624                      6,493

1981                          102,788                      12,211                    2,950                   105,738                     9,261
1982                          119,091                      14,547                    3,582                   122,673                    10,965
1983                          138,268                      16,336                    4,253                   142,521                    12,083
1984                          157,843                      18,027                    4,677                   162,520                    13,350
1985                          169,387                      19,751                    5,087                   174,474                    14,664

1986                          192,143                      22,843                    6,249                   198,392                    16,594
1987                          224,020                      25,672                    7,149                   231,169                    18,523
1988                          261,754                      29,943                    8,321                   270,075                    21,622
1989                          296,603                      36,168                   10,049                   306,652                    26,119
1990                          342,168                      43,141                   11,952                   354,120                    31,189

1991                          406,466                      51,294                   14,958                   421,424                    36,336
1992                          472,798                      63,795                   22,338                   495,136                    41,457
1993                          541,082                      72,283                   25,899                   566,981                    46,384
1994                          624,409                      83,148                   30,111                   654,520                    53,037
1995                          691,708                      93,624                   35,184                   726,892                    58,440

1996                          755,508                    103,541                    39,717                   795,225                    63,824
1997                          833,825                    112,751                    45,901                   879,726                    66,850
1998                          795,948                    116,550                    49,109                   845,057                    67,441
1999                          765,282                    119,993                    51,230                   816,512                    68,763
2000                          774,280                    120,172                    48,388                   822,668                    71,784

2001                         782,587                     128,866                   51,968                   834,555                     76,898
2002                         747,850                     131,291                   52,715                   800,565                     78,576
2003                         719,304                     130,151                   52,963                   772,267                     77,188
2004@                        767,769                     127,309                   50,265                   818,034                     77,044
2005@                        809,244                     121,419                   49,053                   858,297                     72,366

  a     Individual consumption covers goods and services which are actually consumed by households (e.g. educational services), irrespective of
        whether the ultimate bearers of the expenses are households themselves (e.g. employing private tutors) or private non-profit institutions
        (e.g. attending Caritas schools) or government (e.g. attending government schools). It is equal to the sum of columns (1) and (3).
  b     Collective consumption refers to government services provided to the community as a whole (e.g. security services provided by police). In
        economic terms, they are called public goods. It is equal to column (2) less column (3).




                                                                        37
                Table 7 Individual and collective consumption
                  (b) Percentage changes in nominal terms
%
                (1)          (2)                  (3)             (4)               (5)
                                              Government
              Private    Government          consumption
         consumption     consumption       expenditure for     Individual        Collective
Year      expenditure     expenditure       individual use   consumption       consumption

1961                -                 -                 -                  -                 -
1962             11.8               5.7               6.0               11.7               5.6
1963             10.3              14.1              14.1               10.4              14.1
1964             10.3              13.5              13.6               10.4              13.5
1965             12.7              12.0              12.0               12.7              12.1

1966             13.4              12.8              14.1               13.4              12.4
1967              6.9              12.1              10.6                7.0              12.5
1968             11.0               8.4               8.5               11.0               8.4
1969             13.2               8.6               9.6               13.1               8.3
1970             14.2              15.4              13.3               14.1              16.0

1971             15.5               6.8               6.9               15.3               6.8
1972             15.6              19.4              20.9               15.7              18.9
1973             33.4              23.1              41.8               33.6              18.0
1974             13.7              23.9              30.9               14.1              21.6
1975              5.3              10.2              10.4                5.5              10.1

1976             13.9              14.7              15.2               13.9              14.6
1977             22.0              16.1              13.6               21.7              17.1
1978             23.5              16.8              14.1               23.2              17.7
1979             23.4              24.3              22.1               23.3              25.0
1980             26.5              28.9              31.0               26.6              28.2

1981             20.3              40.3              33.3               20.7              42.6
1982             15.9              19.1              21.4               16.0              18.4
1983             16.1              12.3              18.7               16.2              10.2
1984             14.2              10.4              10.0               14.0              10.5
1985              7.3               9.6               8.8                7.4               9.8

1986             13.4              15.7              22.8               13.7              13.2
1987             16.6              12.4              14.4               16.5              11.6
1988             16.8              16.6              16.4               16.8              16.7
1989             13.3              20.8              20.8               13.5              20.8
1990             15.4              19.3              18.9               15.5              19.4

1991             18.8              18.9              25.2               19.0              16.5
1992             17.2              17.7              24.9               17.5              14.1
1993             14.4              13.3              15.9               14.5              11.9
1994             15.4              15.0              16.3               15.4              14.3
1995             10.8              12.6              16.8               11.1              10.2

1996              9.2              10.6              12.9                9.4               9.2
1997             10.4               8.9              15.6               10.6               4.7
1998             -4.5               3.4               7.0               -3.9               0.9
1999             -3.9               3.0               4.3               -3.4               2.0
2000              1.2               0.1              -5.5                0.8               4.4

2001              1.1               7.2                7.4               1.4               7.1
2002             -4.4               1.9                1.4              -4.1               2.2
2003             -3.8              -0.9                0.5              -3.5              -1.8
2004 @            6.7              -2.2               -5.1               5.9              -0.2
2005 @            5.4              -4.6               -2.4               4.9              -6.1




                                          38
                                  Table 8 Gross domestic fixed capital formation
                                   by type of assets and by private/public sector
                                           (a) At current market prices
                                                                                                                                        HK$ million
                                                                          (1)                            (2)                        (3)
                                          a
                   Gross domestic                                                                                           Machinery, equipment
                                                                                                                     c
              fixed capital formation                      Building and construction                       Costs            and computer software
                                                                                                              of
                                   b,c              b                            b                b                                          b            b
                         Private          Public                       Private           Public       ownership                    Private       Public
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          41
1967        2,997          2,572              425         1,903          1,508              395                 42         1,052     1,022          30
1968        2,625          2,270              355         1,448          1,121              327                 44         1,133     1,105          28
1969        3,036          2,705              331         1,446          1,142              304                 52         1,538     1,511          27
1970        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          43
1972       7,308           6,583             725          4,285          3,619              666                161         2,862     2,803          59
1973       9,154           8,049           1,105          5,406          4,395            1,011                216         3,532     3,438          94
1974      10,746           9,027           1,719          6,826          5,229            1,597                145         3,775     3,653         122
1975      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          80
1977      17,734         14,703            3,031         11,741          8,819            2,922             372            5,621     5,512         109
1978      22,578         18,139            4,439         14,450         10,304            4,146             563            7,565     7,272         293
1979      33,521         27,614            5,907         21,491         16,204            5,287             669           11,361    10,741         620
1980      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        1,143
1982      59,182         47,282          11,900          39,519         28,929          10,590            1,601           18,062    16,752        1,310
1983      53,438         40,867          12,571          32,510         21,439          11,071            1,262           19,666    18,166        1,500
1984      57,944         46,467          11,477          30,934         20,648          10,286            1,373           25,637    24,446        1,191
1985      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          769
1987      92,727         81,656          11,071          45,206         35,088          10,118            4,283           43,238    42,285          953
1988     117,438        103,867          13,571          59,347         47,204          12,143            5,052           53,039    51,611        1,428
1989     138,102        120,310          17,792          73,166         57,212          15,954            7,636           57,300    55,462        1,838
1990     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        2,262
1992     217,637        194,859          22,778         107,666        87,161           20,505           17,917           92,054    89,781        2,273
1993     249,443        215,880          33,563         130,034        99,636           30,398           19,873           99,536    96,371        3,165
1994     305,757        264,970          40,787         164,916       128,504           36,412           21,320          119,521   115,146        4,375
1995     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        9,556
1997     451,891        387,665          64,226         223,264       170,104           53,160           37,867          190,760   179,694       11,066
1998     388,731        327,519          61,212         208,235       157,247           50,988           15,319          165,177   154,953       10,224
1999     325,328        259,677          65,651         171,930       116,952           54,978           12,049          141,349   130,676       10,673
2000     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        9,745
2002     286,020        232,475          53,545         131,752         88,477          43,275            9,436          144,832   134,562       10,270
2003     261,367        209,911          51,456         116,419         74,197          42,222            8,411          136,537   127,303        9,234
2004@    274,872        226,429          48,443         107,532         67,373          40,159           16,797          150,543   142,259        8,284
2005@    287,862        246,549          41,313         104,757         69,584          35,173           19,890          163,215   157,075        6,140

   a Gross domestic fixed capital formation = (1) + (2) + (3)
   b For the coverage of private and public sectors, see paragraphs 3.31, 3.32, 3.36 and 3.37.
   c Costs of ownership transfer are classified to the private sector.


                                                                         39
                                  Table 8 Gross domestic fixed capital formation
                                   by type of assets and by private/public sector
                                         (b) Volume indices (2000=100)

                                                                          (1)                            (2)                    (3)
                    Gross domestic                                                                                       Machinery, equipment
                                                                                                                   b
                fixed capital formation                      Building and construction                     Costs         and computer software
                                                                                                              of
                                   a,b             a                              a               a                                      a            a
                         Private          Public                       Private           Public       ownership                Private       Public
Year        Total         sector          sector          Total         sector           sector         transfer       Total    sector       sector

1966          13.2          13.1            14.1            28.7           33.6            17.1             16.6         3.7      3.7           3.0
1967          10.9          10.8            12.2            22.3           25.4            15.0             14.7         3.8      3.9           2.2
1968           9.9           9.7            11.3            18.9           21.1            13.9             16.9         4.1      4.2           2.0
1969          10.3          10.3            10.1            18.0           20.4            12.3             19.3         5.2      5.3           1.9
1970          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           2.2
1972          15.9          16.5            12.0            28.7           34.7            14.4             33.3         7.3      7.5           3.0
1973          17.8          18.0            15.8            31.1           36.2            18.8             39.7         8.6      8.8           4.6
1974          17.5          16.9            21.1            33.3           36.8            25.4             22.0         7.6      7.7           5.0
1975          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          2.9
1977          25.5          24.1            35.2            51.6           55.2            43.7             33.0         9.4      9.7          3.7
1978          28.1          25.6            44.9            54.4           54.9            54.4             40.2        11.7     11.9          9.2
1979          32.3          30.5            44.5            58.6           62.0            51.2             35.0        16.2     16.1         17.9
1980          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         26.6
1982          43.2          40.3            62.7            82.5           87.6            71.5             49.9        19.2     18.7         28.0
1983          39.7          36.0            64.5            74.0           74.8            73.5             47.1        18.6     18.0         28.7
1984          40.7          38.4            56.9            69.8           71.9            66.2             47.0        22.6     22.7         21.1
1985          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         11.9
1987          49.4          50.1            45.2            73.9           82.6            53.5           120.1         31.0     31.9         13.8
1988          52.7          54.0            44.9            75.6           85.9            51.6           111.8         35.9     36.7         19.6
1989          54.7          55.2            51.4            80.4           89.7            58.8            97.9         36.9     37.6         23.8
1990          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         28.4
1992          70.7          73.3            55.6           88.2           99.1             63.0           165.4         55.5     56.9         28.0
1993          73.3          72.8            77.1           93.6           96.1             87.7           157.3         56.9     57.9         37.1
1994          84.5          83.8            90.6          109.8          113.4            101.6           141.4         66.6     67.5         49.2
1995          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        105.0
1997        116.6          116.1           122.7          131.3          135.0            122.7           191.3        104.6    103.7        122.4
1998        108.1          107.9           110.7          128.1          136.5            108.6           107.4         96.3     95.2        118.8
1999         90.1           86.6           111.4          108.3          107.7            109.7            94.3         78.8     76.7        118.0
2000        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        113.5
2002         98.0           98.3            96.3            97.8         101.9             89.5            98.4         98.1     96.1        134.6
2003         98.9           99.1            97.6            92.4          93.1             91.0            95.3        104.7    103.1        135.0
2004@       101.9          104.1            91.1            81.6          79.4             85.8           151.1        116.2    115.9        120.6
2005@       105.8          112.0            76.4            76.0          76.9             74.0           152.0        128.6    130.6         89.7

   a For the coverage of private and public sectors, see paragraphs 3.31, 3.32, 3.36 and 3.37.
   b Costs of ownership transfer are classified to the private sector.



                                                                             40
                                  Table 8 Gross domestic fixed capital formation
                                   by type of assets and by private/public sector
                                       (c) Percentage changes in real terms
                                                                                                                                                 %
                                                                          (1)                            (2)                    (3)
                     Gross domestic                                                                                      Machinery, equipment
                                                                                                                   b
                 fixed capital formation                    Building and construction                      Costs         and computer software
                                                                                                              of
                                    a,b            a                              a               a                                      a            a
                         Private          Public                       Private           Public       ownership                Private       Public
Year        Total         sector          sector          Total         sector           sector         transfer       Total    sector       sector

1966         -13.1             -               -               -              -               -                -           -        -             -
1967         -17.3         -17.6           -12.9           -22.3          -24.3           -12.3            -11.3         4.1      6.2         -25.2
1968          -9.1          -9.9            -7.4           -15.1          -16.9            -7.4             14.9         5.9      6.9          -7.9
1969           4.1           6.7           -11.3            -4.9           -3.2           -11.6             14.2        26.9     27.5          -9.1
1970          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         -1.0
1972           9.2           9.0            12.6             8.9            8.5            11.0             52.6         4.3       3.7         36.0
1973          11.7           9.3            32.2             8.2            4.4            30.6             19.1        18.1      16.9         52.9
1974          -1.6          -6.2            33.1             7.2            1.5            34.7            -44.7       -11.8     -12.3          8.5
1975           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        -13.5
1977          25.9          22.9            42.1            31.7           28.7            42.6             15.4        12.1     12.0         27.8
1978          10.3           6.4            27.5             5.4           -0.7            24.5             21.5        24.4     22.2        147.9
1979          14.9          19.1            -0.8             7.7           13.0            -5.8            -12.8        38.3     35.7         95.4
1980          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         41.9
1982           1.9          -3.0            29.7             9.7            3.7            33.6             -3.3       -13.0     -14.0          5.1
1983          -8.2         -10.8             2.8           -10.3          -14.6             2.9             -5.5        -3.2      -3.6          2.7
1984           2.7           6.6           -11.8            -5.6           -3.9           -10.0             -0.2        21.9      25.8        -26.4
1985           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         -26.5
1987          14.2          15.1             8.0              4.4           3.6             7.5             39.2        27.0     27.2          16.1
1988           6.6           7.7            -0.6              2.3           3.9            -3.5             -6.9        15.6     15.0          42.2
1989           3.8           2.3            14.6              6.4           4.5            13.9            -12.4         2.9      2.3          21.7
1990           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         19.9
1992           9.3           9.8             5.8            -1.4           -3.4             6.8             14.3        21.3     22.0         -1.5
1993           3.6          -0.7            38.5             6.0           -3.1            39.2             -4.9         2.6      1.8         32.8
1994          15.3          15.1            17.5            17.4           18.0            15.8            -10.1        17.1     16.5         32.6
1995          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         52.5
1997          12.6          16.5            -5.2            10.5           21.1            -9.7             29.6        13.1      12.9         16.6
1998          -7.3          -7.0            -9.7            -2.4            1.1           -11.5            -43.9        -7.9      -8.2         -2.9
1999         -16.6         -19.8             0.6           -15.5          -21.1             1.0            -12.2       -18.2     -19.4         -0.6
2000          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          13.5
2002          -4.5           -5.2           -1.4            -1.1            1.1            -5.7              0.1        -7.6     -9.1          18.6
2003           0.9            0.8            1.4            -5.6           -8.7             1.7             -3.1         6.7      7.2           0.3
2004@          3.0            5.1           -6.7           -11.7          -14.6            -5.7             58.5        11.0     12.5         -10.7
2005@          3.9            7.6          -16.1            -6.8           -3.2           -13.7              0.6        10.7     12.7         -25.6

   a For the coverage of private and public sectors, see paragraphs 3.31, 3.32, 3.36 and 3.37.
   b Costs of ownership transfer are classified to the private sector.



                                                                        41
              Table 9 Exports and imports of services by major service group
                             (a) At current market prices
HK$ million
                                                                   (1)
                                                                                 a
                                                          Exports of services

                                                                                                 Merchanting
                                                                                                    and other
                                                                  Insurance          Financial   trade-related     Other
Year            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      3,436
1982           40,736             16,976             8,771                600          2,798           7,594      3,997
1983           47,327             19,605            11,378                734          3,824           7,315      4,471
1984           57,396             22,274            14,035                874          4,690           9,845      5,677
1985           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      7,556
1987           94,324             32,411            24,880               1,147        10,086          15,884      9,916
1988          111,305             38,117            31,395               1,013        10,826          18,506     11,448
1989          127,209             43,852            34,485               1,087        12,652          22,467     12,667
1990          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     16,644
1992          185,907             67,178            45,618               2,295        18,361          32,672     19,784
1993          209,576             72,564            51,849               3,413        24,250          39,583     17,918
1994          234,284             81,115            53,953               3,430        29,135          44,531     22,119
1995          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     27,296
1997          286,595             87,342            59,661               2,665        32,786          73,441     30,700
1998          262,099             85,074            43,965               3,102        21,007          76,866     32,086
1999          276,385             89,230            42,840               3,065        30,054          81,524     29,672
2000          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     35,794
2002          347,836           103,751             58,134               3,421        32,708         115,996     33,826
2003          362,420           107,688             55,575               3,065        29,301         130,183     36,609
2004@         429,563           135,188             70,084               3,197        35,460         146,527     39,107


   a For the coverage of service groups, see paragraph 3.44.




                                                                42
          Table 9 Exports and imports of services by major service group
                         (a) At current market prices
                                                                                                    HK$ million
                                              (2)
                                                           a
                                     Imports of services

                                                                           Merchanting
                                                                              and other
                                            Insurance          Financial   trade-related     Other
  Total   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         1981
 27,615          11,516      7,978               906                706          1,777      4,731         1982
 32,735          13,279      9,794             1,084                982          1,740      5,857         1983
 39,441          15,625     12,052             1,486              1,209          2,316      6,753         1984
 43,536          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         1986
 61,047          22,636     19,717             2,065              2,689          3,709     10,231         1987
 74,036          27,434     24,933             2,231              2,798          4,318     12,321         1988
 84,540          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         1991
130,846          42,816     47,488             4,790              3,948         10,095     21,709         1992
139,975          44,274     54,907             4,508              5,910          8,058     22,318         1993
162,363          48,233     66,745             6,417              7,643          8,149     25,175         1994
180,623          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         1996
198,424          50,240     98,155             4,501              7,853          9,856     27,818         1997
194,245          42,865    104,361             4,600              7,423          8,505     26,490         1998
185,174          39,238    101,889             4,975              6,850         10,510     21,711         1999
192,427          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         2001
202,494          48,518     96,846             4,618              7,694         14,660     30,158         2002
203,400          52,305     89,133             4,840              6,835         16,008     34,279         2003
242,507          67,657    103,347             4,761              9,070         16,517     41,155         2004@




                                                      43
             Table 9 Exports and imports of services by major service group
                           (b) Volume indices (2000=100)

                                                                   (1)
                                                                                 a
                                                          Exports of services

                                                                                                 Merchanting
                                                                                                    and other
                                                                  Insurance          Financial   trade-related     Other
Year            Total     Transportation             Travel          services         services       services    services


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       22.9
1982              30.6               30.8               49.4              49.1           19.2            29.0       24.6
1983              32.5               33.3               56.5              54.8           24.5            24.9       25.0
1984              36.0               36.0               61.8              61.0           28.0            28.7       29.3
1985              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       37.4
1987              50.5               48.5              87.9               70.2           56.8            33.2       45.8
1988              54.6               53.2             100.7               57.5           58.4            33.9       49.8
1989              55.7               53.2             103.5               51.7           61.1            36.4       47.8
1990              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       51.4
1992              65.8               71.0             113.3               76.2           69.9            38.0       56.9
1993              70.4               75.9             120.4              101.0           83.6            42.9       47.3
1994              75.3               81.9             115.1               98.3           97.7            46.4       58.0
1995              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       69.7
1997             85.0                88.4             105.7               69.4           98.4            70.4       77.2
1998             82.0                89.7              86.7               79.4           66.7            74.7       86.9
1999             89.2                94.1              92.7               83.7           94.6            80.9       86.1
2000            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      109.3
2002            118.0               110.3             130.7               91.6          105.2           128.0      109.7
2003            127.3               111.9             126.3               81.2          114.2           151.2      123.1
2004@           150.1               133.2             150.5               86.9          156.5           173.1      133.2


   a For the coverage of service groups, see paragraph 3.44.




