3
The Economy
grew moderately. On the other hand, imports of trade-related services weakened to show only a meagre increase in the midst of an austere external trading environment, while imports of transportation services likewise relapsed into a decline (chart 7).
Chart 7
Per cent
15
10
5
-5
Hong Kong's Services Trade (year-on-year rate of change in real terms)
Exports of services
Imports of services
-10
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2011
2012
|
2013
2014 | 2015
|
Exports of services slackened in 2015.
The goods deficit narrowed in 2015, thanks to an improvement in terms of trade and reduced intake of retained imports as the economy slowed. With the services surplus more than offsetting the goods deficit, the combined goods and services account registered a surplus of $57 billion in 2015, equivalent to 1.2 per cent of total import value and considerably larger than the surplus of only $3 billion in 2014.
Domestic Demand
Domestic demand grew further in 2015, rendering key impetus to overall economic growth. Supported by the stable labour market conditions, private consumption expenditure grew a solid 4.8 per cent in real terms after 3.3 per cent growth in 2014. The growth momentum eased somewhat in the second half of 2015, however, conceivably reflecting negative repercussions on local consumer sentiment from local asset price corrections and increased uncertainties over the economic outlook. Government consumption expenditure grew steadily by 3.4 per cent in real terms, slightly faster than the 3.0 per cent growth in 2014.
44