Table 3
(Chapter 3: The Economy)
Balance of Payments Account(1)
Appendices ❘ 499
HK$ Billion
1999
2003@
2004@
Current Account Balance(2)
Balance on goods
79.5
126.2
124.9
-24.5
-45.0
-72.5
Balance on services(3)
Net income flow(4)
81.5
151.4
182.6
34.5
34.1
30.3
Net flow in current transfers
-11.9
-14.3
-15.4
Capital and Financial Account Balance(2)
-83.4
-179.1
-136.3
Net flow in capital transfers
-13.8
-8.3
-2.1
Net change(5) in financial non-reserve assets.
8.3
-163.2
-108.7
Direct investment
40.5
63.4
-44.4
Portfolio investment
256.8
-264.6
-251.3
Financial derivatives
79.2
78.3
48.8
Other investment
-368.2
-40.2
138.2
Net change(5) in reserve assets
-77.9
-7.6
-25.5
Net Errors and Omissions(6)
3.8
52.9
11.4
Overall Balance of Payments
77.9
7.6
25.5
(in surplus)
(in surplus)
(in surplus)
Notes: For details, please refer to the pamphlet series on Balance of Payments Statistics available on the Census
Statistics Department's website (http://www.info.gov.hk/censtatd/eng/statliteracy/ booklet_index.html).
(1) A Balance of Payments (BOP) account is a statistical statement that systematically summaries, for a specific time period, the economic transactions of an economy with the rest of the world. A complete BoP account comprises (a) current account; and (b) capital and financial account.
(2) In accordance with the Balance of Payments accounting rules, a positive value for the balance figure in the current account represents a surplus whereas a negative value represents a deficit. For the capital and financial account, a positive value indicates a net capital and financial inflow and a negative value indicates a net outflow. As increases in external assets are debit entries and decreases are credit entries, a negative value for net change in reserve assets represents a net increase and a positive value represents a net decrease.
(3) Figures for 2003 and 2004 have been revised to incorporate the revised data on destination consumption expenditure of incoming visitors and travellers released by the Hong Kong Tourism Board.
(4) Figures have been revised with the adoption of an enhanced methodology based on more
relevant data available.
(5) The estimates on net change in reserve and non-reserve assets under the Balance of Payments framework are transaction figures. Effects from valuation changes (including price changes and exchange rate changes) and reclassifications are excluded.
(6) In principle, the net sum of credit entries and debit entries is zero. In practice, discrepancies between the credit and debit entries may however occur for various reasons as the data are collected from many sources. Equality between the sum of credit entries and debit entries is brought about by the inclusion of a balancing item which reflects "net errors and omissions".
Source: Balance of Payments Branch (1), Census and Statistics Department.
(Enquiry Telephone No.: 2116 8677)