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.
|Private consumption expenditure||8.8|
|Government consumption expenditure||1.7|
|Gross domestic fixed capital formation||10.2|
|Exports of goods||-2.2|
|Imports of goods||1.4|
|Exports of services||6.6|
|Imports of services||2.1|
|Gross Domestic Product||4.3|
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.