                                                                44
        Table 9 Exports and imports of services by major service group
                      (b) Volume indices (2000=100)

                                       (2)
                                                    a
                              Imports of services

                                                                    Merchanting
                                                                       and other
                                     Insurance          Financial   trade-related     Other
Total   Transportation   Travel        services          services       services    services   Year


 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    1981
 25.4             33.0     18.5              31.6           15.9            23.0       30.5    1982
 28.6             35.9     22.0              35.9           21.4            20.1       35.4    1983
 32.4             39.0     26.4              46.2           25.0            24.1       38.3    1984
 35.0             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    1986
 46.1             52.0     39.7              59.1           52.7            36.2       52.3    1987
 53.5             59.2     48.3              60.7           53.2            40.5       60.4    1988
 56.7             62.4     49.9              66.8           57.6            47.2       66.2    1989
 62.9             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    1991
 77.4             79.6     68.8          111.8              61.8            87.3       89.7    1992
 81.7             83.6     76.0          105.4              93.1            70.0       92.0    1993
 88.9             90.6     81.0          143.3             114.7            69.2       99.8    1994
 90.5             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    1996
 98.8            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    1998
 96.0            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    2001
106.0            99.8     100.4          112.9              95.9           140.9      126.1    2002
103.8           102.7      89.8          112.1              92.6           154.5      139.5    2003
118.9           127.9      99.4          106.7             121.3           154.6      163.2    2004@




                                               45
              Table 9 Exports and imports of services by major service group
                         (c) Percentage changes in real terms
%
                                                                    (1)
                                                                                  a
                                                           Exports of services

                                                                                                  Merchanting
                                                                                                     and other
                                                                   Insurance          Financial   trade-related     Other
Year             Total     Transportation             Travel          services         services       services    services


1980                0.6                  -                  -                -               -               -          -

1981               10.8               11.9               13.6             -11.9           34.9             3.5        6.7
1982                4.5                3.1               -0.2              -1.9           38.0             3.7        7.1
1983                6.2                7.9               14.4              11.6           27.9           -14.2        1.8
1984               10.8                8.4                9.4              11.2           14.1            15.1       17.0
1985                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       17.6
1987               17.1               14.3               25.8              36.4           22.6             5.2       22.4
1988                8.1                9.7               14.6             -18.1            2.7             1.9        8.7
1989                2.0                0.1                2.7             -10.1            4.6             7.4       -4.0
1990                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        10.5
1992                8.6                9.5               13.0             39.3             3.2             2.1        10.5
1993                6.9                6.9                6.3             32.4            19.6            12.8       -16.8
1994                7.1                8.0               -4.4             -2.6            16.8             8.2        22.6
1995                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       -2.1
1997               -0.4                0.1              -20.8               8.5             4.8           11.4       10.7
1998               -3.5                1.5              -18.0              14.4           -32.2            6.1       12.6
1999                8.8                4.9                7.0               5.4            41.7            8.3       -0.9
2000               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        9.3
2002               10.9               12.1               26.3              -9.6           -4.7            12.7        0.4
2003                7.9                1.4               -3.4             -11.4            8.5            18.2       12.1
2004@              17.9               19.1               19.2               7.0           37.0            14.4        8.2


    a For the coverage of service groups, see paragraph 3.44.




                                                                 46
        Table 9 Exports and imports of services by major service group
                   (c) Percentage changes in real terms
                                                                                                    %
                                       (2)
                                                      a
                              Imports of services

                                                                      Merchanting
                                                                         and other
                                     Insurance            Financial   trade-related     Other
Total   Transportation   Travel        services            services       services    services   Year


 13.2               -        -                  -                -               -          -    1980

 15.6             10.4     15.8              -7.7             34.0             4.8        39.8   1981
  1.1             -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   1983
 13.5              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    1986
 16.8             18.0     17.1              18.8             12.4            15.0       14.7    1987
 15.9             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    1989
 10.9              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    1991
 11.0             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    1993
  8.8              8.4      6.6               36.0             23.2           -1.1        8.5    1994
  1.8              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   1996
  3.9             -0.9      9.0               -1.7              9.6           -7.6         5.8   1997
  1.6             -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   1999
  4.2             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    2001
  3.9             -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    2003
 14.6             24.5     10.6              -4.8             31.1             0.1       17.0    2004@




                                                 47
    Table 10 GDP and its expenditure components at constant (2000) market prices


HK$ million

                                                                                                         @             @
GDP by expenditure component                            2000       2001       2002      2003      2004          2005


Gross Domestic Product                             1,314,789 1,323,167 1,347,495 1,390,610 1,510,182 1,620,906

Private consumption expenditure                     774,280     790,288    782,580   775,219   831,828       862,435
  Consumption expenditure in the domestic market    740,391     757,255    763,695   764,309   824,103       860,097
      Food                                           88,768      90,900     93,425    92,123    96,450       100,099
      Consumer goods                                234,183     236,411    230,297   230,501   254,939       271,429
         Consumer durables                           89,222      91,183     92,580    98,075   109,525       116,859
         Consumer non-durables                      144,961     145,228    137,717   132,426   145,414       154,570
      Services                                      417,440     429,944    439,973   441,685   472,714       488,569
  Expenditure of residents abroad                    80,433      81,303     79,500    69,515    77,478        77,129
  Less:Expenditure of non-residents                  46,544      48,270     60,615    58,605    69,753        74,791
        in the domestic market

Government consumption expenditure                  120,172     127,441    130,603   133,055   133,973       129,955

Gross domestic fixed capital formation              347,375     356,572    340,354   343,415   353,855       367,626
 Building and construction                          155,441     153,720    152,081   143,604   126,768       118,099
      Private sector                                104,125     105,013    106,143    96,901    82,725        80,103
      Public sector                                  51,316      48,707     45,938    46,703    44,043        37,996
 Costs of ownership transfer                         11,730      11,528     11,541    11,181    17,724        17,835
 Machinery, equipment & computer software           180,204     191,324    176,732   188,630   209,363       231,692
      Private sector                                171,120     181,018    164,505   176,369   198,408       223,541
      Public sector                                   9,084      10,306     12,227    12,261    10,955         8,151

Changes in inventories                               14,399      (4,889)     6,884    10,354     7,318        (5,137)

Exports of goods and services                      1,887,701 1,855,392 2,023,529 2,287,824 2,648,569 2,930,783
  Exports of goods (f.o.b.)                        1,572,689 1,520,244 1,651,945 1,886,760 2,175,685 2,418,344
    Domestic exports                                 180,967   162,588   144,376   133,810   137,012   147,372
    Re-exports                                     1,391,722 1,357,656 1,507,569 1,752,949 2,038,674 2,270,972
  Exports of services                                315,012   335,148   371,584   401,064   472,884   512,439
    Transportation                                    99,513    97,945   109,769   111,317   132,593   140,890
    Travel                                            46,019    47,643    60,167    58,141    69,281    74,307
    Merchanting and other trade-related services      97,616   110,890   124,951   147,642   168,965   190,210
    Other services                                    71,865    78,670    76,697    83,964   102,045   107,032

Less:Imports of goods and services                 1,829,138 1,801,637 1,936,455 2,159,257 2,465,361 2,664,756
  Imports of goods (f.o.b.)                        1,636,711 1,605,267 1,732,470 1,959,603 2,236,642 2,429,700
  Imports of services                                192,427   196,370   203,985   199,654   228,719   235,056
    Transportation                                    48,628    50,129    48,516    49,936    62,181    65,520
    Travel                                            97,402    98,318    97,790    87,468    96,779    96,416
    Merchanting and other trade-related services      11,170    12,202    15,743    17,259    17,270    18,608
    Other services                                    35,227    35,721    41,936    44,991    52,489    54,512

Per capita GDP (HK$)                                197,268     196,756    198,541   204,408   219,420       233,698

Implicit price deflator of GDP (2000=100)              100.0       98.2       94.8      88.7      85.5          85.3




                                                           48
(B) Quarterly GDP by expenditure component




                    49
                            Table 11            GDP by major expenditure component
                                               (a) At current market prices
HK$ million
                                                     (1)         (2)                             (3)
                                                                                  Gross domestic fixed capital formation
                                                                                                     of which:
                            a                                                (3)             (3a)                        (3b)
                    Gross                           Private Government             Building and construction           Machinery,
                                           b
                 domestic       Domestic       consumption consumption                    All Privated Public d equipment and
                                                                                 c
Year   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                761
          2        9,586           9,070             6,056         586     2,320       1,330   1,127     203                919
          3       10,966           9,673             6,696         655     2,261       1,309   1,092     217                910
          4       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                 794
          2       11,354          11,281             7,705         723     2,701       1,645   1,317     328               1,023
          3       12,389          11,582             7,669         844     2,826       1,765   1,352     413               1,020
          4       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                 918
          2       11,831          11,048             7,521         839     2,540       1,632   1,269     363                 851
          3       13,004          12,061             7,902         855     2,678       1,600   1,229     371               1,031
          4       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               1,033
          2       14,721          13,321             8,951         973     3,177       1,872   1,482     390               1,229
          3       16,650          14,383             8,751       1,019     3,324       2,030   1,557     473               1,234
          4       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               1,311
          2       17,108          16,278            10,461       1,113     4,319       2,674   2,110     564               1,561
          3       19,130          16,788            11,377       1,158     4,291       2,979   2,287     692               1,218
          4       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              1,644
          2       20,639          20,002            12,825       1,294     5,297       3,364   2,526      838              1,785
          3       21,658          20,464            13,767       1,385     5,621       3,660   2,579    1,081              1,820
          4       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              2,217
          2       26,774          26,332            15,925       1,555     7,627       4,742   3,727    1,015              2,734
          3       29,327          27,792            17,351       1,661     8,638       5,186   4,050    1,136              3,288
          4       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              3,035
          2       34,800          34,403            19,906       2,089    11,012       6,770   5,573    1,197              4,012
          3       37,952          36,200            22,094       2,190    11,913       7,755   6,090    1,665              3,906
          4       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              3,802
          2       41,053          42,220            24,423       2,784    14,146       8,449   6,962    1,487              5,149
          3       44,753          43,598            25,697       2,864    14,296       9,074   7,323    1,751              4,782
          4       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              4,355
          2       46,521          46,215            27,445       3,600    13,812      9,424    7,290    2,134              3,976
          3       51,303          49,852            30,830       3,720    15,286      9,749    7,092    2,657              5,180
          4       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              4,132
          2       50,911          50,494            32,440       4,042    12,583       7,565   5,365    2,200              4,709
          3       56,747          54,236            35,308       4,083    13,733       8,227   5,219    3,008              5,174
          4       60,844          59,124            37,606       4,130    14,388       8,420   5,355    3,065              5,651




                                                                   50
                        Table 11       GDP by major expenditure component
                                      (a) At current market prices
                                                                                                    HK$ million
     (4)                     (5)                              (6)            (7)           (8)

                  Exports of goods (f.o.b.)

               (5)            (5a)            (5b)
Changes in      Total        Domestic            Re-     Exports of     Imports of     Imports of
inventories   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     1
      108      5,758               4,408       1,350          2,268          6,404         1,106             2
       61      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     1
      152      8,093               6,199       1,894          2,928          9,402         1,546             2
      243      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     1
      148      6,930               5,275       1,655          2,846          7,537         1,456             2
      626      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     1
       220    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             3
        74    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     1
       385    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     1
       586    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     1
     1,225    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             3
       391    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     1
     1,396    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             3
     1,366    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     1
       867    29,551           19,540         10,010          8,948         33,540         6,126             2
       741    33,162           22,485         10,677          8,962         34,353         6,616             3
       921    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     1
     1,358    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             3
       475    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     1
     1,429    37,355           24,532         12,824         11,539         40,812         7,665             2
     1,112    44,115           29,475         14,640         11,951         44,757         8,798             3
     3,000    49,449           31,770         17,679         13,080         52,238         8,571             4




                                                        51
                                                Table 11 (a) ---- Continued

HK$ million
                                                     (1)         (2)                             (3)
                                                                                  Gross domestic fixed capital formation
                                                                                                     of which:
                            a                                                (3)             (3a)                        (3b)
                    Gross                           Private Government             Building and construction           Machinery,
                                           b
                 domestic       Domestic       consumption consumption                    All Privated Public d equipment and
                                                                                 c
Year   Quarter    product        demand         expenditure expenditure    Total      sectors sector sector computer software

1984      1       58,667          56,820            38,525       4,469    13,842       8,174    4,884   3,290              5,331
          2       63,663          59,852            37,005       4,358    14,486       7,319    5,112   2,207              6,787
          3       69,395          60,788            40,735       4,602    14,504       7,586    5,231   2,355              6,573
          4       69,035          62,157            41,578       4,598    15,112       7,855    5,421   2,434              6,946

1985      1       67,055          60,148            40,900       4,822    14,326       7,874    5,282   2,592              6,036
          2       66,784          60,178            40,426       4,747    14,584       6,890    5,329   1,561              7,251
          3       70,959          61,497            42,850       5,023    13,694       7,157    5,276   1,881              5,930
          4       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             6,725
          2       74,319          69,461            44,953       5,526    15,914       7,731    6,241   1,490             7,582
          3       84,719          73,354            49,045       5,723    16,883       8,541    6,572   1,969             7,554
          4       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             8,935
          2       91,583          84,267            53,941       6,128    21,393      9,859     7,939   1,920            10,550
          3      107,113          90,308            57,130       6,471    24,336     11,506     8,987   2,519            11,625
          4      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            10,909
          2      108,857         103,105            61,823       7,198    28,079     13,843    11,486   2,357            13,208
          3      124,212         109,655            66,398       7,886    30,390     14,320    11,098   3,222            14,405
          4      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            13,604
          2      128,240         120,203            70,906       8,798    35,048     17,299    14,351   2,948            15,431
          3      141,874         117,335            74,726       9,131    34,787     18,387    14,380   4,007            14,932
          4      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            13,967
          2      143,397         134,254            81,293      10,257    37,799     20,004    16,295   3,709            15,827
          3      158,892         140,144            88,531      11,128    39,529     21,910    17,478   4,432            15,672
          4      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            15,509
          2      164,176         159,252           96,731       12,545    44,152     22,054    18,417   3,637            19,215
          3      183,843         164,182          106,264       12,820    46,545     23,559    18,709   4,850            19,325
          4      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            17,326
          2      192,541         189,903          113,336       15,677    54,278     24,938    21,344   3,594            23,825
          3      213,491         193,883          123,440       16,263    57,359     26,806    22,111   4,695            25,552
          4      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            20,505
          2      222,292         217,646          130,267       18,100    63,290     30,360    24,452   5,908            27,612
          3      245,344         221,418          137,501       18,396    64,956     32,077    24,237   7,840            26,339
          4      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             22,620
          2      253,671         262,585          150,316       20,908    77,578     38,358    32,507 5,851              33,116
          3      273,312         262,588          156,553       21,146    75,341     41,405    32,425 8,980              29,328
          4      279,883         276,055          170,804       21,318    81,504     43,267    32,874 10,393             34,457




                                                                   52
                                        Table 11 (a) ---- Continued

                                                                                                    HK$ million
     (4)                     (5)                              (6)            (7)           (8)

                  Exports of goods (f.o.b.)

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

       (16)    45,837          28,115          17,722        13,718         47,915         9,793    1984     1
     4,003     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             3
       869     60,970          36,048          24,922        14,384         58,804         9,672             4

       100     54,449          28,976          25,473        16,363         52,710        11,195    1985     1
       421     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     1
     3,068     65,256          36,228          29,028        18,064         66,184        12,278             2
     1,703     75,332          43,013          32,320        18,613         69,578        13,002             3
     1,687     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     1
     2,805     90,907          47,264          43,643        23,216         91,807        15,000             2
     2,371    104,296          55,347          48,949        24,083         95,931        15,643             3
     3,612    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     1
     6,005    115,902          51,449          64,453        28,120        120,274        17,996             2
     4,981    136,382          60,755          75,627        27,665        130,148        19,342             3
     4,652    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     1
     5,451    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     1
     4,905    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             3
       837    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     1
     5,824    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     1
     6,612    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             3
     2,949    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     1
     5,989    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     1
   13,783     285,028          53,999         231,028        56,944        311,414        39,472             2
    9,548     320,928          61,430         259,498        59,613        327,309        42,508             3
    2,429     322,057          61,918         260,138        62,523        338,967        41,785             4




                                                        53
                                                       Table 11 (a) ---- Continued

HK$ million
                                                             (1)              (2)                                  (3)
                                                                                                    Gross domestic fixed capital formation
                                                                                                                       of which:
                                  a                                                            (3)             (3a)                        (3b)
                         Gross                             Private Government                        Building and construction           Machinery,
                                                  b
                      domestic        Domestic        consumption consumption                               All Privated Public d equipment and
                                                                                                   c
Year       Quarter     product         demand          expenditure expenditure               Total      sectors sector sector computer software

1995          1        258,375         272,680            164,017            22,527       77,152          40,803     28,439    12,364                 33,165
              2        271,118         299,905            168,964            23,282       87,064          38,779     28,587    10,192                 44,177
              3        288,502         290,817            171,717            23,952       85,334          37,972     25,866    12,106                 44,042
              4        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                 36,772
              2        296,533         310,845            181,815            25,720       93,535          42,610     31,274    11,336                 45,735
              3        318,240         307,521            187,929            26,497       92,147          43,548     31,038    12,510                 43,527
              4        336,515         337,596            207,308            26,515      106,648          54,309     39,051    15,258                 44,618

1997          1        312,619         332,139            195,006            27,606      104,926          51,219     34,721    16,498                 44,249
              2        337,833         353,511            205,712            29,081      113,142          51,368     40,481    10,887                 50,139
              3        356,702         362,009            212,727            28,128      113,367          57,250     44,417    12,833                 46,236
              4        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                 39,000
              2        322,211         336,065            200,275            28,149      108,158          54,962     43,050    11,912                 49,113
              3        329,406         312,954            197,208            29,759       88,801          47,392     36,452    10,940                 38,613
              4        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                 29,565
              2        310,662         298,731            194,170            28,677       80,716          41,604     29,763    11,841                 35,612
              3        324,379         301,216            189,575            29,518       81,375          40,843     28,287    12,556                 37,643
              4        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                 38,579
              2        319,447         311,091            194,549            28,705       83,316          35,095     24,529    10,566                 45,504
              3        337,239         315,638            191,154            29,656       91,118          38,789     26,339    12,450                 49,156
              4        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                 43,803
              2        317,700         312,280            199,926            30,778       79,927          33,687     23,106    10,581                 43,526
              3        331,134         311,694            193,544            32,516       88,267          34,078     23,116    10,962                 51,170
              4        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                    31,455
              2        310,547         293,113            188,924            31,572       70,995          33,167     22,850 10,317                    35,196
              3        328,493         294,885            184,519            33,453       75,028          33,159     23,427 9,732                     39,600
              4        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                    31,128
              2        287,095         267,698            174,368            30,577       61,251          28,330     18,501 9,829                     31,225
              3        317,326         275,898            177,668            32,502       67,314          29,694     19,283 10,411                    35,686
              4        329,658         296,811            189,111            33,413       68,827          27,389     16,738 10,651                    38,498
       @
2004          1        307,300         296,996            184,754            34,404       67,864          27,663     16,458 11,205                    36,250
              2        310,738         300,356            192,776            29,650       69,283          25,596     16,719 8,877                     39,205
              3        328,381         287,507            189,541            31,235       69,022          26,417     17,220 9,197                     39,044
              4        345,149         292,167            200,698            32,020       68,703          27,856     16,976 10,880                    36,044
       @
2005          1        321,706         291,738            193,611            32,251       69,716          28,755     17,388 11,367                    35,883
              2        331,499         301,143            201,225            28,493       74,011          24,988     17,662 7,326                     42,488
              3        356,422         303,164            200,409            30,231       71,910          26,753     18,398 8,355                     40,617
              4        372,576         318,374            213,999            30,444       72,225          24,261     16,136 8,125                     44,227

       a Gross domestic product = (1) + (2) + (3) + (4) + (5) + (6) - (7) - (8)
       b Domestic demand = (1) + (2) + (3) + (4)
       c Gross domestic fixed capital formation comprises building and construction, costs of ownership transfer and machinery, equipment and computer software;
         hence (3) is not equal to the sum of (3a) and (3b).
       d For the coverage of private and public sectors for building and construction, see paragraphs 3.31 and 3.32.
                                                                                 54
                                        Table 11 (a) ---- Continued

                                                                                                     HK$ million
     (4)                     (5)                               (6)            (7)           (8)

                  Exports of goods (f.o.b.)

