Journal Issue
Share
Article

Statement by the IM Staff Representative on People’s Republic of China—Hong Kong Special Administrative Region

Author(s):
International Monetary Fund
Published Date:
December 2011
Share
  • ShareShare
Show Summary Details

The information below, which has become available following the issuance of the staff report, does not alter the thrust of the staff appraisal.

1. Recently published preliminary GDP data for the third quarter estimated growth to be 4.3 percent in real terms over a year earlier, moderating from the second quarter. The growth moderation was largely due to a sharp decline in exports towards the end of the quarter, particularly exports of goods, transportation and offshore trade-related services. Domestic demand continued to expand well. On a seasonally adjusted quarter-to-quarter basis, GDP expanded by 0.1 percent in real terms, after a 0.4 percent decline in the second quarter.

Taking this information into account, Hong Kong SAR’s economic growth for 2011 is likely to come in modestly lower than staff’s current projection.

Table 1.Gross Domestic Product and Main Expenditure Components(year-on-year, percent)
2011 Q3*
Private consumption expenditure8.8
Government consumption expenditure1.7
Gross domestic fixed capital formation10.2
Exports of goods-2.2
Imports of goods1.4
Exports of services6.6
Imports of services2.1
Gross Domestic Product4.3
Source: Census and Statistics Department, the Government of Hong Kong SAR.

Preliminary figures.

Source: Census and Statistics Department, the Government of Hong Kong SAR.

Preliminary figures.

2. The unemployment rate (seasonally adjusted) increased marginally from 3.2 percent in the July–September period to 3.3 percent (provisional figure) in August–October 2011.

Other Resources Citing This Publication