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

    8,984     290,656          50,588         240,068         59,965        320,766        44,160    1995         1
   20,595     332,569          57,485         275,084         62,253        378,827        44,782                 2
    9,814     370,027          63,802         306,224         64,432        389,471        47,303                 3
    6,263     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         1
     9,775    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

     4,601    313,957          44,667         269,291         72,088        355,997        49,568    1997         1
     5,576    357,030          51,201         305,829         72,839        398,215        47,332                 2
     7,787    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                 3
     1,332    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         1
     4,521    381,572          44,304         337,268         74,356        400,901        46,671                 2
     3,710    432,067          50,405         381,663         83,587        442,554        51,499                 3
     1,687    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         1
     1,649    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         1
     1,622    373,691          32,257         341,434         81,265        390,072        47,450                 2
     1,885    435,519          37,128         398,391         93,000        440,498        54,413                 3
     3,720    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         1
     1,502    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                 3
     5,460    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         1
     8,647    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
                                                                                                            @
    (3,840)   479,096          24,066         455,030        109,508        498,773        59,863    2005         1
    (2,586)   555,352          28,066         527,286        109,601        574,998        59,599                 2
       614    614,625          40,428         574,197        128,501        621,566        68,302                 3
     1,706    602,671          43,765         558,906        131,900        615,754        64,615                 4




                                                        55
                        Table 11 GDP by major expenditure component
                     (b) Year-on-year percentage changes in nominal terms
%
                                             (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 Privatea Public a equipment and
Year   Quarter    product    demand     expenditure     expenditure    Total sectors      sector sector computer software

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

1974      1          20.3       19.8          14.4            23.1     19.6      31.2      26.1    48.8               4.3
          2          18.4       24.4          27.2            23.4     16.4      23.7      16.9    61.6              11.3
          3          13.0       19.7          14.5            28.9     25.0      34.8      23.8    90.3              12.1
          4           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             15.6
          2           4.2       -2.1          -2.4            16.0      -6.0     -0.8      -3.6     10.7            -16.8
          3           5.0        4.1           3.0             1.3      -5.2     -9.3      -9.1    -10.2              1.1
          4           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              12.5
          2          24.4       20.6          19.0            16.0     25.1      14.7      16.8     7.4              44.4
          3          28.0       19.3          10.7            19.2     24.1      26.9      26.7    27.5              19.7
          4          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              26.9
          2          16.2       22.2          16.9            14.4     35.9      42.8      42.4    44.6              27.0
          3          14.9       16.7          30.0            13.6     29.1      46.7      46.9    46.3              -1.3
          4          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              25.4
          2          20.6       22.9          22.6            16.3     22.6      25.8      19.7    48.6              14.3
          3          13.2       21.9          21.0            19.6     31.0      22.9      12.8    56.2              49.4
          4          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              34.9
          2          29.7       31.6          24.2            20.2     44.0      41.0      47.5    21.1              53.2
          3          35.4       35.8          26.0            19.9     53.7      41.7      57.0     5.1              80.7
          4          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              36.9
          2          30.0       30.7          25.0            34.3     44.4      42.8      49.5    17.9              46.7
          3          29.4       30.3          27.3            31.8     37.9      49.5      50.4    46.6              18.8
          4          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              25.3
          2          18.0       22.7          22.7            33.3     28.5      24.8      24.9    24.2              28.3
          3          17.9       20.4          16.3            30.8     20.0      17.0      20.2     5.2              22.4
          4          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              14.5
          2          13.3        9.5          12.4            29.3     -2.4      11.5       4.7    43.5             -22.8
          3          14.6       14.3          20.0            29.9      6.9       7.4      -3.2    51.7               8.3
          4           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              -5.1
          2           9.4        9.3          18.2            12.3      -8.9    -19.7     -26.4     3.1              18.4
          3          10.6        8.8          14.5             9.8     -10.2    -15.6     -26.4    13.2              -0.1
          4          17.0       15.3          16.9            12.6      -3.8    -16.5     -22.8    -2.6              24.2




                                                             56
                   Table 11 GDP by major expenditure component
                (b) Year-on-year percentage changes in nominal terms
                                                                                                           %
                   (4)                             (5)              (6)             (7)

        Exports of goods (f.o.b.)

 (4)                 (4a)           (4b)
  Total            Domestic            Re-     Exports of      Imports of       Imports of
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     1
   40.6                   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              3
   25.4                   27.5         18.6         25.3              29.5           26.2              4

  47.1                   51.1         35.5          33.5              39.7           24.3     1976     1
  45.8                   50.8         29.8          32.1              39.9           31.9              2
  35.3                   39.5         20.9          27.1              24.0           20.1              3
  32.3                   33.7         27.3          25.7              20.3           19.8              4

       6.5                  6.2        7.2          11.0              14.4           19.9     1977     1
       7.4                  6.9        9.3          10.6              12.6           20.0              2
       8.2                  7.5       11.1           6.6               6.8           17.8              3
       9.1                  8.2       12.4           7.2              15.0           16.3              4

   8.6                    6.0         16.9          10.7              17.4           22.7     1978     1
  20.2                   14.8         39.8          19.1              23.6           16.2              2
  20.6                   16.4         37.0          23.1              35.1           24.2              3
  29.0                   25.4         41.3          27.7              41.0           33.7              4

  38.4                   31.3         59.0          27.4              35.1           30.5     1979     1
  40.1                   36.1         52.0          30.5              39.1           44.7              2
  45.8                   44.1         51.3          30.4              42.6           43.8              3
  38.5                   35.8         46.8          25.8              30.7           42.7              4

  37.8                   35.5         43.5          18.3              37.1           34.0     1980     1
  34.6                   31.0         44.4          17.9              31.8           26.8              2
  24.7                   15.6         53.5          14.8              23.7           18.9              3
  24.0                   12.4         57.3          15.6              27.7           19.7              4

  29.6                   17.2         57.8          23.2              29.9           38.9     1981     1
  20.1                   12.2         39.0          17.4              24.6           24.7              2
  24.2                   19.5         35.3          22.2              26.9           26.6              3
  24.6                   22.5         28.9          25.2              18.8           20.4              4

       9.9                  9.0       11.6          20.7                  7.5         6.3     1982     1
       5.3                  4.0        7.8          14.6                  2.3        10.1              2
       1.0                  0.5        2.1          11.5                  1.4         8.8              3
       2.3                  1.2        4.4          10.4                  2.6         6.8              4

   5.9                    6.4          4.9           2.9               2.3            7.4     1983     1
  20.1                   20.7         18.8          12.5              18.9           13.6              2
  31.7                   30.4         34.3          19.6              28.5           22.2              3
  42.7                   40.5         46.9          30.3              39.5           31.9              4




                                                  57
                                        Table 11 (b) ---- Continued

%
                                             (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 Privatea Public a equipment and
Year   Quarter    product    demand     expenditure       expenditure   Total sectors      sector sector computer software

1984      1          22.5       17.1          17.0               9.5     8.7      -1.5     -11.2    17.6              29.0
          2          25.0       18.5          14.1               7.8    15.1      -3.3      -4.7     0.3              44.1
          3          22.3       12.1          15.4              12.7     5.6      -7.8       0.2   -21.7              27.0
          4          13.5        5.1          10.6              11.3     5.0      -6.7       1.2   -20.6              22.9

1985      1          14.3        5.9               6.2           7.9      3.5     -3.7       8.1   -21.2              13.2
          2           4.9        0.5               9.2           8.9      0.7     -5.9       4.2   -29.3               6.8
          3           2.3        1.2               5.2           9.1     -5.6     -5.7       0.9   -20.1              -9.8
          4           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              11.4
          2          11.3       15.4          11.2              16.4     9.1      12.2      17.1    -4.5               4.6
          3          19.4       19.3          14.5              13.9    23.3      19.3      24.6     4.7              27.4
          4          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              32.9
          2          23.2       21.3          20.0              10.9    34.4      27.5      27.2    28.9              39.1
          3          26.4       23.1          16.5              13.1    44.1      34.7      36.7    27.9              53.9
          4          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              22.1
          2          18.9       22.4          14.6              17.5    31.3      40.4      44.7    22.8              25.2
          3          16.0       21.4          16.2              21.9    24.9      24.5      23.5    27.9              23.9
          4          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              24.7
          2          17.8       16.6          14.7              22.2    24.8      25.0      24.9    25.1              16.8
          3          14.2        7.0          12.5              15.8    14.5      28.4      29.6    24.4               3.7
          4          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               2.7
          2          11.8       11.7          14.6              16.6     7.8      15.6      13.5    25.8               2.6
          3          12.0       19.4          18.5              21.9    13.6      19.2      21.5    10.6               5.0
          4          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              11.0
          2          14.5       18.6          19.0              22.3    16.8      10.2      13.0    -1.9              21.4
          3          15.7       17.2          20.0              15.2    17.7       7.5       7.0     9.4              23.3
          4          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              11.7
          2          17.3       19.2          18.0              18.0    22.9      13.1      15.9    -1.2              24.0
          3          16.1       18.1          16.9              19.9    23.2      13.8      18.2    -3.2              32.2
          4          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              18.3
          2          15.5       14.6          14.9              15.5    16.6      21.7      14.6    64.4              15.9
          3          14.9       14.2          11.4              13.1    13.2      19.7       9.6    67.0               3.1
          4          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              10.3
          2          14.1       20.6          15.4              15.5    22.6      26.3      32.9    -1.0              19.9
          3          11.4       18.6          13.9              14.9    16.0      29.1      33.8    14.5              11.3
          4          11.5       22.1          14.6              14.4    27.4      25.8      24.2    31.3              37.4




                                                               58
                                   Table 11 (b) ---- Continued

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

       Exports of goods (f.o.b.)

 (4)                (4a)            (4b)
  Total           Domestic             Re-     Exports of     Imports of     Imports of
exports            exports          exports      services   goods (f.o.b.)     services   Year   Quarter

  53.9                  50.9          58.9          27.5             43.1         27.2    1984     1
  44.6                  40.7          52.1          28.9             35.5         27.9             2
  37.4                  33.2          45.8          20.7             25.6         15.7             3
  23.3                  13.5          41.0          10.0             12.6         12.8             4

  18.8                    3.1         43.7          19.3             10.0         14.3    1985     1
   8.5                   -9.0         39.3           9.5              3.8         11.1             2
  -0.1                  -12.0         21.8           2.0             -2.4          7.1             3
   1.0                   -3.1          6.8           5.8              3.8          9.2             4

  -2.4                   0.6          -5.8           3.6              3.2          8.2    1986     1
  11.4                  15.3           6.8          10.9             15.3         12.8             2
  24.4                  24.5          24.3          26.6             26.8         19.3             3
  34.5                  30.5          39.7          30.5             30.6         25.3             4

  41.1                  32.2          52.0          27.4             40.9         20.0    1987     1
  39.3                  30.5          50.3          28.5             38.7         22.2             2
  38.4                  28.7          51.5          29.4             37.9         20.3             3
  30.2                  18.7          44.4          28.1             32.3         19.9             4

  29.4                  14.6          44.9          20.5             26.2         22.9    1988     1
  27.5                   8.9          47.7          21.1             31.0         20.0             2
  30.8                   9.8          54.5          14.9             35.7         23.6             3
  33.3                  13.3          53.5          16.0             33.8         18.7             4

  26.8                    8.5         42.1          16.2             31.6         17.5    1989     1
  20.9                    5.2         33.4          13.0             19.4         12.6             2
  14.1                    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     1
   9.9                   -0.1         16.3          11.9              8.6         20.8             2
   9.7                   -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     1
  20.2                    4.3         28.8          13.1             23.6         13.1             2
  21.8                    1.6         33.1          12.5             23.7         10.1             3
  18.5                   -0.3         28.5          13.0             16.3         16.6             4

  23.2                    0.4         33.8          14.6             21.7         13.6    1992     1
  23.0                    3.2         31.7          15.4             24.5         13.9             2
  20.0                    2.1         27.6          17.6             22.0         16.6             3
  17.9                   -0.3         25.4          14.1             22.3         10.3             4

  18.4                      *         24.8          12.3             17.8          6.5    1993     1
  12.4                   -6.5         18.8          12.1             11.9         10.5             2
  14.3                   -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     1
  11.3                   -0.9         14.6           9.4             15.9         13.2             2
  12.6                    1.6         15.5          10.0             17.5         15.9             3
  14.1                    4.3         16.7          14.7             22.4         20.2             4




                                                  59
                                                         Table 11 (b) ---- Continued

%
                                                               (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 Privatea Public a equipment and
Year       Quarter     product         demand           expenditure         expenditure           Total sectors      sector sector computer software

1995          1               7.4            16.9                11.8                 13.9          8.2         -2.6    -7.4   10.5             46.6
              2               6.9            14.2                12.4                 11.4         12.2          1.1   -12.1   74.2             33.4
              3               5.6            10.8                 9.7                 13.3         13.3         -8.3   -20.2   34.8             50.2
              4               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             10.9
              2              9.4              3.6                 7.6                 10.5          7.4         9.9     9.4    11.2              3.5
              3             10.3              5.7                 9.4                 10.6          8.0        14.7    20.0     3.3             -1.2
              4             13.0             11.8                10.9                 11.1         25.7        31.4    34.9    23.0             11.1

1997          1             12.4             14.0                 9.3                 11.3         21.8        13.4    20.8      0.4            20.3
              2             13.9             13.7                13.1                 13.1         21.0        20.6    29.4     -4.0             9.6
              3             12.1             17.7                13.2                  6.2         23.0        31.5    43.1      2.6             6.2
              4              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           -11.9
              2              -4.6            -4.9                 -2.6                -3.2         -4.4         7.0      6.3     9.4            -2.0
              3              -7.7           -13.6                 -7.3                 5.8        -21.7       -17.2    -17.9   -14.8           -16.5
              4              -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            -24.2
              2              -3.6           -11.1                 -3.0                 1.9        -25.4       -24.3    -30.9   -0.6            -27.5
              3              -1.5            -3.8                 -3.9                -0.8         -8.4       -13.8    -22.4   14.8             -2.5
              4               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            30.5
              2               2.8             4.1                    0.2               0.1          3.2       -15.6    -17.6   -10.8            27.8
              3               4.0             4.8                    0.8               0.5         12.0        -5.0     -6.9    -0.8            30.6
              4               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            13.5
              2              -0.5             0.4                  2.8                   7.2       -4.1        -4.0     -5.8     0.1            -4.3
              3              -1.8            -1.2                  1.3                   9.6       -3.1       -12.1    -12.2   -12.0             4.1
              4              -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           -28.2
              2              -2.3            -6.1                 -5.5                 2.6        -11.2        -1.5     -1.1    -2.5           -19.1
              3              -0.8            -5.4                 -4.7                 2.9        -15.0        -2.7      1.3   -11.2           -22.6
              4              -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            -1.0
              2              -7.6            -8.7                 -7.7                -3.2        -13.7       -14.6    -19.0    -4.7           -11.3
              3              -3.4            -6.4                 -3.7                -2.8        -10.3       -10.4    -17.7     7.0            -9.9
              4              -1.5             0.9                  1.5                 4.3         -4.6       -12.8    -17.8    -3.6            -0.2
       @
2004          1               2.5             6.2                 3.7                  2.2          6.1       -10.8    -16.4    -1.1            16.5
              2               8.2            12.2                10.6                 -3.0         13.1        -9.7     -9.6    -9.7            25.6
              3               3.5             4.2                 6.7                 -3.9          2.5       -11.0    -10.7   -11.7             9.4
              4               4.7            -1.6                 6.1                 -4.2         -0.2         1.7      1.4     2.2            -6.4
       @
2005          1               4.7            -1.8                    4.8              -6.3           2.7        3.9      5.7     1.4            -1.0
              2               6.7             0.3                    4.4              -3.9           6.8       -2.4      5.6   -17.5             8.4
              3               8.5             5.4                    5.7              -3.2           4.2        1.3      6.8    -9.2             4.0
              4               7.9             9.0                    6.6              -4.9           5.1      -12.9     -4.9   -25.3            22.7
    a For the coverage of private and public sectors for building and construction, see paragraphs 3.31 and 3.32.




                                                                                    60
                                    Table 11 (b) ---- Continued

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

        Exports of goods (f.o.b.)

 (4)                 (4a)            (4b)
  Total            Domestic             Re-       Exports of        Imports of       Imports of
exports             exports          exports        services      goods (f.o.b.)       services      Year       Quarter

  20.1                   13.1          21.7                 8.6            27.6           14.4       1995         1
  16.7                    6.5          19.1                 9.3            21.6           13.5                    2
  15.3                    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         1
       3.1               -10.1              5.8        11.6                    0.5             2.3                2
       3.5               -10.3              6.3        11.7                    1.5             3.1                3
       4.0                -6.9              6.3        14.2                    4.3             9.8                4

       2.2                -6.1              3.7          6.9                   4.3             6.7   1997         1
       4.2                -1.0              5.1          4.9                   4.6             3.4                2
       2.6                 2.8              2.6         -0.4                   5.6             7.7                3
       7.4                 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                   2
   4.3                    -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         1
  17.2                    6.0          18.9            17.3                20.4                6.0                2
  17.5                    7.7          19.0            14.5                20.0                5.6                3
  12.5                   -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         1
   2.8                   -17.8          5.3             5.4                 0.7            -0.7                   2
   8.6                   -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         1
  12.2                   -11.3         14.4            -12.9               10.0           -12.3                   2
   7.3                    -5.0          8.5              6.4                6.4             3.1                   3
  12.2                    -1.4         13.3             10.0               14.8             9.7                   4
                                                                                                            @
  13.3                    -0.4         14.3            14.5                17.0           11.5       2004         1
  18.7                     4.9         19.8            38.2                22.9           39.5                    2
  16.9                     0.6         18.3            15.8                18.4           16.2                    3
  14.4                     8.5         14.9            11.2                10.7           14.1                    4
                                                                                                            @
  10.3                   -7.1          11.4            11.3                 6.7                8.3   2005         1
  11.5                   -6.4          12.7            12.0                 9.0                2.7                2
  12.4                   13.9          12.3            12.2                11.9                4.8                3
  10.0                   25.1           9.0            11.0                12.0                0.9                4




                                                     61
                        Table 11 GDP by major expenditure component
                                (c) Volume indices (2000=100)
                                             (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 a Public a 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               7.5
          2          18.5       17.6          17.6           18.9    18.4      31.8     38.6     16.1               9.0
          3          19.0       17.6          17.8           21.0    16.8      28.7     34.3     15.4               8.8
          4          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               6.5
          2          18.9       18.0          18.6           20.5    17.3      31.5     36.3     20.9               8.8
          3          19.7       18.6          17.8           23.8    18.0      33.6     37.2     25.7               8.1
          4          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               6.6
          2          19.3       17.8          17.8           23.0    17.1      34.1     38.4     25.3               6.5
          3          19.7       18.8          18.2           23.4    17.7      33.4     37.1     25.2               7.7
          4          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               7.7
          2          21.9       20.3          20.2           24.4    19.7      37.1     42.0     26.5               8.9
          3          22.6       20.8          18.7           25.6    20.0      38.5     42.2     30.3               8.4
          4          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               8.6
          2          24.2       23.5          22.5           26.4    24.5      47.6     53.6     34.9              10.7
          3          25.5       23.6          23.6           27.3    24.8      51.2     56.0     40.9               8.2
          4          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              10.6
          2          27.5       27.2          26.6           28.9    27.2      52.8     56.2     47.0              11.4
          3          26.4       26.3          27.0           30.8    27.3      52.7     52.5     54.9              11.2
          4          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              13.0
          2          30.3       30.6          29.4           31.6    30.2      53.7     59.8     41.3              16.2
          3          30.0       30.0          29.7           32.9    31.8      52.8     58.3     40.5              18.6
          4          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              16.7
          2          34.0       35.0          32.5           34.3    37.6      63.9     74.4     40.5              22.3
          3          34.0       34.6          33.6           35.8    39.4      69.7     77.2     53.0              20.7
          4          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              19.4
          2          36.2       38.2          35.4           40.0    42.7      70.3     81.8     44.9              25.8
          3          36.2       37.1          34.7           40.5    42.3      74.0     84.3     50.5              22.4
          4          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              18.3
          2          36.8       38.5          35.9           45.8    40.3      78.5     87.9     58.9              17.3
          3          37.4       39.5          38.1           46.7    44.5      80.0     84.8     70.4              22.5
          4          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              16.3
          2          39.0       40.2          39.8           48.9    37.5      69.2     74.3     60.1              18.4
          3          40.2       40.9          40.8           49.1    40.1      72.4     71.1     78.1              19.6
          4          42.7       43.7          42.3           49.1    40.3      73.5     72.5     78.4              19.9




                                                      62
                    Table 11 GDP by major expenditure component
                            (c) Volume indices (2000=100)
    (4)                     (5)                            (6)             (7)             (8)

                 Exports of goods (f.o.b.)

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

      50.9        4.1             26.2          1.2         18.1                 4.7         9.6       1973     1
       7.8        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     1
       2.6        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     1
       8.9        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     1
      20.7        5.9             37.9          1.7         20.8                 6.3        11.6                2
      74.4        6.3             41.7          1.7         20.7                 6.2        12.0                3
      15.1        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     1
      28.8        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     1
      42.1        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     1
      77.1        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                3
      33.2        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     1
      82.4      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                3
     113.9      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     1
      47.9      11.3              62.9          4.6         29.3             12.7           24.4                2
      32.9      12.2              68.7          4.8         29.1             12.7           25.3                3
      73.7      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     1
      73.8      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                3
      32.2      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     1
      70.6      12.3              68.9          4.9         32.0             13.3           27.2                2
      38.4      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




                                                 63
                                       Table 11 (c) ---- Continued


                                             (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 a Public a equipment and
Year   Quarter    product    demand     expenditure    expenditure   Total sectors sector sector computer software

1984      1          42.8       42.0          43.0           51.9    40.6      75.5     71.1     85.4              18.7
          2          44.6       43.5          41.4           48.9    40.1      66.2     70.9     58.0              24.1
          3          44.5       42.6          43.5           52.0    40.7      68.0     72.1     59.8              23.3
          4          44.1       44.4          44.9           51.3    41.7      69.8     73.9     61.8              24.3

1985      1          45.4       43.6          44.4           52.9    42.2      73.7     75.7     67.9              21.5
          2          43.4       42.7          43.9           50.0    40.4      62.5     72.3     41.1              26.5
          3          43.4       42.1          44.3           53.0    38.7      63.8     70.8     48.3              21.3
          4          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              21.5
          2          47.1       46.4          46.6           53.9    40.4      65.9     78.3     37.8              23.9
          3          50.7       47.3          48.7           55.6    42.4      69.5     79.1     47.5              22.8
          4          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              26.2
          2          53.4       51.8          53.0           55.5    46.6      68.5     79.7     43.3              30.8
          3          58.5       53.3          54.1           57.9    50.7      72.1     81.2     51.3              33.8
          4          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              29.6
          2          58.0       57.1          56.6           57.7    51.4      74.0     88.2     41.8              36.3
          3          62.6       58.6          58.5           62.4    53.5      69.5     76.8     52.8              39.6
          4          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              34.8
          2          59.8       59.4          59.0           60.6    54.9      76.2     90.2     44.6              40.4
          3          63.5       56.5          60.3           62.5    55.0      79.3     88.9     57.5              38.8
          4          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              35.6
          2          62.4       62.6          62.7           62.5    58.2      84.1     98.4     51.9              41.2
          3          66.8       63.2          65.7           67.7    59.3      88.6    101.3     59.5              39.6
          4          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              36.5
          2          65.8       68.9          68.5           69.5    64.1      85.7    102.8     46.9              48.2
          3          70.4       68.3          72.9           70.9    66.2      87.2     99.0     60.3              48.7
          4          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              41.0
          2          70.1       75.6          74.5           78.9    70.8      81.2     97.6     44.1              58.3
          3          75.3       74.6          78.8           81.6    73.4      84.9     97.4     56.5              61.8
          4          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               47.3
          2          74.5       80.7          81.2           82.3    74.4      86.5     94.0    70.1               63.0
          3          80.3       79.4          83.2           83.2    75.0      90.4     92.1    86.7               59.6
          4          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               50.5
          2          78.8       90.9          85.9           85.7    85.6     100.1    115.9    64.7               74.8
          3          84.0       88.2          87.0           86.1    82.8     108.9    112.9   100.3               65.1
          4          85.5       92.5          93.9           86.4    89.9     113.1    112.9   113.7               76.1




                                                      64
                                      Table 11 (c) ---- Continued


    (4)                     (5)                            (6)             (7)           (8)

                 Exports of goods (f.o.b.)

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

      -4.5      13.6               71.1         6.1         35.3             13.8         33.4    1984     1
     165.2      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             3
      52.8      16.9               85.0         8.1         35.5             16.9         31.8             4

      11.7      15.3               70.1         8.3         39.8             15.3         37.0    1985     1
      18.3      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             3
      56.4      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     1
     125.4      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             3
     104.4      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     1
      87.9      24.7              109.4        13.8         49.4             24.6         45.1             2
      61.1      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     1
     186.3      30.7              116.1        19.7         54.8             30.9         51.9             2
     145.6      35.6              135.8        22.7         54.5             33.4         54.8             3
     249.5      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     1
     157.1      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     1
     148.9      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             3
      46.0      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     1
     177.0      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     1
     201.7      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             3
     144.4      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     1
     178.9      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     1
     406.9      68.2              112.3        62.5         73.2             73.4         86.4             2
     250.4      75.0              124.3        68.7         76.7             75.7         90.4             3
     109.0      75.5              126.2        68.9         79.2             77.9         89.0             4




                                                 65
                                                            Table 11 (c) ---- Continued


                                                                    (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 a Public a equipment and
Year         Quarter        product          demand         expenditure         expenditure         Total sectors sector sector computer software

1995             1               81.2             91.8                89.1               89.3         88.9      118.1      110.5   133.6          68.9
                 2               82.3             97.0                88.4               86.8         93.5      107.1      108.3   105.7          86.2
                 3               86.3             92.8                88.0               89.8         96.1      106.3       98.3   125.3          90.4
                 4               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          77.0
                 2               85.2             96.5               90.2                90.7       102.1       110.0      109.9   111.5          97.4
                 3               90.9             94.0               92.2                93.5       101.8       110.4      106.3   120.5          95.4
                 4               92.7            102.8              101.4                93.4       113.0       130.3      124.0   145.2         100.1

1997             1               88.0            101.8               95.4                95.5       113.3       131.3      119.4   156.6          95.5
                 2               90.9            104.2               97.8                95.8       115.5       122.3      131.9   101.6         108.4
                 3               96.2            105.8              100.9                93.4       113.6       129.6      135.3   116.9         100.7
                 4               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          87.7
                 2               85.7             99.6                93.2               90.6       119.5       132.9      146.3   103.4         114.4
                 3               89.2             91.7                90.9               96.9       101.3       119.0      131.4    90.8          92.2
                 4               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          63.4
                 2               87.8             89.6                94.6              93.6          89.9      104.6      108.7    96.3          81.7
                 3               93.9             91.7                94.4              96.8          90.5      101.2      103.2    97.0          84.5
                 4               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          84.0
                 2               96.5             98.7              100.2               96.1         95.0        89.9       93.6    82.4          99.7
                 3              103.4            101.1               99.5               99.3        105.1       100.4      102.1    96.9         108.9
                 4              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         103.5
                 2               98.1            101.1              103.8              100.6         97.7        92.8       97.6    82.9         101.8
                 3              103.1            101.7              101.3              106.5        108.3        95.0       99.1    86.6         119.4
                 4              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          84.1
                 2               98.5             99.9              101.5              103.7         96.7        97.4      103.4    85.3          95.5
                 3              106.1            101.8              100.4              110.2        103.5       100.2      109.4    81.5         106.9
                 4              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          94.8
                 2               97.8             95.8               96.9              104.3         92.2         90.7      93.8    84.4          94.3
                 3              110.4            100.9              100.6              110.8        104.4         95.2      97.8    89.7         113.3
                 4              114.6            106.6              105.7              113.9        103.5         86.9      83.3    94.1         116.3
       @
2004             1              108.4            106.2              103.6              120.4         99.6         84.3      78.5    96.2         109.5
                 2              110.0            107.5              107.7              104.3        101.7         78.0      79.2    75.5         118.1
                 3              117.9            104.3              106.3              109.3        105.2         81.0      81.3    80.3         124.5
                 4              123.2            104.6              112.1              111.9        101.0         82.9      78.8    91.2         112.6
       @
2005             1              114.9            103.7              107.9              114.9        100.0         83.5      77.6    95.3         110.4
                 2              118.0            106.6              110.6              101.9        106.6         72.1      77.0    62.1         130.7
                 3              127.7            108.7              110.7              107.6        108.1         76.8      80.4    69.5         133.3
                 4              132.5            112.3              116.3              108.1        108.6         71.6      72.7    69.2         139.9
           a For the coverage of private and public sectors for building and construction, see paragraphs 3.31 and 3.32.

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



                                                                              66
                                      Table 11 (c) ---- Continued


    (4)                     (5)                            (6)             (7)           (8)

                 Exports of goods (f.o.b.)

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

     260.2      67.9              103.7        63.3         74.6             72.1         92.9    1995         1
     548.9      76.9              116.1        71.8         76.2             83.4         88.8                 2
     231.2      84.2              125.9        78.8         78.7             86.0         91.8                 3
     271.0      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         1
     247.0      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

     130.2      74.1               92.3        71.7         84.9             80.9        100.9    1997         1
     139.9      84.8              105.5        82.1         85.5             91.2         94.9                 2
     196.5      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                 3
      32.5      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         1
     127.3      97.0               99.3        96.7         93.5             98.0         96.8                 2
     100.2     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         1
      47.4      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         1
      56.7     100.4               79.4       103.2        108.7            103.4         99.2                 2
      62.6     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         1
      53.6     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                 3
     169.7     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         1
     264.5     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
                                                                                                         @
    -125.3     130.2               57.3       139.7        150.4            127.7        116.8    2005         1
     -67.6     151.3               66.9       162.3        148.6            147.6        114.7                 2
      24.0     167.5               96.4       176.7        173.6            159.6        131.9                 3
      26.1     166.1              105.2       174.0        178.1            158.9        125.2                 4




                                                 67
                         Table 11 GDP by major expenditure component
                        (d) Year-on-year percentage changes in real terms
%
                                       (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 a Public a       equipment and
Year Quarter product     demand expenditure         expenditure       Total    sectors    sector sector computer software

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

1974    1         6.1       -1.5         -4.2              8.2         -4.7        3.0      -0.6    17.2                -12.7
        2         2.3        2.0          5.6              8.5         -5.7       -1.0      -5.9    29.6                 -2.5
        3         3.9        6.1          0.3             13.4          7.2       17.1       8.3    66.4                 -7.7
        4        -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                  1.7
        2         2.1       -1.3         -4.0             12.2        -1.0         8.4      5.6     21.0                -26.1
        3        -0.2        1.0          1.8             -2.0        -1.9        -0.6     -0.3     -1.9                 -5.2
        4         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                16.5
        2        13.2       14.3         13.6                  5.8    14.8         8.7      9.6      5.0                36.4
        3        14.8       10.3          3.1                  9.8    13.1        15.3     13.9     20.1                 9.3
        4        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                10.9
        2        10.6       15.7         11.2              8.6        24.6        28.4     27.5     31.6                20.3
        3        12.7       13.8         25.9              6.6        24.0        33.2     32.7     34.9                -2.7
        4        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                23.1
        2        14.0       15.9         18.1              9.4        11.1        10.8       4.8    34.5                 7.1
        3         3.8       11.1         14.5             12.6        10.3         2.8      -6.4    34.5                37.1
        4         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                22.9
        2        10.0       12.5         10.6              9.3        10.8         1.8      6.3    -12.1                41.8
        3        13.7       14.0         10.1              7.0        16.5         0.2     11.2    -26.2                65.9
        4        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                28.4
        2        12.2       14.4         10.4              8.4        24.5        18.9     24.5     -1.9                37.5
        3        13.2       15.4         13.1              8.6        23.6        32.0     32.4     30.7                11.3
        4         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                16.3
        2         6.4        8.9          9.1             16.7        13.6        10.0       9.9    10.9                15.9
        3         6.5        7.5          3.3             13.2         7.6         6.3       9.2    -4.6                 8.1
        4        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                 -5.6
        2         1.6        0.9             1.3          14.4         -5.7       11.7       7.5    31.3                -33.2
        3         3.3        6.5             9.9          15.4          5.1        8.1       0.6    39.4                  0.5
        4         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                -11.1
        2         6.2        4.4         10.8                  6.9     -6.7      -11.9     -15.5     1.9                  6.9
        3         7.6        3.5          7.1                  5.0     -9.9       -9.5     -16.2    10.9                -12.9
        4         9.2        7.4          6.7                  8.5     -5.6      -10.8     -12.7    -5.7                  6.9




                                                                 68
                 Table 11 GDP by major expenditure component
                (d) Year-on-year percentage changes in real terms
                                                                                                           %
                  (4)                               (5)                (6)           (7)

       Exports of goods (f.o.b.)

 (4)                    (4a)         (4b)
  Total            Domestic             Re-     Exports of        Imports of     Imports of
exports             exports          exports      services      goods (f.o.b.)     services    Year Quarter

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

   11.5                   10.2          14.6           6.3               -0.7          3.3     1974    1
   10.6                   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             2
    5.7                    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    1
  33.6                    33.3         34.1            20.8              35.9         25.1             2
  23.1                    25.2         18.4            17.0              18.1         12.8             3
  22.7                    23.3         21.2            18.0              13.7         13.4             4

       0.7                     1.5      -1.7              5.5             7.3         11.3     1977    1
       2.6                     3.8         *              4.5             7.3         12.7             2
       5.6                     5.2       6.9              0.5             3.1         11.3             3
       7.4                     7.8       7.9              1.9            11.5         11.1             4

   4.3                     2.5         10.5             4.2              12.9         16.7     1978    1
  14.2                     9.9         28.8            11.4              16.9         10.6             2
  13.6                    11.4         19.3            15.5              26.7         18.2             3
  17.2                    15.6         22.0            16.6              28.9         23.8             4

  22.9                    17.8         36.5            13.3              19.6         22.2     1979    1
  19.8                    17.4         25.0            11.8              19.3         30.4             2
  22.4                    21.1         24.3             8.0              18.3         27.1             3
  17.2                    15.4         22.9             4.7               9.3         23.3             4

  21.5                    19.8         24.4            -1.7              20.5         15.8     1980    1
  23.1                    19.6         32.6             1.2              21.0         14.4             2
  16.6                     7.4         44.6             1.7              16.3         10.6             3
  15.5                     4.6         45.1             1.5              20.2         12.9             4

  20.0                     8.9         44.9            11.8              19.3         29.4     1981    1
  10.7                     3.6         28.6             7.0              12.4         13.3             2
  13.5                     8.0         25.6            10.3              14.1         14.0             3
  14.5                    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    1
  12.9                    14.1         10.3             5.2               9.0          9.2             2
  19.3                    18.2         21.0             8.9              11.6         14.3             3
  21.7                    19.8         25.7            14.4              18.1         20.6             4




                                                  69
                                      Table 11 (d) ---- Continued

%
                                       (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 a Public a       equipment and
Year Quarter product     demand expenditure         expenditure       Total    sectors    sector sector computer software

1984    1        12.4        6.6             6.0            5.3        -1.0       -6.9     -13.8    10.6                15.1
        2        14.2        8.2             4.1           -0.2         6.8       -4.3      -4.6    -3.5                30.9
        3        10.7        4.2             6.5            6.0         1.3       -6.2       1.4   -23.5                19.0
        4         3.3        1.5             6.3            4.5         3.6       -5.0       1.9   -21.2                22.0

1985    1         6.0        3.6             3.4               1.9      3.8       -2.4       6.6   -20.5                14.9
        2        -2.6       -1.7             6.1               2.3      0.7       -5.5       2.0   -29.2                 9.7
        3        -2.6       -1.3             2.0               1.9     -4.8       -6.1      -1.8   -19.1                -8.5
        4         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                -0.1
        2         8.4        8.6          6.1                  7.9     0.2         5.4      8.4     -7.9                -9.6
        3        16.9       12.4          9.9                  5.0     9.7         8.9     11.8     -1.8                 6.8
        4        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                22.1
        2        13.6       11.5         13.8                  3.0    15.3         3.9       1.7    14.4                28.8
        3        15.2       12.8         11.0                  4.1    19.3         3.7       2.5     8.0                48.3
        4        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                12.8
        2         8.5       10.2          6.8                  3.9    10.2         8.0     10.7     -3.5                17.8
        3         7.1        9.9          8.2                  7.7     5.7        -3.5     -5.3      3.0                17.0
        4         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                 17.7
        2         3.2        4.0             4.2               5.0     6.9         3.0      2.2      6.8                 11.2
        3         1.4       -3.6             3.1               0.2     2.7        14.1     15.7      8.8                 -1.9
        4         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                 2.4
        2         4.4        5.5             6.2               3.2     6.0        10.4      9.1     16.2                 2.1
        3         5.2       11.7             9.0               8.3     7.9        11.7     13.9      3.5                 1.9
        4         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                 2.5
        2         5.4       10.0          9.3             11.1        10.1         1.9       4.5    -9.5                17.0
        3         5.4        8.2         11.0              4.8        11.6        -1.6      -2.3     1.4                23.1
        4         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                12.3
        2         6.6        9.8          9.4                  7.2    10.5        -5.2      -5.1    -6.0                21.0
        3         7.0        9.2          9.0                  8.8    10.8        -2.6      -1.6    -6.4                26.7
        4         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                15.2
        2         6.2        6.7             9.0               4.3      5.1        6.5      -3.6    58.9                 8.0
        3         6.5        6.5             5.6               1.9      2.2        6.4      -5.4    53.6                -3.5
        4         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                 6.8
        2         5.8       12.6          5.8                  4.1    15.1        15.7     23.2     -7.7                18.7
        3         4.6       11.1          4.6                  3.4    10.5        20.5     22.5     15.6                 9.2
        4         5.4       14.4          5.3                  3.4    21.5        16.3     11.5     29.4                32.1




                                                                 70
                                   Table 11 (d) ---- Continued

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

       Exports of goods (f.o.b.)

 (4)                    (4a)          (4b)
  Total            Domestic              Re-    Exports of        Imports of     Imports of
exports             exports           exports     services      goods (f.o.b.)     services      Year Quarter

  32.6                    30.3          37.4           15.4              22.5         16.8       1984    1
  24.8                    21.5          30.8           15.4              16.5         17.1               2
  20.7                    17.3          27.4            9.8              12.8          8.2               3
  13.1                     5.0          28.2            3.3               9.4         11.8               4

  12.7                    -1.4          35.7           12.7              10.5         10.6       1985    1
   6.9                    -9.6          37.3            6.0               7.9          9.3               2
   1.2                   -10.4          22.7            0.5               2.0          6.1               3
   3.7                     0.6           8.2            4.6               5.5          6.2               4

  -2.2                     0.6          -5.6           -1.1               0.8          6.3       1986    1
   9.9                    14.4           4.4            7.6               9.8          9.7               2
  21.5                    22.5          20.6           22.7              18.8         15.1               3
  28.8                    24.1          35.6           25.3              23.9         20.8               4

  37.8                    28.2          48.9           18.2              36.2         16.3       1987    1
  36.7                    26.4          49.1           17.1              33.5         18.1               2
  35.1                    24.9          48.0           16.9              33.3         16.7               3
  26.7                    15.4          39.6           16.3              25.8         16.0               4

  25.6                    10.9          40.3           11.3              20.3         18.0       1988    1
  24.4                     6.1          43.0           10.8              25.7         15.1               2
  28.4                     8.2          49.8            5.2              30.6         17.8               3
  30.1                    11.1          48.1            5.6              29.0         12.9               4

  21.5                      5.5         34.1              3.7            26.1         10.1       1989    1
  15.2                      2.2         25.1              1.1            15.1          4.0               2
   8.8                     -1.2         16.5              1.5             4.1          4.0               3
   1.2                     -4.3          5.0              1.7            -4.1          6.2               4

   1.9                     -4.7          6.0              2.2            -0.3          3.2       1990    1
   7.3                     -1.5         12.7              5.0             7.0         13.3               2
   7.7                     -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    1
  18.2                      2.4         26.8              4.5            21.1          9.4               2
  19.1                     -0.3         29.9              4.0            21.6          7.2               3
  16.3                     -1.8         25.9              5.7            15.6         13.6               4

  21.7                     -0.6         32.1            9.1              21.8         11.4       1992    1
  22.2                      2.5         30.9            8.5              23.8         11.6               2
  18.8                      0.1         26.8           10.0              20.7         12.6               3
  17.4                     -1.2         25.1            6.7              22.6          8.4               4

  19.1                      0.8         25.6              6.2            19.3              5.6   1993    1
  11.8                     -6.2         18.0              5.7            11.5              8.1           2
  14.6                     -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    1
  11.3                     -2.3         15.0              5.0            15.5          6.8               2
  10.8                     -0.3         13.8              5.3            14.8          8.1               3
  11.3                      1.8         13.8              9.3            17.4         10.5               4




                                                  71
                                                         Table 11 (d) ---- Continued

%
                                                           (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 a Public a       equipment and
Year Quarter product                 demand expenditure                 expenditure         Total       sectors    sector sector computer software

1995         1              5.9           12.6                   2.5                3.5      11.6             0.7       -1.2    4.7              36.5
             2              4.4            6.8                   2.9                1.3       9.3             7.0       -6.5   63.3              15.2
             3              2.7            5.2                   1.1                4.3      16.0            -2.4      -12.9   25.0              38.9
             4              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              11.7
             2              3.5            -0.5                  2.1                4.5       9.2            2.7        1.5     5.6              13.0
             3              5.3             1.3                  4.8                4.1       5.9            3.9        8.1    -3.8               5.6
             4              5.3             6.0                  5.9                4.4      19.4           15.4       14.1    18.1              18.0

1997         1              5.7            9.2                   4.4              4.5        16.7            5.4       13.2     -6.0             24.0
             2              6.7            7.9                   8.4              5.6        13.1           11.2       20.0     -8.9             11.3
             3              5.9           12.5                   9.4             -0.1        11.6           17.3       27.2     -3.0              5.5
             4              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              -8.2
             2             -5.7           -4.4                -4.8               -5.4         3.5            8.6        10.9     1.7               5.5
             3             -7.3          -13.3                -9.9                3.8       -10.8           -8.1        -2.8   -22.3              -8.4
             4             -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              -27.7
             2              2.4          -10.0                 1.5                  3.2     -24.8          -21.3       -25.7   -6.8              -28.6
             3              5.3              *                 3.9                    *     -10.7          -15.0       -21.5    6.9               -8.4
             4             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             32.5
             2              9.9           10.1                   5.9              2.7         5.7          -14.0       -13.9   -14.5             22.0
             3             10.1           10.2                   5.4              2.5        16.2           -0.8        -1.0    -0.2             28.8
             4              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             23.3
             2              1.6             2.5                3.6                  4.6       2.8             3.2        4.3     0.7              2.1
             3             -0.3             0.6                1.8                  7.2       3.0            -5.4       -3.0   -10.6              9.7
             4             -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             -18.8
             2              0.4            -1.2               -2.2                  3.1      -1.0             5.0        5.9     2.8              -6.2
             3              2.9             0.1               -0.9                  3.5      -4.4             5.5       10.4    -5.9             -10.5
             4              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              12.7
             2             -0.7            -4.1               -4.6                  0.5       -4.7           -6.9       -9.3   -1.1              -1.2
             3              4.0            -0.8                0.3                  0.5        0.8           -5.0      -10.5   10.1               5.9
             4              4.8             4.2                3.9                  5.5        2.7           -9.0      -14.3    2.4              10.0
       @
2004         1              8.1            7.8                6.5                 5.6         4.4          -12.9       -19.3     0.4             15.5
             2             12.4           12.2               11.2                   *        10.3          -14.0       -15.6   -10.5             25.2
             3              6.8            3.3                5.7                -1.3         0.8          -14.9       -16.9   -10.5              9.9
             4              7.5           -1.9                6.0                -1.7        -2.4           -4.6        -5.4    -3.0             -3.2
       @
2005         1              6.0            -2.3                  4.2             -4.6          0.4          -1.0        -1.1    -0.9              0.8
             2              7.3            -0.8                  2.7             -2.3          4.9          -7.5        -2.8   -17.8             10.7
             3              8.3             4.3                  4.1             -1.6          2.8          -5.2        -1.2   -13.5              7.1
             4              7.6             7.4                  3.7             -3.4          7.5         -13.7        -7.7   -24.1             24.2
       a For the coverage of private and public sectors for building and construction, see paragraphs 3.31 and 3.32.




                                                                                      72
                                   Table 11 (d) ---- Continued

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

       Exports of goods (f.o.b.)

 (4)                    (4a)          (4b)
  Total            Domestic              Re-       Exports of        Imports of       Imports of
exports             exports           exports        services      goods (f.o.b.)       services      Year Quarter

  17.6                    10.8          19.2                 3.4            21.9             3.4      1995       1
  12.7                     3.3          14.9                 4.1            13.6             2.8                 2
  12.2                     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       1
       3.9                 -9.0              6.5           9.5                  2.3             3.2              2
       4.9                 -9.9              8.0          10.2                  3.5             4.0              3
       5.4                 -7.2              8.0          11.6                  6.1             9.9              4

       4.0                 -3.9          5.5               4.0                  6.4             5.3   1997       1
       6.2                 -0.1          7.3               2.5                  6.8             3.6              2
       4.4                  6.0          4.2              -1.5                  7.2             7.0              3
       9.6                  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                 2
   8.1                    -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       1
  17.7                     8.3          19.1              15.0              18.9                6.1              2
  17.7                     8.2          19.0              12.4              18.5                6.3              3
  13.3                    -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       1
   5.9                   -13.6           8.4               7.8               6.0            -0.9                 2
  11.5                    -7.5          13.7              13.2              10.8             5.6                 3
  18.4                   -12.9          22.2              16.7              18.2             7.7                 4

  19.1                   -12.0          22.3              14.5              18.8           -3.1       2003       1
  14.3                   -12.6          17.0              -7.5              10.9          -14.4                  2
  10.0                    -5.2          11.5              10.8               8.2            2.1                  3
  14.7                    -0.2          16.0              12.7              15.7            5.8                  4
                                                                                                             @
  15.0                      0.8         16.1              16.5              16.3            7.3       2004       1
  18.7                      5.0         19.7              35.8              20.3           34.6                  2
  15.3                     -0.6         16.6              14.4              14.2           10.8                  3
  12.6                      4.7         13.2              10.3               7.0            9.8                  4
                                                                                                             @
   8.9                    -9.6          10.2                 8.5             3.8                5.6   2005       1
  11.1                    -8.3          12.3                 8.8             7.0                0.3              2
  12.8                    14.2          12.7                 8.7            11.0                3.8              3
  11.4                    28.0          10.3                 7.7            12.0                1.4              4




                                                     73
      Table 12       GDP and its expenditure components at constant (2000) market prices

HK$ million

                                                     2000       2000        2000      2000       2001      2001      2001      2001
GDP 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                   187,861 193,921 192,683 199,815 193,873 200,863 196,157 199,395
 Consumption 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 23,646
      Consumer 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 22,536
        Consumer non-durables                      33,371 36,082 36,961 38,547 33,815 37,416 36,495 37,502
      Services                                    103,242 104,882 102,221 107,095 106,469 108,404 105,357 109,714
 Expenditure of residents abroad                   21,482 19,265 20,747 18,939 22,026 19,500 20,665 19,112
 Less:Expenditure of non-residents                 11,140 11,714 11,446 12,244 11,201 12,383 11,571 13,115
       in the domestic market

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    87,812
 Building 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    28,822
     Public 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     2,380
 Machinery, 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    42,122
     Public 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                     411,899 454,921 515,476 505,404 430,022 452,136 500,421 472,812
 Exports 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 40,829
   Re-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 89,763
   Transportation                                  22,922 24,936 26,353 25,302 23,458 25,262 25,071 24,154
   Travel                                          11,013 11,584 11,313 12,109 11,047 12,227 11,413 12,956
   Merchanting and other trade-related services    19,874 20,249 28,160 29,333 23,728 22,896 31,399 32,867
    Other services                                 18,443 16,865 18,107 18,449 20,042 19,018 19,824 19,786

Less:Imports of goods and services                406,277 447,565 493,099 482,197 429,049 447,298 480,857 444,433
 Imports of goods (f.o.b.)                        359,062 401,021 441,903 434,725 379,374 399,154 429,710 397,029
 Imports 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 11,663
   Travel                                          25,748 23,473 25,543 22,638 26,576 23,782 25,315 22,645
   Merchanting and other trade-related services     2,260   2,327   3,220   3,363   2,593   2,535   3,441   3,633
    Other 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




                                                             74
     Table 12        GDP and its expenditure components at constant (2000) market prices

                                                                                                                      HK$ million

   2002      2002      2002      2002       2003      2003       2003        2003
 1st 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 expenditure
185,646 193,542 188,230 196,277 185,015 181,291 192,242 205,761                      Consumption expenditure in the domestic market
 20,446 26,436 22,475 24,068 20,172 25,688 22,185 24,078                               Food
 56,543 56,330 57,347 60,077 56,340 50,315 58,960 64,886                               Consumer goods
 23,555 21,643 23,360 24,022 24,828 21,389 24,693 27,165                                 Consumer durables
 32,988 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                        Services
 21,334 18,427 20,683 19,056 18,440 12,758 19,963 18,354                             Expenditure of residents abroad
 12,176 15,425 14,594 18,420 15,197       6,562 17,398 19,448                        Less:Expenditure of non-residents
                                                                                          in the domestic market

 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 formation
38,208     37,860    38,927    37,086    37,627     35,240    36,979       33,758    Building and construction
25,460     26,916    28,470    25,297    25,333     24,413    25,468       21,687      Private sector
12,748     10,944    10,457    11,789    12,294     10,827    11,511       12,071      Public sector
 2,787      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 software
33,427     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 services
343,192 394,897 460,157 453,699 408,591 451,324 506,239                   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 exports
310,846 358,972 419,633 418,118 380,121 419,908 467,819                   485,101     Re-exports
 81,859 85,636 99,316 104,773 93,751 79,189 110,034                       118,090    Exports of services
 25,157 27,063 29,204 28,345 27,312 24,148 29,343                          30,514     Transportation
 12,064 15,313 14,482 18,308 15,081       6,446 17,282                     19,332     Travel
 25,109 24,657 36,553 38,632 30,496 28,944 42,246                          45,956     Merchanting and other trade-related services
 19,529 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 services
364,074 422,910 476,286 469,200 432,701 468,962 515,205 542,735                      Imports of goods (f.o.b.)
 51,177 47,725 54,008 51,075 49,596 40,872 55,133 54,053                             Imports of services
 11,034 11,904 13,342 12,236 11,771 10,490 13,699 13,976                              Transportation
 26,592 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 services
 10,397   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)




                                                              75
                                                  Table 12 ---- Continued

HK$ million

                                                     2004@       2004@      2004@     2004@       2005@       2005@      2005@     2005@
GDP by expenditure component                         1st Qtr    2nd Qtr    3rd Qtr    4th Qtr     1st Qtr    2nd Qtr    3rd Qtr    4th Qtr


Gross Domestic Product                              356,176 361,487 387,610 404,909 377,691 387,747 419,905 435,562

Private consumption expenditure                    200,556 208,453 205,840 216,979 208,919 214,097 214,340 225,079
 Consumption expenditure in the domestic market    199,442 205,666 202,314 216,681 208,347 213,932 211,863 225,955
      Food                                          21,125 26,073 23,503 25,749 21,717 27,116 24,255 27,011
      Consumer goods                                61,244 61,244 62,851 69,600 66,915 65,571 66,582 72,361
        Consumer durables                           27,862 24,611 27,160 29,892 30,495 26,630 29,106 30,628
        Consumer non-durables                       33,382 36,633 35,691 39,708 36,420 38,941 37,476 41,733
      Services                                     117,073 118,349 115,960 121,332 119,715 121,245 121,026 126,583
 Expenditure of residents abroad                    17,991 19,151 21,497 18,839 19,162 17,548 21,684 18,735
 Less:Expenditure of non-residents                  16,877 16,364 17,971 18,541 18,590 17,383 19,207 19,611
       in the domestic market

Government consumption expenditure                  36,165      31,338     32,852     33,618     34,515      30,614     32,337     32,489

Gross domestic fixed capital formation              86,468      88,310     91,359     87,718     86,838      92,599     93,914     94,275
 Building and construction                          32,775      30,305     31,474     32,214     32,433      28,017     29,835     27,814
     Private sector                                 20,433      20,613     21,169     20,510     20,204      20,046     20,918     18,935
     Public sector                                  12,342       9,692     10,305     11,704     12,229       7,971      8,917      8,879
 Costs of ownership transfer                         4,361       4,806      3,792      4,765      4,664       5,698      4,026      3,447
 Machinery, equipment & computer software           49,332      53,199     56,093     50,739     49,741      58,884     60,053     63,014
     Private sector                                 45,104      51,073     54,077     48,154     46,386      57,298     58,583     61,274
     Public sector                                   4,228       2,126      2,016      2,585      3,355       1,586      1,470      1,740

Changes in inventories                              10,290       9,522     (2,635)    (9,859)    (4,509)     (2,432)      865        939

Exports of goods and services                      579,197     643,159    709,705    716,508    630,503     711,823    795,123    793,333
 Exports of goods (f.o.b.)                         469,964     535,608    583,867    586,246    512,025     594,834    658,383    653,101
   Domestic exports                                 28,685      32,991     38,173     37,162     25,938      30,251     43,607     47,576
   Re-exports                                      441,279     502,617    545,694    549,084    486,088     564,583    614,776    605,525
 Exports of services                               109,233     107,551    125,838    130,262    118,478     116,989    136,740    140,232
   Transportation                                   31,422      32,389     34,802     33,980     33,086      34,669     37,105     36,030
   Travel                                           16,759      16,246     17,853     18,423     18,469      17,262     19,086     19,490
   Merchanting and other trade-related services     35,504      34,669     47,622     51,170     39,531      39,835     53,449     57,395
    Other services                                  25,548      24,247     25,561     26,689     27,392      25,223     27,100     27,317

Less:Imports of goods and services                 556,500 619,295 649,511 640,055 578,575 658,954 716,674 710,553
 Imports of goods (f.o.b.)                         503,287 564,271 588,404 580,680 522,364 603,790 653,217 650,329
 Imports of services                                53,213 55,024 61,107 59,375 56,211 55,164 63,457 60,224
   Transportation                                   14,039 15,164 16,723 16,255 15,007 16,028 17,851 16,634
   Travel                                           22,785 24,166 26,224 23,604 24,094 22,501 26,308 23,513
   Merchanting and other trade-related services      3,616   3,566   4,800   5,288   3,851   3,923   5,155   5,679
    Other services                                  12,773 12,128 13,360 14,228 13,259 12,712 14,143 14,398

Implicit price deflator of GDP (2000=100)              86.3       86.0       84.7       85.2       85.2        85.5       84.9       85.5




                                                                    76
                     Table 13 Seasonally adjusted constant price GDP and
                                 implicit price deflator of GDP
                      ¢w Percentage changes over the preceding quarter¢w
                                                                                                                           %
                               (1)             (2)          (3)          (4)          (5)          (6)              (7)
                    Gross        Private    Government      Exports      Exports      Imports      Imports      Implicit price
                 domestic   consumption     consumption         of            of          of             of       deflator of
Year   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              1.5
         2            2.3            2.8             -1.9         7.6          1.7          6.3          6.2              1.6
         3            1.1            2.6              5.3         2.3          1.1          3.7          3.9              1.7
         4            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              1.8
         2            1.7             3.5             0.6          5.9         2.1          5.1          1.9              2.6
         3            1.3             4.4            -0.3          4.1         0.3          4.2          1.8              3.0
         4            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              2.5
         2            2.0             2.6            1.9          8.1          2.4          8.1          1.7              1.8
         3            1.8             4.5            1.6          1.7          0.8          1.9          2.7              2.0
         4            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             2.6
         2            2.0            3.6              4.7         1.1           2.9           *           4.1             1.3
         3            2.2            1.9             -0.4         4.0           3.0         4.1           0.6             1.8
         4            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              2.3
         2            1.2            -0.5             3.4         4.6          0.3          7.3          1.5              1.3
         3            1.2             1.0            -0.8         2.4          2.6          2.2          1.4              1.0
         4            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             -1.4
         2            0.1               *              *           1.3          1.3          1.0          1.2              1.8
         3           -0.4            -0.9            2.4           2.6          0.9          2.0         -0.5              1.9
         4            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             0.9
         2            1.2            -0.9            1.2           1.8         2.1          -0.3          1.5             1.8
         3            1.4             1.4            2.3           2.0         0.8           1.5         -0.5             1.5
         4            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             0.4
         2            2.2             1.5             3.8         2.6           1.2         -1.3            *             2.0
         3            0.6             2.3            -3.2         0.9          -4.5          1.3          1.8             0.7
         4           -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             -0.3
         2           -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             -0.8
         4              *            -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             -1.6
         2            3.8            3.0               *           5.2         2.1           3.9         -1.2             -1.8
         3            1.7            0.2             0.4           3.8         7.1           6.1          1.9             -1.6
         4            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             -1.3
         2            0.6            0.5             -0.3         3.6           3.0         1.8           4.1             -1.9
         3            1.5            0.4             -0.4         3.3           3.5         4.6           1.4             -0.9
         4            0.3            0.7              1.1         1.1          -0.4         1.0          -1.7             -0.6




                                                       77
                                          Table 13 ---- Continued


%
                             (1)             (2)          (3)          (4)         (5)          (6)             (7)
                  Gross        Private    Government      Exports      Exports     Imports      Imports      Implicit price
               domestic   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              0.5
           2        0.2             1.3            -0.2         -4.0         2.2         -4.2          2.4             -1.0
           3       -0.6            -1.3             1.4          0.6         0.2          1.3         -3.0             -0.3
           4       -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             -1.2
           2        2.2            -0.9             1.7         5.6          5.8         6.8          -1.4             -0.7
           3        1.9            -0.1             1.8         5.8          5.0         5.9           2.5             -1.2
           4        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               -1.7
           2       -2.3            -2.0            1.7          1.6       -13.2          -0.4      -12.0               -2.3
           3        6.5             5.2            1.2          3.2        24.6           3.6       19.7               -1.3
           4        0.9             1.5            2.3          6.2         4.9           7.5        2.3               -0.8
       @
2004       1        2.8            1.9              0.2         2.8          2.0          4.5            *             -0.9
           2        1.8            2.2             -3.2         5.1          1.9          3.2         10.0             -0.7
           3        1.2            0.1             -0.3         1.0          4.4         -1.6         -2.2             -0.8
           4        1.3            1.4              1.5         3.1          1.5          1.1          1.0             -0.1
    @
2005       1        1.7            0.5             -2.6         0.1          0.2         1.9          -2.5             0.2
           2        2.9            0.8             -0.7         6.0          2.3         5.1           4.4             0.1
           3        2.3            1.5              0.3         3.1          4.3         2.2           0.8               *
           4        0.6            0.8             -0.5         2.2          0.8         2.6          -1.4             0.1




                                                           78
(C) Annual GDP by economic activity at current prices




                         79
                                                  Table 14 GDP by economic activity
                                                          (a) At current prices

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

                                                                                                                (6)          (6a)           (6b)

                                                                                                                         Wholesale,
                                                                                                                           retail and
                                                                                                                         import and
                                  Mining                                Electricity,                                   export trades,    Transport,
            Agriculture               and                                       gas                                      restaurants    storage and
Year        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     1,128,939       345,092        126,820

   a       Gross domestic product at factor cost = (1) + (2) + (3) + (4) + (5) + (6)
   b       Statistical discrepancy = [(10) - (7) - (8)] / (10) x 100%




                                                                                       80
                                   Table 14 GDP by economic activity
                                           (a) At current prices

                                                                                                           HK$ million
       (6)                                            (7)               (8)           (9)               (10)
   Services
             (6c)        (6d)          (6e)



                                                               a
      Financing,    Community,                        Gross
                                                                                                b
       insurance,     social and                   domestic           Taxes on     Statistical  Gross domestic
  real estate and       personal    Ownership    product at         production   discrepancy product at current
business 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         262,403       127,790     1,254,453            58,729            -1.7         1,291,568    2004@




                                                       81
                             Table 14 GDP by economic activity
                     (b) Percentage contribution to GDP at current prices

%
               (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




                                                         82
                            Table 14 GDP by economic activity
                    (b) Percentage contribution to GDP at current prices

                                                                                              %
                                    (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     domestic
  restaurants       storage and      business        personal           of   product at
   and 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           21.3           20.9         10.2        100.0    2004@




                                                 83
                                      Table 14 GDP by economic activity
                                    (c) Percentage changes in nominal terms

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

                                                                              (6)           (6a)             (6b)

                                                                                       Wholesale,
                                                                                         retail and
                                                                                       import and
                           Mining                  Electricity,                      export trades,       Transport,
           Agriculture         and                         gas                         restaurants       storage and
Year       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     5.1            11.7               8.0




                                                             84
                                   Table 14 GDP by economic activity
                                 (c) Percentage changes in nominal terms

                                                                                                             %
       (6)                                                 (7)            (8)                (9)
   Services
             (6c)         (6d)           (6e)




      Financing,      Community,                            Gross
       insurance,       social and                       domestic         Taxes on    Gross domestic
  real estate and         personal     Ownership       product at       production product at current
business 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            0.2           -5.1                 4.3        22.2                    4.7   2004@




                                                      85
              Table 15 Gross output, intermediate consumption, value added
                         and factor income by economic activity
                                    at current prices
HK$ million
                                                              (1)         (2)           (3)          (4)          (5)




                                                                        Mining                  Electricity,
                                                        Agriculture         and                         gas
Year                                                    and fishing   quarrying Manufacturing    and water Construction

1980    Gross output                                         2,633         352       116,592        5,153       18,424
        Intermediate consumption                             1,531         139        85,597        3,113        9,579
        Value 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        1,991
        Value added as % of gross output                      41.9        60.5          26.6         39.6         48.0
        Compensation 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       24,676
        Intermediate consumption                             1,709         169        99,693        4,972       12,418
        Value 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        2,903
        Value added as % of gross output                      39.8        60.0          26.8         34.5         49.7
        Compensation 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       26,949
        Intermediate consumption                             1,851         216        94,952        4,591       13,744
        Value 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        3,023
        Value added as % of gross output                      40.1        58.8          28.0         44.4         49.0
        Compensation of employees as % of value added         22.8        22.7          69.0         29.6         77.1

1983    Gross output                                         3,131         559       167,821        9,952       26,712
        Intermediate consumption                             1,906         243       122,756        4,744       13,983
        Value added                                          1,225         316        45,065        5,208       12,729
             Compensation of employees                         298          70        29,394        1,191        9,872
             Gross operating surplus                           928         246        15,671        4,018        2,857
        Value added as % of gross output                      39.1        56.5          26.9         52.3         47.7
        Compensation of employees as % of value added         24.3        22.2          65.2         22.9         77.6

1984    Gross output                                         3,263         559       209,033       10,939       27,063
        Intermediate consumption                             2,017         260       151,850        4,786       14,281
        Value added                                          1,245         299        57,183        6,152       12,782
             Compensation of employees                         382          69        36,557        1,328       10,212
             Gross operating surplus                           864         230        20,626        4,825        2,570
        Value added as % of gross output                      38.2        53.5          27.4         56.2         47.2
        Compensation of employees as % of value added         30.7        23.1          63.9         21.6         79.9




                                                           86
           Table 15 Gross output, intermediate consumption, value added
                      and factor income by economic activity
                                 at current prices
                                                                                                       HK$ million
                                                   (6)                                               (7)
                                               Services
    (6)          (6a)              (6b)               (6c)          (6d)            (6e)
            Wholesale,
              retail and
            import and                            Financing,    Community,
          export trades,       Transport,          insurance,     social and
            restaurants       storage and     real estate and       personal    Ownership    All economic
  Total      and hotels    communications   business services       services   of premises       activities   Year

144,655         46,651             21,670             37,072         26,601        12,661         287,809     1980
 51,614         20,161             12,259              7,570         10,421         1,203         151,572
 93,041         26,490              9,411             29,502         16,180        11,458         136,237
 35,131         12,061              4,790              5,681         12,598             0          65,535
 57,910         14,428              4,621             23,821          3,582        11,458          70,702
   64.3           56.8               43.4               79.6           60.8          90.5            47.3
   37.8           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     1981
 69,970         25,372             15,759             11,804         15,453         1,582         188,931
114,484         30,479             11,598             36,821         21,219        14,367         167,182
 44,921         15,266              5,857              8,097         15,702             0          80,284
 69,563         15,214              5,741             28,724          5,518        14,367          86,898
   62.1           54.6               42.4               75.7           57.9          90.1            46.9
   39.2           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     1982
 83,349         30,015             18,575             14,792         18,112         1,855         198,703
131,084         34,252             13,340             38,019         27,715        17,757         186,446
 56,398         17,870              7,360             10,012         21,156             0          93,497
 74,685         16,382              5,980             28,007          6,559        17,757          92,949
   61.1           53.3               41.8               72.0           60.5          90.5            48.4
   43.0           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     1983
 95,707         34,787             21,197             15,723         21,856         2,145         239,339
140,997         38,763             15,701             33,018         31,981        21,535         205,541
 64,678         20,566              8,209             11,833         24,070             0         105,503
 76,319         18,197              7,492             21,185          7,911        21,535         100,039
   59.6           52.7               42.6               67.7           59.4          90.9            46.2
   45.9           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     1984
112,165         42,930             25,243             17,037         24,733         2,222         285,360
166,708         53,069             17,976             35,382         36,823        23,458         244,370
 75,665         25,051              9,075             13,469         28,070             0         124,213
 91,043         28,018              8,900             21,913          8,753        23,458         120,157
   59.8           55.3               41.6               67.5           59.8          91.3            46.1
   45.4           47.2               50.5               38.1           76.2           0.0            50.8




                                                         87
                                          Table 15 ---- Continued


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




                                                                        Mining                  Electricity,
                                                        Agriculture         and                         gas
Year                                                    and fishing   quarrying Manufacturing    and water Construction

1985    Gross output                                         3,239         623       196,993       11,884       27,303
        Intermediate consumption                             2,028         267       141,859        4,679       14,752
        Value added                                          1,211         356        55,133        7,205       12,551
             Compensation of employees                         427          70        38,063        1,534       10,664
             Gross operating surplus                           784         286        17,070        5,671        1,887
        Value added as % of gross output                      37.4        57.1          28.0         60.6         46.0
        Compensation of employees as % of value added         35.3        19.7          69.0         21.3         85.0

1986    Gross output                                         3,457         589       241,293       12,784       30,972
        Intermediate consumption                             2,149         243       175,642        3,760       16,854
        Value added                                          1,308         346        65,651        9,025       14,118
             Compensation of employees                         433          74        42,199        1,743       12,344
             Gross operating surplus                           876         272        23,452        7,281        1,775
        Value added as % of gross output                      37.8        58.7          27.2         70.6         45.6
        Compensation of employees as % of value added         33.1        21.4          64.3         19.3         87.4

1987    Gross output                                         3,584         466       300,457       14,344       36,768
        Intermediate consumption                             2,250         209       221,252        3,964       19,915
        Value added                                          1,334         257        79,204       10,380       16,853
             Compensation of employees                         476          66        48,536        1,952       15,015
             Gross operating surplus                           859         191        30,669        8,429        1,838
        Value added as % of gross output                      37.2        55.2          26.4         72.4         45.8
        Compensation of employees as % of value added         35.7        25.7          61.3         18.8         89.1

1988    Gross output                                         3,764         418       340,505       15,340       44,272
        Intermediate consumption                             2,347         189       252,217        4,264       24,131
        Value added                                          1,417         229        88,287       11,075       20,140
             Compensation of employees                         532          69        53,076        2,159       17,747
             Gross operating surplus                           886         160        35,212        8,917        2,394
        Value added as % of gross output                      37.6        54.8          25.9         72.2         45.5
        Compensation of employees as % of value added         37.5        30.1          60.1         19.5         88.1

1989    Gross output                                         3,913         437       348,222       17,128       53,570
        Intermediate consumption                             2,527         213       253,771        5,272       28,239
        Value added                                          1,386         224        94,451       11,857       25,331
             Compensation of employees                         607          72        56,718        2,497       20,958
             Gross operating surplus                           779         152        37,733        9,360        4,373
        Value added as % of gross output                      35.4        51.3          27.1         69.2         47.3
        Compensation of employees as % of value added         43.8        32.1          60.1         21.1         82.7




                                                           88
                                          Table 15 ---- Continued


                                                                                                    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 economic
  Total      and hotels    communications          services        services    premises       activities   Year

307,423        105,075             46,365           58,121          69,787       28,075        547,465     1985
124,526         49,292             26,334           19,034          27,481        2,385        288,111
182,897         55,783             20,031           39,087          42,306       25,690        259,353
 86,870         28,781             10,185           15,842          32,061            0        137,628
 96,027         27,002              9,846           23,245          10,245       25,690        121,725
   59.5           53.1               43.2             67.3            60.6         91.5           47.4
   47.5           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     1986
142,251         58,550             29,816           21,568          29,685        2,633        340,898
212,513         63,811             23,671           48,851          47,199       28,982        302,961
 99,162         32,772             11,399           18,312          36,678            0        155,954
113,351         31,039             12,271           30,539          10,521       28,982        147,007
   59.9           52.1               44.3             69.4            61.4         91.7           47.1
   46.7           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     1987
172,112         74,530             32,820           28,462          32,954        3,347        419,702
268,031         86,157             31,044           63,659          52,771       34,400        376,061
118,524         40,637             13,541           22,852          41,494            0        184,569
149,507         45,520             17,503           40,807          11,277       34,400        191,492
   60.9           53.6               48.6             69.1            61.6         91.1           47.3
   44.2           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     1988
214,959         97,961             38,308           34,826         39,607         4,257        498,108
327,697        105,859             39,257           80,405         60,732        41,445        448,847
143,246         50,716             16,468           28,780         47,283             0        216,828
184,451         55,143             22,789           51,626         13,448        41,445        232,019
   60.4           51.9               50.6             69.8           60.5          90.7           47.4
   43.7           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     1989
260,750        120,810             45,621           42,152         47,214         4,954        550,773
378,167        121,095             43,795           94,132         69,852        49,293        511,415
171,646         61,172             19,787           35,136         55,551             0        252,498
206,521         59,923             24,008           58,997         14,301        49,293        258,917
   59.2           50.1               49.0             69.1           59.7          90.9           48.1
   45.4           50.5               45.2             37.3           79.5           0.0           49.4




                                                       89
                                          Table 15 ---- Continued


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




                                                                        Mining                  Electricity,
                                                        Agriculture         and                         gas
Year                                                    and fishing   quarrying Manufacturing    and water Construction

1990    Gross output                                         3,872         402       342,064       19,489       61,285
        Intermediate consumption                             2,440         192       245,805        5,675       31,584
        Value added                                          1,432         210        96,258       13,814       29,701
             Compensation of employees                         607          77        57,592        3,153       24,797
             Gross operating surplus                           826         133        38,666       10,661        4,903
        Value added as % of gross output                      37.0        52.2          28.1         70.9         48.5
        Compensation of employees as % of value added         42.4        36.7          59.8         22.8         83.5

1991    Gross output                                         3,796         405       339,371       22,010       70,492
        Intermediate consumption                             2,355         183       245,088        7,155       36,578
        Value added                                          1,441         222        94,283       14,855       33,915
             Compensation of employees                         661          72        55,747        3,625       27,517
             Gross operating surplus                           780         150        38,536       11,230        6,397
        Value added as % of gross output                      38.0        54.8          27.8         67.5         48.1
        Compensation of employees as % of value added         45.9        32.4          59.1         24.4         81.1

1992    Gross output                                         3,705         368       339,276       24,959       74,824
        Intermediate consumption                             2,237         163       242,866        7,761       38,296
        Value added                                          1,468         205        96,410       17,199       36,528
             Compensation of employees                         603          81        55,355        4,115       30,099
             Gross operating surplus                           865         124        41,055       13,084        6,429
        Value added as % of gross output                      39.6        55.7          28.4         68.9         48.8
        Compensation of employees as % of value added         41.1        39.5          57.4         23.9         82.4

1993    Gross output                                         3,696         413       318,315       26,988       88,031
        Intermediate consumption                             2,085         216       229,033        7,766       45,854
        Value added                                          1,612         197        89,282       19,222       42,177
             Compensation of employees                         658          95        52,879        4,603       33,572
             Gross operating surplus                           954         102        36,403       14,618        8,604
        Value added as % of gross output                      43.6        47.7          28.0         71.2         47.9
        Compensation of employees as % of value added         40.8        48.2          59.2         23.9         79.6

1994    Gross output                                         3,734         476       300,890       31,159       96,142
        Intermediate consumption                             2,138         226       216,573        7,085       50,786
        Value 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        9,677
        Value added as % of gross output                      42.7        52.3          28.0         77.3         47.2
        Compensation of employees as % of value added         32.0        45.8          60.0         21.2         78.7




                                                           90
                                            Table 15 ---- Continued


                                                                                                      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 economic
   Total       and hotels    communications          services        services    premises       activities   Year

 757,547         291,986           106,521           161,226        135,439        62,375      1,184,659     1990
 324,114         156,007            54,794            52,301         54,475         6,537        609,811
 433,433         135,979            51,727           108,925         80,963        55,838        574,848
 204,611          72,513            24,790            41,943         65,366             0        290,838
 228,821          63,466            26,937            66,982         15,598        55,838        284,010
    57.2            46.6              48.6              67.6           59.8          89.5           48.5
    47.2            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     1991
 369,569         179,245            56,833            63,459         59,221        10,811        660,928
 506,967         156,433            58,508           136,620         93,719        61,687        651,683
 239,543          86,336            26,513            49,745         76,949             0        327,165
 267,424          70,097            31,994            86,875         16,770        61,687        324,518
    57.8            46.6              50.7              68.3           61.3          85.1           49.6
    47.3            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     1992
 388,773         166,376            67,746            72,215         68,840        13,597        680,095
 604,714         183,400            68,735           170,985        109,989        71,605        756,524
 281,504          99,368            32,103            57,768         92,264             0        371,756
 323,211          84,032            36,632           113,217         17,725        71,605        384,768
    60.9            52.4              50.4              70.3           61.5          84.0           52.7
    46.6            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     1993
  474,916        203,197            80,045            86,332         89,347        15,994        759,869
  707,020        217,209            76,427           205,266        129,521        78,598        859,509
  330,075        118,432            36,345            66,384        108,913             0        421,883
  376,945         98,776            40,081           138,881         20,608        78,598        437,626
     59.8           51.7              48.8              70.4           59.2          83.1           53.1
     46.7           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     1994
  550,764        234,633            86,945           107,036        104,439        17,711        827,573
  831,005        241,688            89,488           245,475        150,319       104,035        986,597
  377,464        131,994            41,663            80,501        123,306             0        469,489
  453,542        109,694            47,825           164,974         27,013       104,035        517,108
     60.1           50.7              50.7              69.6           59.0          85.5           54.4
     45.4           54.6              46.6              32.8           82.0           0.0           47.6




                                                         91
                                          Table 15 ---- Continued


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




                                                                        Mining                  Electricity,
                                                        Agriculture         and                         gas
Year                                                    and fishing   quarrying Manufacturing    and water Construction

1995    Gross output                                         3,666         636       305,004       33,593      120,009
        Intermediate consumption                             2,212         319       223,588        8,057       66,316
        Value added                                          1,453         317        81,415       25,535       53,694
             Compensation of employees                         509         119        48,844        5,742       42,471
             Gross operating surplus                           944         199        32,571       19,793       11,223
        Value added as % of gross output                      39.6        49.8          26.7         76.0         44.7
        Compensation of employees as % of value added         35.0        37.5          60.0         22.5         79.1

1996    Gross output                                         3,727         682       287,397       37,527      135,709
        Intermediate consumption                             2,283         371       207,863        8,479       71,594
        Value added                                          1,444         311        79,534       29,048       64,115
             Compensation of employees                         483         123        46,466        6,015       50,679
             Gross operating surplus                           961         188        33,068       23,033       13,436
        Value added as % of gross output                      38.7        45.6          27.7         77.4         47.2
        Compensation of employees as % of value added         33.4        39.5          58.4         20.7         79.0

1997    Gross output                                         3,846         592       268,216       40,979      148,798
        Intermediate consumption                             2,383         320       190,461        9,515       77,608
        Value added                                          1,464         272        77,754       31,465       71,190
             Compensation of employees                         398         117        45,201        5,755       58,455
             Gross operating surplus                         1,066         155        32,554       25,710       12,735
        Value added as % of gross output                      38.1        45.9          29.0         76.8         47.8
        Compensation of employees as % of value added         27.2        43.0          58.1         18.3         82.1

1998    Gross output                                         3,597         614       235,016       43,794      140,526
        Intermediate consumption                             2,067         313       166,330        8,885       71,424
        Value added                                          1,530         301        68,686       34,908       69,101
             Compensation of employees                         513         121        40,737        6,084       57,729
             Gross operating surplus                         1,017         180        27,949       28,824       11,372
        Value added as % of gross output                      42.5        49.0          29.2         79.7         49.2
        Compensation of employees as % of value added         33.5        40.2          59.3         17.4         83.5

1999    Gross output                                         2,910         544       216,340       45,004      132,965
        Intermediate consumption                             1,739         237       152,982        9,044       67,405
        Value added                                          1,171         307        63,358       35,960       65,560
             Compensation of employees                         353         100        36,694        5,904       55,129
             Gross operating surplus                           819         206        26,664       30,056       10,431
        Value added as % of gross output                      40.2        56.4          29.3         79.9         49.3
        Compensation of employees as % of value added         30.1        32.6          57.9         16.4         84.1




                                                           92
                                            Table 15 ---- Continued


                                                                                                      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 economic
   Total       and hotels    communications          services        services    premises       activities   Year

1,498,781        512,513           196,522           353,592        294,118       142,035      1,961,688     1995
  600,648        249,857            96,745           113,404        119,465        21,175        901,140
  898,134        262,656            99,777           240,188        174,652       120,860      1,060,548
  431,861        149,047            48,117            90,167        144,530             0        529,546
  466,272        113,609            51,660           150,021         30,122       120,860        531,002
     59.9           51.2              50.8              67.9           59.4          85.1           54.1
     48.1           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     1996
  657,447        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      1,177,519
  480,616        157,762            51,680           107,306        163,868             0        584,383
  522,450        135,923            56,789           167,579         33,681       128,477        593,136
     60.4           52.6              50.6              68.1           60.0          82.7           55.4
     47.9           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     1997
  722,454        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      1,287,967
  539,979        171,190            56,950           126,599        185,241             0        649,905
  565,843        138,651            54,282           187,712         33,922       151,275        638,062
     60.5           52.0              49.3              67.9           60.2          83.9           56.2
     48.8           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     1998
  688,149        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      1,218,263
  549,233        167,470            56,705           123,156        201,902             0        654,417
  494,503        118,587            49,439           151,757         29,317       145,404        563,846
     60.3           53.0              48.7              65.7           61.4          80.9           56.5
     52.6           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     1999
  687,853        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      1,198,364
  554,019        159,415            54,616           124,039        215,949             0        652,199
  477,990        120,891            51,958           131,594         28,429       145,119        546,165
     60.0           53.4              46.0              64.1           62.1          84.8           56.6
     53.7           56.9              51.2              48.5           88.4           0.0           54.4




                                                         93
                                          Table 15 ---- Continued


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




                                                                        Mining                  Electricity,
                                                        Agriculture         and                         gas
Year                                                    and fishing   quarrying Manufacturing    and water Construction

2000    Gross output                                         3,030         472       230,262       47,193      124,208
        Intermediate consumption                             2,110         231       162,616       10,276       62,154
        Value 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        8,375
        Value added as % of gross output                      30.4        51.1          29.4         78.2         50.0
        Compensation of employees as % of value added         40.8        34.0          53.8         15.7         86.5

2001    Gross output                                         3,131         372       202,453       48,760      114,278
        Intermediate consumption                             2,129         199       142,693       10,803       57,111
        Value added                                          1,003         174        59,760       37,957       57,167
             Compensation of employees                         354          61        34,557        5,875       49,093
             Gross operating surplus                           649         112        25,203       32,082        8,074
        Value added as % of gross output                      32.0        46.8          29.5         77.8         50.0
        Compensation of employees as % of value added         35.3        35.1          57.8         15.5         85.9

2002    Gross output                                         2,860         295       175,626       50,397      106,277
        Intermediate consumption                             1,857         159       124,231       10,788       54,743
        Value added                                          1,002         136        51,396       39,609       51,534
             Compensation of employees                         300          54        31,625        5,478       45,769
             Gross operating surplus                           703          82        19,770       34,131        5,765
        Value added as % of gross output                      35.0        46.1          29.3         78.6         48.5
        Compensation of employees as % of value added         29.9        39.7          61.5         13.8         88.8

2003    Gross output                                        2,699         274        159,244      49,897        93,409
        Intermediate consumption                            1,875         158        114,841      11,058        48,499
        Value added                                           824         116         44,403      38,839        44,910
             Compensation of employees                        313          39         28,284       5,512        39,093
             Gross operating surplus                          511          78         16,119      33,326         5,817
        Value added as % of gross output                      30.5        42.3           27.9        77.8          48.1
        Compensation of employees as % of value added         38.0        33.6           63.7        14.2          87.0

2004@   Gross output                                        2,797         223        160,510      51,619        86,667
        Intermediate consumption                            1,911         151        116,055      11,893        46,290
        Value added                                           886          72         44,455      39,726        40,376
             Compensation of employees                        284          38         27,423       5,276        34,863
             Gross operating surplus                          602          34         17,032      34,450         5,514
        Value added as % of gross output                      31.7        32.3           27.7        77.0          46.6
        Compensation of employees as % of value added         32.1        52.8           61.7        13.3          86.3




                                                           94
                                             Table 15 ---- Continued


                                                                                                       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 economic
     Total      and hotels    communications          services        services    premises       activities   Year

1,818,213         562,429           263,758           423,167        405,383       163,477      2,223,377     2000
  730,642         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      1,255,348
  581,003         168,710            55,930           136,394        219,970             0        677,316
  506,567         139,890            63,044           132,006         30,027       141,600        578,032
     59.8            54.9              45.1              63.4           61.7          86.6           56.5
     53.4            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     2001
  716,370         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      1,244,271
  594,429         165,471            56,797           137,971        234,192             0        684,369
  493,781         144,455            60,729           113,525         28,768       146,304        559,902
     60.3            55.4              46.3              62.2           62.7          87.3           57.2
     54.6            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     2002
  705,261         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      1,234,949
  589,469         159,203            55,349           135,502        239,415             0        672,695
  501,803         151,297            66,418           111,542         26,331       146,214        562,253
     60.7            56.3              46.5              61.8           63.9          87.0           57.9
     54.0            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     2003
  710,629        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       1,203,034
  581,767        152,094             55,625          139,234         234,815            0         655,009
  492,173        156,778             61,795          111,851          27,102      134,648         548,025
      60.2           56.7               44.4             61.7            63.6         85.9           57.6
      54.2           49.2               47.4             55.5            89.7          0.0           54.4

1,905,130        601,822            302,703          435,329         412,567      152,708       2,206,946     2004@
  776,191        256,730            175,884          168,495         150,165       24,919         952,492
1,128,939        345,092            126,820          266,834         262,403      127,790       1,254,453
  595,213        158,768             57,694          146,485         232,267            0         663,096
  533,725        186,325             69,126          120,350          30,135      127,790         591,357
      59.3           57.3               41.9             61.3            63.6         83.7           56.8
      52.7           46.0               45.5             54.9            88.5          0.0           52.9




                                                          95
               Table 16 Value added of selected economic activities
                             (a) At current prices

HK$ million
                                                    (1)
                                          Manufacturing
                  (1)          (1a)                    (1b)            (1c)           (1d)
                                                Electrical and
                           Wearing        electronic products,        Paper
                            apparel                machinery,      products           Other
                                and    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




                                               96
              Table 16 Value added of selected economic activities
                            (a) At current prices

                                                                                      HK$ million
                                               (2)
          Wholesale, retail and import and export trades, restaurants and hotels
     (2)             (2a)               (2b)               (2c)         (2d)          (2e)




                 Wholesale            Retail          Import and
  Total              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@




                                                     97
                      Table 16 Value added of selected economic activities
                                    (a) At current prices

HK$ million
                                                           (3)
                                    Transport, storage and communications
                (3)                            (3a)                                        (3b)       (3c)
                                             Transport
                          (3a)     (3ai)        (3aii)            (3aiii)      (3aiv)
                                                                                Other
                         Sub-        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




                                                      98
           Table 16 Value added of selected economic activities
                         (a) At current prices

                                                                           HK$ million
                                      (4)
            Financing, insurance, real estate and business services
     (4)               (4a)                 (4b)               (4c)      (4d)




                                      Insurance               Real    Business
  Total            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@




                                             99
           Table 16 Value added of selected economic activities
                 (b) Percentage changes in nominal terms

%
                                             (1)
                                      Manufacturing
             (1)            (1a)                    (1b)          (1c)           (1d)
                                             Electrical and
                        Wearing        electronic products,      Paper
                         apparel                machinery,    products           Other
                             and    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




                                          100
           Table 16 Value added of selected economic activities
                 (b) Percentage changes in nominal terms

                                                                                            %
                                            (2)
       Wholesale, retail and import and export trades, restaurants and hotels
  (2)             (2a)               (2b)               (2c)          (2d)        (2e)




              Wholesale            Retail           Import and
Total             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@




                                                  101
                   Table 16 Value added of selected economic activities
                         (b) Percentage changes in nominal terms

%
                                                        (3)
                                  Transport, storage and communications
             (3)                            (3a)                                      (3b)         (3c)
                                          Transport
                      (3a)      (3ai)        (3aii)           (3aiii)     (3aiv)
                                                                           Other
                      Sub-        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




                                                      102
        Table 16 Value added of selected economic activities
              (b) Percentage changes in nominal terms

                                                                                  %
                                   (4)
         Financing, insurance, real estate and business services
  (4)               (4a)                 (4b)               (4c)      (4d)




                                   Insurance               Real    Business
Total           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@




                                         103
(D) Annual and quarterly GDP by economic activity at constant (2000) prices




                                    105
                                 Table 17 GDP by economic activity
                                       (a) At constant (2000) prices
HK$ million



                                                                                                        Wholesale,
                                                                                                          retail and
                                                                                                        import and
                                  Mining                    Electricity,                              export trades,
                  Agriculture         and                      gas and                                  restaurants
Year    Quarter   and fishing   quarrying   Manufacturing        water     Construction      Total       and hotels
2000                     920         241          67,646        36,917          62,054    1,087,570        308,600
2001                     958         207          61,501        37,558          60,658    1,106,625        309,379
2002                     951         184          55,332        38,971          59,754    1,137,110        323,391
2003                     898         188          49,641        39,685          56,850    1,188,681        352,694
2004@                    923         156          50,479        40,494          51,302    1,306,569        406,019

2000      1              238          79          14,811         7,527          15,744     256,693          67,894
          2              233          51          16,578         9,219          13,827     263,626          71,055
          3              215          58          18,436        11,153          15,629     280,274          83,887
          4              234          54          17,821         9,017          16,855     286,977          85,765

2001      1              240          52          14,189         7,832          15,493     265,449          71,893
          2              247          50          15,838         9,365          14,078     269,122          71,639
          3              220          55          16,206        11,247          14,605     283,879          84,058
          4              252          50          15,268         9,114          16,483     288,175          81,789

2002      1              242          43          12,484         8,000          14,351     264,443          69,327
          2              252          49          14,021        10,123          14,787     272,196          71,674
          3              214          45          15,018        11,645          15,124     294,793          89,376
          4              243          46          13,810         9,203          15,492     305,677          93,014

2003      1              233          46          11,267         8,326          14,002     279,034          78,744
          2              237          55          12,084         9,782          13,793     274,452          74,802
          3              200          46          13,483        12,021          14,698     309,168          95,739
          4              228          41          12,807         9,556          14,356     326,027         103,408

2004@     1              236          38          11,323         8,630          12,571     306,294          89,501
          2              242          39          12,059         9,962          12,130     311,975          91,953
          3              202          37          13,799        12,201          12,748     335,121         109,392
          4              242          43          13,298         9,701          13,853     353,178         115,173

2005@     1              229          38          11,066         9,065          12,630     327,725          98,910
          2              260          44          12,044        10,436          11,117     338,681         103,062
          3              213          44          14,366        12,263          12,043     364,058         121,377




                                                        106
                               Table 17 GDP by economic activity
                                    (a) At constant (2000) prices
                                                                                                    HK$ million
                 Services



                   Financing,
                   insurance, Community,                                         Gross domestic
    Transport,     real estate  social and               Taxes on  Statistical        product at
   storage 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    2000
      121,189       269,675      259,976      146,407      57,282         -0.1        1,323,167    2001
      129,080       277,004      258,296      149,339      57,228         -0.2        1,347,495    2002
      129,993       292,828      259,809      153,357      59,156         -0.3        1,390,610    2003
                                                                                                          @
      148,111       331,180      266,608      154,651      66,854         -0.4        1,510,182    2004

        27,318        67,894       58,737      34,849      15,666          0.1          311,206    2000          1
        28,837        64,564       63,966      35,203      14,178         -0.1          317,265                  2
        31,380        67,933       61,401      35,674      13,402          0.2          339,808                  3
        31,438        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          1
        28,938        67,428       65,260      35,857      15,214         -0.4          322,480                  2
        31,530        67,203       64,111      36,978      12,605           §           338,836                  3
        31,505        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          1
        30,783        69,535       63,996      36,207      15,194         -0.9          323,663                  2
        34,221        69,680       63,722      37,794      12,328         -0.1          348,775                  3
        34,165        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          1
        28,695        71,191       62,464      37,301      14,583         -1.1          321,512                  2
        34,538        74,642       65,266      38,983      13,262           §           362,816                  3
        35,550        78,394       69,453      39,222      16,662         -0.8          376,782                  4

                                                                                                          @
        34,552        80,651       63,604      37,986      17,715         -0.2          356,176    2004          1
        35,087        81,057       66,203      37,675      17,203         -0.6          361,487                  2
        38,703        81,385       66,422      39,219      14,345         -0.2          387,610                  3
        39,769        88,086       70,379      39,771      17,590         -0.7          404,909                  4

                                                                                                          @
        38,951        85,920       64,221      39,723      17,489         -0.1          377,691    2005          1
        39,416        90,280       66,252      39,671      17,557         -0.6          387,747                  2
        44,613        89,471       67,137      41,460      15,781          0.3          419,905                  3




                                                   107
                                    Table 17 GDP by economic activity
                           (b) Year-on-year percentage changes in real terms
%



                                                                                                       Wholesale,
                                                                                                         retail and
                                                                                                       import and
                                     Mining                    Electricity,                          export trades,
                     Agriculture         and                      gas and                              restaurants
Year       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                        2.8        -17.0             1.7           2.0            -9.8     9.9            15.1

2001         1              0.8        -34.2            -4.2           4.1            -1.6     3.4             5.9
             2              6.0         -2.0            -4.5           1.6             1.8     2.1             0.8
             3              2.3         -5.2           -12.1           0.8            -6.6     1.3             0.2
             4              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            -3.6
             2               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             6.3
             4              -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            13.6
             2              -6.0        12.2           -13.8          -3.4            -6.7     0.8             4.4
             3              -6.5         2.2           -10.2           3.2            -2.8     4.9             7.1
             4              -6.2       -10.9            -7.3           3.8            -7.3     6.7            11.2

2004@        1              1.3        -17.4             0.5           3.7           -10.2     9.8            13.7
             2              2.1        -29.1            -0.2           1.8           -12.1    13.7            22.9
             3              1.0        -19.6             2.3           1.5           -13.3     8.4            14.3
             4              6.1          4.9             3.8           1.5            -3.5     8.3            11.4

2005@        1              -3.0          *             -2.3           5.0             0.5     7.0            10.5
             2               7.4       12.8             -0.1           4.8            -8.4     8.6            12.1
             3               5.4       18.9              4.1           0.5            -5.5     8.6            11.0




                                                           108
                               Table 17 GDP by economic activity
                      (b) Year-on-year percentage changes in real terms
                                                                                                                        %
                 Services



                 Financing,
                 insurance, Community,                                              Gross domestic
    Transport,   real estate social and                  Taxes on     Statistical        product at
   storage 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         2.6         0.8         13.0                -               8.6   2004

           6.9         -3.1         6.4         3.4          -4.2               -               2.4   2001          1
           0.4          4.4         2.0         1.9           7.3               -               1.6                 2
           0.5         -1.1         4.4         3.7          -5.9               -              -0.3                 3
           0.2          1.8         3.4         4.6          -1.4               -              -1.0                 4

           2.4          0.7        -0.9         2.6          -0.7               -              -1.0   2002          1
           6.4          3.1        -1.9         1.0          -0.1               -               0.4                 2
           8.5          3.7        -0.6         2.2          -2.2               -               2.9                 3
           8.4          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                 2
           0.9          7.1         2.4         3.1          7.6                -               4.0                 3
           4.1          9.6         1.2         2.3         12.5                -               4.8                 4

                                                                                                             @
          10.7         17.6         1.6         0.4         20.9                -              8.1    2004          1
          22.3         13.9         6.0         1.0         18.0                -             12.4                  2
          12.1          9.0         1.8         0.6          8.2                -              6.8                  3
          11.9         12.4         1.3         1.4          5.6                -              7.5                  4

                                                                                                             @
          12.7          6.5         1.0         4.6         -1.3                -               6.0   2005          1
          12.3         11.4         0.1         5.3          2.1                -               7.3                 2
          15.3          9.9         1.1         5.7         10.0                                8.3                 3




                                                  109
                              Table 18 Value added of selected economic activities
                                        (a) At constant (2000) prices
HK$ million
                                                                                        Wholesale, retail and import and
                                           Manufacturing                              export trades, restaurants and hotels

                                     Electrical & electronic
                           Wearing products, machinery,         Paper                                      Import
                            apparel             professional products        Other            Wholesale       and
                                and          equipment and        and manufacturing           and retail   export Restaurants
Year       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       36,597
2001                 61,501    13,262              16,297    12,769         19,173    309,379    40,738 235,810       32,831
2002                 55,332    12,287              12,561    12,748         17,736    323,391    39,513 253,919       29,959
2003                 49,641    11,573                9,615   12,628         15,825    352,694    39,085 287,768       25,841
       @
2004                 50,479    11,191              10,564    12,291         16,432    406,019    42,117 332,214       31,687

2000         1       14,811     2,479                4,541     2,860         4,931     67,894     9,176    49,272      9,446
             2       16,578     3,271                5,134     3,070         5,103     71,055     9,853    52,603      8,600
             3       18,436     3,904                5,910     3,320         5,303     83,887    10,053    64,783      9,050
             4       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      8,639
             2       15,838     3,344                4,326     3,263         4,906     71,639    10,080    53,598      7,961
             3       16,206     3,656                4,301     3,353         4,896     84,058    10,176    65,915      7,967
             4       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      7,830
             2       14,021     3,031                3,265     3,291         4,433     71,674     9,530    54,817      7,327
             3       15,018     3,592                3,421     3,357         4,648     89,376     9,937    72,158      7,281
             4       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      7,214
             2       12,084     2,734                2,266     3,156         3,929     74,802     8,562    61,538      4,702
             3       13,483     3,615                2,632     3,027         4,208     95,739     9,981    79,049      6,709
             4       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     89,501     9,789    71,633      8,079
             2       12,059     2,575                2,561     3,104         3,819     91,953     9,877    74,505      7,571
             3       13,799     3,662                2,767     2,903         4,468    109,392    10,497    91,208      7,687
             4       13,298     2,969                2,683     3,522         4,123    115,173    11,955    94,868      8,350

2005@        1       11,066     1,807                2,617     2,729         3,913     98,910    10,421 79,878         8,611
             2       12,044     2,257                2,894     2,987         3,907    103,062    10,493 84,434         8,135
             3       14,366     3,568                3,146     2,879         4,774    121,377    10,953 102,052        8,372




                                                                   110
              Table 18 Value added of selected economic activities
                                 (a) At constant (2000) prices
                                                                                              HK$ million
             Transport,                              Financing, insurance,
    storage and communications                  real estate and business services




          Transport                                   Financing
                and                                         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   2000
121,189     92,983               28,206   269,675       148,783      63,507         57,385   2001
129,080     97,829               31,251   277,004       154,661      65,050         57,293   2002
129,993     96,301               33,691   292,828       170,613      66,218         55,997   2003
                                                                                                    @
148,111    109,779               38,332   331,180       207,585      65,400         58,195   2004

 27,318     21,297                6,021    67,894        39,476      15,917         12,501   2000          1
 28,837     22,452                6,385    64,564        35,758      15,340         13,466                 2
 31,380     24,722                6,658    67,933        36,923      16,488         14,522                 3
 31,438     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          1
 28,938     22,189                6,749    67,428        38,452      15,309         13,667                 2
 31,530     24,280                7,249    67,203        36,365      16,025         14,813                 3
 31,505     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          1
 30,783     23,201                7,582    69,535        39,853      16,013         13,670                 2
 34,221     26,093                8,129    69,680        38,180      16,917         14,583                 3
 34,165     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          1
 28,695     20,796                7,899    71,191        42,444      15,641         13,106                 2
 34,538     25,723                8,815    74,642        43,124      17,319         14,199                 3
 35,550     26,311                9,239    78,394        46,975      16,671         14,748                 4

                                                                                                    @
 34,552     25,358                9,193    80,651        49,936      16,647         14,069   2004          1
 35,087     25,981                9,107    81,057        51,635      15,482         13,940                 2
 38,703     28,844                9,859    81,385        50,165      16,528         14,691                 3
 39,769     29,596               10,173    88,086        55,849      16,743         15,495                 4

                                                                                                    @
 38,951     28,868               10,082    85,920        54,110      16,893         14,917   2005          1
 39,416     29,353               10,063    90,280        59,020      16,406         14,854                 2
 44,613     33,632               10,981    89,471        56,313      17,331         15,827                 3




                                                111
                          Table 18 Value added of selected economic activities
                           (b) Year-on-year percentage changes in real terms
%
                                                                                    Wholesale, retail and import and
                                       Manufacturing                              export trades, restaurants and hotels

                                 Electrical & electronic
                       Wearing products, machinery,         Paper                                     Import
                        apparel             professional products        Other           Wholesale       and
                            and          equipment and        and manufacturing          and retail   export Restaurants
Year    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

2001      1        -4.2       2.9                -13.4       3.5          -3.8        5.9       3.9       9.0        -8.5
          2        -4.5       2.2                -15.7       6.3          -3.9        0.8       2.3       1.9        -7.4
          3       -12.1      -6.4                -27.2       1.0          -7.7        0.2       1.2       1.7       -12.0
          4       -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         -9.4
          2       -11.5      -9.4                -24.5       0.9           -9.6        *       -5.5      2.3         -8.0
          3        -7.3      -1.8                -20.5       0.1           -5.1      6.3       -2.3      9.5         -8.6
          4        -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         -7.9
          2       -13.8      -9.8                -30.6      -4.1         -11.4       4.4      -10.2     12.3        -35.8
          3       -10.2       0.6                -23.1      -9.8          -9.5       7.1        0.4      9.5         -7.9
          4        -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     13.7        7.1     14.8        12.0
          2        -0.2      -5.8                 13.0      -1.6           -2.8     22.9       15.4     21.1        61.0
          3         2.3       1.3                  5.1      -4.1            6.2     14.3        5.2     15.4        14.6
          4         3.8      -2.1                  7.7       0.5            9.2     11.4        4.9     11.9        15.7

2005@     1        -2.3      -9.0                  2.5      -1.2           -2.7     10.5        6.5     11.5          6.6
          2        -0.1     -12.3                 13.0      -3.8            2.3     12.1        6.2     13.3          7.4
          3         4.1      -2.6                 13.7      -0.8            6.8     11.0        4.3     11.9          8.9




                                                               112
            Table 18 Value added of selected economic activities
               (b) Year-on-year percentage changes in real terms
                                                                                                       %
           Transport,                          Financing, insurance,
  storage and communications              real estate and business services




        Transport                               Financing
              and                                     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

  6.9         6.2               9.7    -3.1           -7.8       -5.1         14.5   2001          1
  0.4        -1.2               5.7     4.4            7.5       -0.2          1.5                 2
  0.5        -1.8               8.9    -1.1           -1.5       -2.8          2.0                 3
  0.2        -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          1
  6.4         4.6              12.3     3.1            3.6        4.6            *                 2
  8.5         7.5              12.1     3.7            5.0        5.6         -1.6                 3
  8.4         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                 2
  0.9        -1.4               8.4     7.1          12.9         2.4         -2.6                 3
  4.1         0.8              14.7     9.6          16.7         3.3         -2.5                 4

                                                                                            @
 10.7        8.0               18.8    17.6          31.2         0.4          0.9   2004          1
 22.3       24.9               15.3    13.9          21.7        -1.0          6.4                 2
 12.1       12.1               11.8     9.0          16.3        -4.6          3.5                 3
 11.9       12.5               10.1    12.4          18.9         0.4          5.1                 4

                                                                                            @
 12.7       13.8                9.7     6.5           8.4         1.5          6.0   2005          1
 12.3       13.0               10.5    11.4          14.3         6.0          6.6                 2
 15.3       16.6               11.4     9.9          12.3         4.9          7.7                 3




                                          113
          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 2004 are listed below:-

                                                         RRXMs(%)
    Broad
commodity group     1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

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
Raw materials and    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
semi-manufactures
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
Food                 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
Fuels                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
Overall             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



                                                   115
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 1976-2004, 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 1979-2004 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 1979-2004 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.

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 1979-2004 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

                                                     116
2004 are revised based on the results of the Survey for 2004. The trade margins of the following
product groups are available from the survey results: food, fuel, alcoholic drinks and tobacco, clothing
and footwear, consumer goods, 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-             Bread and cereals; meat and poultry; fish and sea products; milk
          alcoholic beverages       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        Ready-made clothing; clothing materials and tailoring charges;
          and other personal        footwear; watches, cameras and optical goods; travel and sports
          effects                   goods; stationery; jewellery and other personal effects.

  (5)     Rent, rates, water        Rent and rates; water charges; house insurance and other housing
          and housing main-         charges.
          tenance charges

  (6)     Fuel and light            Kerosene; liquefied petroleum gas; coal gas; electricity and other
                                    fuel (e.g. charcoal, candles, matches).

  (7)     Furniture, furnishing     Furniture; soft furnishings; electrical household appliances, visual
          and household             and sound equipment, personal computers and other consumer
          equipment                 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


                                                 117
                                    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          Chinese and western medical, pharmaceutical and healthcare
          health expenses           products; hospital care; services of physicians, nurses, dentists,
                                    herbalists and other related medical practitioners.

(11)      Transport and             Expenditure on transport includes purchases of motor cars, cycles
          communication             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            Newspapers and periodicals; books and other recreation goods
          entertainment             (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.

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

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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.

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

                                                  119
             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.


                               Gross domestic capital formation

3.29    Gross domestic capital formation (GDCF) consists of gross domestic fixed capital formation
and the value of physical changes in inventories.

3.30    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.




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Building and construction

3.31     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 3.33 to 3.34. 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.

3.32     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.

3.33     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.

3.34    The estimates of REDM for the years 1979 and 1981-2004 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

3.35    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.




                                                  121
Machinery, equipment and computer software

3.36     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 3.32).
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.

3.37     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
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

3.38     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.

3.39    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.

3.40     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


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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.

3.41     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.

3.42     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

3.43    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.

Imports and exports of services

3.44    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

                                                 123
        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).

3.45     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
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.

3.46     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.

3.47     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

3.48    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


                                                     124
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 economic activities.

3.49    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.

3.50     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.

3.51     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.

3.52   The methods for compiling the constant price expenditure components of GDP are summarised
below:

                                                                   Methods
  Private consumption expenditure
    Consumption expenditure in          For most items, the method used is deflation by consumer
    the domestic market                 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     Deflated by a tourist price index derived based on CPIs and
    Hong Kong                           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.



                                                 125
                                                                                         Methods
    Government consumption expenditure

       Compensation of employees                       Deflated by the salary rate index for government employees.

       Purchases of goods and                          Deflated by the price index for government purchases of
       services                                        goods and services.

       Sales by government to                          Deflated by the price index of sales by government to
       households and enterprises                      households and enterprises.

    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).

 Note :     Deflators for different types of construction output are as follows:-


     Type of construction                  Deflator for reference periods                      Deflator for reference periods
           output                            before first quarter 1991                            since first quarter 1991


Residential building

- public                             Construction Output Deflator derived with      Construction Output Deflator derived with reference
                                     reference to Tender Price Index compiled       to Tender Price Index compiled by the Housing
                                     by the Housing Department.                     Department.

- private                            Building Cost Index compiled by the            Construction Output Deflator derived with reference
                                     Architectural Services Department.             to tender price indices compiled by private quantity
                                                                                    surveying firms.

Non-residential building

- public                             Building Cost Index compiled by the            Construction Output Deflator derived with reference
                                     Architectural Services Department.             to Tender Price Index compiled by the Architectural
                                                                                    Services Department.

- private                            Building Cost Index compiled by the            Construction Output Deflator derived with reference
                                     Architectural Services Department.             to tender price indices compiled by private quantity
                                                                                    surveying firms.

Civil engineering work               Building Cost Index compiled by the            Construction Output Deflator derived with reference
                                     Architectural Services Department.             to Civil Engineering Work Index compiled by the
                                                                                    Civil Engineering and Development Department.

Non-site work

- those undertaken by special        Building Cost Index compiled by the            Construction Output Deflator derived with reference
  trade contractors (e.g. air-       Architectural Services Department.             to Building Services Tender Price Index compiled by
  conditioning work)                                                                the Architectural Services Department.

- those undertaken by general        Building Cost Index compiled by the            A composite price index derived with reference to
  contractors (e.g. renovation       Architectural Services Department.             Civil Engineering Work Index compiled by the Civil
  at erected building)                                                              Engineering and Development Department and the
                                                                                    Building Cost Index compiled by the Architectural
                                                                                    Services Department.




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                                                                  Methods

    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.

    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.

3.53    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),

                                                127
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.

3.54    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.

3.55     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

3.56      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

3.57     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.

3.58      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

                                                     128
constantly reviewed so as to account for necessary changes arising from structural developments in the
economy.

Government consumption expenditure

3.59     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.

Gross domestic capital formation

3.60    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.

3.61    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 3.57 and 3.58.

3.62      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 countries 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

3.63    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.

3.64     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.




                                                  129
Seasonally Adjusted GDP and its Main Expenditure Components

3.65     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.

3.66     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
analysed together, the trend of the GDP can be more clearly discerned, particularly in regard to turning
points in the data series.

3.67  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.

3.68     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.

3.69     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

3.70      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.

3.71     The adjustment that has to be applied to the real product series in producing the real income
                     X   X
series is equal to (   −    ) , where X is the value of exports at current prices, Pm the import price
                     Pm Px

                                                      130
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.

3.72     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.

3.73     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.

3.74    The following table shows the real income series (RGDI), derived as described above, together
with the real product series (constant price GDP) for 2001-2005.


                                                   Real Gross Domestic Income
                                                                                                                      HK$ million
                                   Gross domestic product at constant         Terms of                      Real gross
                                          (2000) market prices            trade adjustment                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@                            1,510,182         (8.6)           -63,207                   1,446,975         (4.4)
                        1st qtr.            356,176         (8.1)           -11,722                     344,454         (4.0)
                       2nd qtr.             361,487        (12.4)           -12,880                     348,607         (8.3)
                       3rd qtr.             387,610         (6.8)           -17,403                     370,207         (2.3)
                       4th qtr.             404,909         (7.5)           -21,202                     383,707         (3.6)
         2005@                            1,620,906         (7.3)           -91,534                   1,529,372         (5.7)
                        1st qtr.            377,691         (6.0)           -20,891                     356,800         (3.6)
                       2nd qtr.             387,747         (7.3)           -21,348                     366,399         (5.1)
                       3rd qtr.             419,905         (8.3)           -23,122                     396,783         (7.2)
                       4th qtr.             435,562         (7.6)           -26,173                     409,389         (6.7)

         @      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.




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3.75     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).




                                                  132
                 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.




                                                   133
                                            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.




                                                  134
         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.



                                                   135
                            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.


                                                  136
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 SNA.

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.



                                                  138
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

                                                   139
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.




                                                  140
                           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

                                                  141
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).




                                                   143
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.


                                                 144
  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      Single extrapolation by volume indicators.
  import and export trades   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        Single extrapolation by deflated business receipts.
  houses                     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.


                                              145
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        Single extrapolation by input indicators.
  services provided by        The input indicators are wages supplied by the Treasury. The
  government                  deflator used is the salary rate index for government employees.


  Community and social        Single extrapolation by deflated value of government subventions.
  services provided by        The value of government subventions is provided by the Treasury.
  private non-profit          The salary rate index for government employees is used as deflator.
  institutions




                                                146
    Personal services            Single extrapolation by deflated private consumption expenditure on
    provided by commercial       various services activities.
    establishments               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 buildings
                                 are 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      Direct deflation.
    imports                      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

                                                                                   1970    1975    1980
       ISIC# major division                                                           %       %       %
  1.   Agriculture and fishing                                                       2.0     1.4     1.0
  2.   Mining and quarrying                                                          0.2     0.1       *
  3.   Manufacturing                                                                30.9    26.9    25.1
  4.   Electricity, gas and water                                                    2.0     1.8     1.3
  5.   Construction                                                                  4.2     5.7     7.1
  6.   Wholesale, retail and import and export trades, restaurants and              19.6    20.7    19.2
       hotels
  7.   Transport, storage and communications                                         7.6     7.2     7.2
  8.   Financing, insurance, real estate and business services                      14.9    17.0    25.9
  9.   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    49.5
 Gross operating surplus                                                            42.9    40.0    50.5
 Gross domestic product at factor cost                                             100.0   100.0   100.0




                                                            148
                           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
within the economic territory of an economy 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 an economy
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 an economy include individuals and organisations. According to
international statistical standards, for individuals, residents refer to those who normally stay in the
economic territory of the economy, irrespective of their nationality. For organisations, residents refer
to those which ordinarily operate in the economic territory. The economic territory of an economy is
the geographic territory administered by the government of the economy 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 Flow (EFIF). Real net EFIF is obtained by deflating nominal EFIFs 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.




                                                  149
                 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 direct investment in business outside the economic
territory, in which they have a lasting interest and a degree of influence or control over the
management. These earnings are in the form of net interest receipts on intercompany debts, receipts of
distributed dividends, share of undistributed profits 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 an economy
can only be owned by residents of that economy. 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
economy 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 equities (i.e. stocks and
shares) and debt securities (e.g. negotiable certificates of deposits, bonds and bills). Compared with
investors making direct investment, portfolio investors in equity and debt securities of non-resident
business enterprises 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 an economy, there may
be both listings of resident and non-resident shares.

Other investment income

6.14 OII refers to external flows of interest incomes derived from other financial claims on and
liabilities to non-residents 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 credit.
Interest income receivable/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.




                                                        150
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 of Hong Kong. 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 standard, foreign embassies, consulates and government
offices located in an economy are considered non-residents of the economy. 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 economies 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.




                                                   151
                                  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 EFIFs that it generates on its own account (own-account reporting), and EFIFs 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 foreign branches and/or subsidiaries;
       (b) companies listed on the Stock Exchange of Hong Kong (SEHK);
       (c) companies engaged in banking, insurance, share registration, fund management, custodian
           or money lending businesses other than banks; and
       (d) 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
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.



                                                      152
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 (i.e. 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 EFIFs 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, enhancements to the
methodology for compiling CE estimates have been made on the basis of more relevant data obtained
from various sources. A revised series of CE estimates has also been backdated to 1993.


Limitations of the EFIF Statistics

6.33 Given the close economic links between Hong Kong and the mainland of China, it is common
that some Hong Kong individuals have made direct investment in the mainland of China 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 an economy is usually represented by GDP at constant market prices,
the real purchasing power of the output of an economy may be represented by Real Gross Domestic
Income (RGDI), as described in paragraphs 3.70-3.75. Corresponding to RGDI, the real purchasing
power of the total income earned by residents of an economy 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.




                                                  153
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 2000 to 2004 and the first quarter of 2004 to the third quarter of 2005 are
presented in Table A. GNP at constant (2000) prices and RGNI (2000-based) for 2002 to 2004 and the
first quarter of 2002 to the third quarter of 2005 are shown in Table B.

6.38 The C&SD 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).
As a result of this statistical development, the entire series of GNP were revised in August 2005.
Please refer to the article “Implementation of the Latest International Guidelines on Dealing with
Financial Intermediation Services in the Compilation of National Accounts Statistics of Hong Kong”
available in the website of the Census and Statistics Department (http://www.censtatd.gov.hk) for
details.




                                                       154
                                           Table A
           Gross National Product (GNP) and External Factor Income Flows (EFIF)
           by Income Component by Type of Transactor (At Current Market Prices),
                  2000 to 2004 and First quarter 2004 to Third quarter 2005
                                                                                                              HK$ million, unless otherwise specified

Type of Income Component               2000                     2001                 2002                   2003                      2004
      Type of Transactor
Direct Investment Income
                                                       #
      Inflow Total                153,848     (12.7)        168,497      (9.5)   179,008 (6.2)         195,783        (9.4)    230,066         (17.5)
           Banking                  8,381     (20.0)          8,152     (-2.7)     8,697 (6.7)           6,651     (-23.5)       9,151         (37.6)
           Others                 145,466     (12.4)        160,345    (10.2)    170,311 (6.2)         189,132      (11.1)     220,915         (16.8)
      Outflow Total               266,324     (35.1)        244,838     (-8.1)   254,730 (4.0)         254,594       (-0.1)    313,591         (23.2)
           Banking                 73,111     (12.7)         63,156   (-13.6)     57,657 (-8.7)         51,462     (-10.7)      53,301          (3.6)
           Others                 193,214     (46.1)        181,681     (-6.0)   197,073 (8.5)         203,132        (3.1)    260,290         (28.1)
      Net Flow Total             -112,477                   -76,341              -75,723               -58,811                 -83,525
           Banking                -64,730                   -55,004              -48,960               -44,811                 -44,150
           Others                 -47,747                   -21,337              -26,763               -14,000                 -39,375
Portfolio Investment Income
      Inflow Total                 95,086 (10.2)             96,338      (1.3)     92,208     (-4.3)   105,789      (14.7)     124,934         (18.1)
           Banking                 23,910 (43.6)             27,077    (13.2)      25,726     (-5.0)    28,244        (9.8)     29,713          (5.2)
           Others                  71,176 (2.2)              69,261     (-2.7)     66,482     (-4.0)    77,545      (16.6)      95,221         (22.8)
      Outflow Total                26,900 (5.9)              26,835     (-0.2)     26,981      (0.5)    28,016        (3.8)     31,411         (12.1)
           Banking                  3,800 (-6.9)              4,569    (20.2)       4,087   (-10.5)      3,892       (-4.8)      3,322        (-14.6)
           Others                  23,100 (8.3)              22,266     (-3.6)     22,894      (2.8)    24,124        (5.4)     28,089         (16.4)
      Net Flow Total               68,186                    69,503                65,227               77,774                  93,523
           Banking                 20,110                    22,507                21,639               24,353                  26,391
           Others                  48,076                    46,995                43,588               53,421                  67,132
Other Investment Income
      Inflow Total                174,493 (25.2)            108,763   (-37.7)      51,589   (-52.6)    33,737      (-34.6)      48,122         (42.6)
           Banking                154,389 (21.8)             91,292   (-40.9)      41,441   (-54.6)    26,779      (-35.4)      36,953         (38.0)
           Others                  20,104 (59.7)             17,471   (-13.1)      10,148   (-41.9)     6,957      (-31.4)      11,169         (60.5)
      Outflow Total               120,749 (5.4)              72,166   (-40.2)      34,051   (-52.8)    22,671      (-33.4)      34,082         (50.3)
           Banking                114,265 (5.6)              65,985   (-42.3)      30,872   (-53.2)    20,953      (-32.1)      31,557         (50.6)
           Others                   6,484 (1.3)               6,181     (-4.7)      3,178   (-48.6)     1,718      (-45.9)       2,525         (47.0)
      Net Flow Total               53,744                    36,596                17,538              11,066                   14,040
           Banking                 40,124                    25,307                10,568               5,827                    5,396
           Others                  13,620                    11,289                 6,970               5,239                    8,644
Compensation of Employees
      Inflow Total                   1,056 (4.1)               1,190 (12.7)           940 (-21.0)          932      (-0.9)        1,869       (100.5)
      Outflow Total                  1,755 (35.4)              2,405 (37.0)         2,331 (-3.1)         2,470       (6.0)        2,497         (1.1)
      Net Flow Total                  -699                    -1,215               -1,391               -1,538                     -628
Total EFIF
      Inflow Total                424,483 (16.9)            374,787 (-11.7)      323,745 (-13.6)       336,242       (3.9)     404,991         (20.4)
      Outflow Total               415,728 (22.9)            346,244 (-16.7)      318,093 (-8.1)        307,751      (-3.3)     381,581         (24.0)
      Net Flow Total                8,754                    28,543                5,652                28,491                  23,410
                                                                                                                                          @
GDP                             1,314,789      (3.8)       1,298,813 (-1.2) 1,276,757 (-1.7) 1,233,983              (-3.4) 1,291,568            (4.7)
                                                                                                                                          @
Per capita GDP (HK$)              197,268      (2.9)         193,135 (-2.1) 188,118 (-2.6) 181,385                  (-3.6) 187,657              (3.5)
                                                                                                                                          @
GNP                             1,323,543      (2.5)       1,327,356 (0.3) 1,282,409 (-3.4) 1,262,474               (-1.6) 1,314,978            (4.2)
                                                                                                                                          @
Per capita GNP (HK$)              198,581      (1.6)         197,379 (-0.6) 188,951 (-4.3) 185,573                  (-1.8) 191,058              (3.0)
      @    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.

 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.




                                                                       155
                                    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),
                2000 to 2004 and First quarter 2004 to Third quarter 2005
                                                                                                         HK$ million, unless otherwise specified
                                                                                              @
Type of Income Component      2004          2004          2004          2004            2005                 2005@                2005@
      Type of Transactor    1st Qtr       2nd Qtr       3rd Qtr       4th Qtr           1st Qtr              2nd Qtr              3rd Qtr
Direct Investment Income
      Inflow Total           57,358        52,764        56,965        62,979        54,378 (-5.2) 76,796 (45.5) 66,254 (16.3)
           Banking            2,076         2,224         2,209         2,642         2,923 (40.8) 3,234 (45.4) 3,560 (61.2)
           Others            55,282        50,540        54,756        60,337        51,455 (-6.9) 73,562 (45.6) 62,694 (14.5)
      Outflow Total          80,872        77,206        71,119        84,393        84,994 (5.1) 96,143 (24.5) 103,795 (45.9)
           Banking           13,698        13,965        11,549        14,088        15,180 (10.8) 17,847 (27.8) 16,880 (46.2)
           Others            67,174        63,241        59,570        70,305        69,814 (3.9) 78,296 (23.8) 86,915 (45.9)
      Net Flow Total        -23,514       -24,442       -14,154       -21,415       -30,616       -19,346       -37,541
           Banking          -11,622       -11,741        -9,340       -11,446       -12,257       -14,613       -13,319
           Others           -11,892       -12,701        -4,814        -9,968       -18,360        -4,734       -24,222
Portfolio Investment Income
      Inflow Total           28,088       32,888        32,524        31,434        34,877     (24.2)    33,504       (1.9) 35,184 (8.2)
           Banking            7,206        7,238         7,357         7,912         8,149     (13.1)     8,669     (19.8) 9,640 (31.0)
           Others            20,882       25,651        25,167        23,522        26,729     (28.0)    24,835      (-3.2) 25,544 (1.5)
      Outflow Total           4,354       13,473         7,839         5,745         3,949      (-9.3)   17,213     (27.8) 8,915 (13.7)
           Banking            1,065          797           883           577         1,283     (20.5)     1,031     (29.4) 1,069 (21.1)
           Others             3,289       12,676         6,956         5,168         2,667    (-18.9)    16,182     (27.7) 7,846 (12.8)
      Net Flow Total         23,735       19,415        24,684        25,689        30,928               16,291             26,269
           Banking            6,141        6,440         6,474         7,335         6,866                7,638              8,571
           Others            17,593       12,975        18,210        18,354        24,062                8,653             17,698
Other Investment Income
      Inflow Total            8,339        10,084        13,150        16,549        20,687   (148.1)    22,828   (121.0)     22,987     (74.8)
           Banking            6,151         7,617        10,196        12,989        16,625   (170.3)    17,014   (123.4)     16,580     (62.6)
           Others             2,188         2,467         2,954         3,560         4,062    (85.6)     5,269   (113.6)      6,407    (116.9)
      Outflow Total           5,842         7,271         9,467        11,501        13,834   (136.8)    14,280    (96.4)     17,609     (86.0)
           Banking            5,146         6,665         8,806        10,939        13,033   (153.3)    13,170    (97.6)     16,529     (87.7)
           Others               696           607           661           562           801    (15.1)     1,110    (82.9)      1,081     (63.5)
      Net Flow Total          2,497         2,813         3,683         5,048         6,853               8,002                5,378
           Banking            1,005           952         1,390         2,049         3,592               3,844                   52
           Others             1,492         1,861         2,293         2,998         3,261               4,158                5,326
Compensation of Employees
      Inflow Total              467           467           467           467           466 (-0.2)           466 (-0.2)           467       (*)
      Outflow Total             624           627           626           620           632 (1.3)            650 (3.7)            658     (5.1)
      Net Flow Total           -157          -160          -159          -153          -165                 -184                 -192
Total EFIF
      Inflow Total          94,253         96,203       103,106       111,429       110,408 (17.1) 133,049 (38.3) 124,892 (21.1)
      Outflow Total         91,692         98,577        89,052       102,259       103,409 (12.8) 128,287 (30.1) 130,977 (47.1)
      Net Flow Total         2,561         -2,374        14,054         9,169         6,999          4,763         -6,085
                                      @             @             @             @
GDP                        307,300        310,738       328,381       345,149       321,706       (4.7) 331,499      (6.7) 356,422        (8.5)
Per capita GDP (HK$)             -              -             -             -             -                   -                  -
                                      @             @             @             @
GNP                        309,861        308,364       342,435       354,318       328,705       (6.1) 336,262      (9.0) 350,337        (2.3)
Per capita GNP (HK$)             -              -             -             -             -                   -                  -




                                                              156
                                                      Table B
                                     Real Gross National Income (2000-based),
                             2002 to 2004 and First quarter 2002 to Third quarter 2005
                                                                                                                                           HK$ million
Year Quarter            Gross Domestic               Real Net     Gross National Terms of                               Real Gross        Real Gross
                          Product at              External Factor  Product at     Trade                                  Domestic          National
                                                                                          b
                        Constant (2000)            Income Flow Constant (2000) Adjustment                                 Income           Income
                                                            a
                         Market Prices               (EFIF)       Market Prices
                                 (1)                         (2)               (3)=(1)+(2)              (4)             (5)=(1)+(4)       (6)=(2)+(5)

                                                #
2002                  1,347,495        ( 1.8)                6,082         1,353,577 ( 0.1)           26,666        1,374,161 ( 3.3) 1,380,243 ( 1.5)
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                  1,510,182        ( 8.6)            26,520            1,536,702 ( 8.0)           -63,207       1,446,975 ( 4.4) 1,473,495 ( 4.0)

2002        1           315,608 ( -1.0)                      5,304            320,912 ( -2.5)          5,786           321,394 ( 0.2)    326,698 ( -1.4)
2002        2           323,663        ( 0.4)                -4,245           319,418 ( -1.6)          8,855           332,518 ( 2.9)    328,273 ( 0.9)
2002        3           348,775        ( 2.9)                1,843            350,618 ( -0.1)          6,832           355,607 ( 4.8)    357,450 ( 1.6)
2002        4           359,449        ( 4.8)                3,181            362,630 ( 4.4)           5,193           364,642 ( 5.1)    367,823 ( 4.7)

2003        1           329,500        ( 4.4)            22,170               351,670 ( 9.6)           1,845           331,345 ( 3.1)    353,515 ( 8.2)
2003        2           321,512 ( -0.7)                       -371            321,141 ( 0.5)              329          321,841 ( -3.2)   321,470 ( -2.1)
2003        3           362,816        ( 4.0)                6,112            368,928 ( 5.2)             -929          361,887 ( 1.8)    367,999 ( 3.0)
2003        4           376,782        ( 4.8)                3,919            380,701 ( 5.0)           -6,444          370,338 ( 1.6)    374,257 ( 1.7)

2004@       1           356,176        ( 8.1)                2,876            359,052 ( 2.1)          -11,722          344,454 ( 4.0)    347,330 ( -1.7)
       @
2004        2           361,487 ( 12.4)                      -2,669           358,818 ( 11.7)         -12,880          348,607 ( 8.3)    345,938 ( 7.6)
       @
2004        3           387,610        ( 6.8)            16,005               403,615 ( 9.4)          -17,403          370,207 ( 2.3)    386,212 ( 4.9)
2004@       4           404,909        ( 7.5)            10,308               415,217 ( 9.1)          -21,202          383,707 ( 3.6)    394,015 ( 5.3)

2005@       1           377,691        ( 6.0)                7,816            385,507 ( 7.4)          -20,891          356,800 ( 3.6)    364,616 ( 5.0)
2005@       2           387,747        ( 7.3)                5,296            393,043 ( 9.5)          -21,348          366,399 ( 5.1)    371,695 ( 7.4)
2005@       3           419,905        ( 8.3)                -6,854           413,051 ( 2.3)          -23,122          396,783 ( 7.2)    389,929 ( 1.0)


       a   Real EFIF is estimated by deflating Nominal EFIFs based on the implicit price deflator of Domestic Demand.
           Domestic Demand = Private Consumption Expenditure + Government Consumption Expenditure
                                + Gross Domestic Fixed Capital Formation + Changes in Inventories
       b   Terms of Trade Adjustment

                The value of exports at current prices       The value of exports at current prices
           =                                             −
                     The price index of imports                    The price index of exports

           It should be noted that "trade" here includes both trade in goods and trade in services (Please see paragraphs 3.70-3.75).
       @   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.




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