General Observations
In the third quarter of 1991, Hong Kong's Gross Domestic Product (GDP) grew by 3.6% in real terms over the same quarter of 1990, according to the preliminary estimates.
Among the main domestic components of the GDP estimates, Gross Domestic Fixed Capital Formation grew significantly by 11.5% in real terms in the third quarter of 1991 over the same quarter of 1990. Within this component, investment in plant, machinery, and equipment, in particular, showed a substantial increase of 23.9%.
On the same basis of comparison, the growth rate in real terms for Private Consumption Expenditure was 7.6%, while that for Government Consumption Expenditure was 4.9%.
Regarding external trade in goods, total exports registered a real growth rate of 18.2%, among which re-exports grew substantially by 29.8% while domestic exports dropped slightly by 0.5%. The corresponding growth rate for imports of goods was 21.5%.
As regards exports of services, the growth rate in real terms was 4.9%. The corresponding growth rate for imports of services was 6.9%.
Estimates of individual expenditure components of GDP for the second quarter of 1991 have been revised, incorporating the latest data available from various sources. The revised estimates show that the growth rate of GDP in real terms for the second quarter of 1991 was 3.6%, same as that published in November 1991.
Based on the latest estimates, GDP grew by 3.8% in real terms in the first three quarters of 1991 over the same period of 1990.
The implicit price deflator of GDP, as a broad measure of overall inflation in the economy, rose by 9.8% in the third quarter of 1991 over the same quarter of 1990, following a corresponding increase of 10.1% in the second quarter of 1991. For the first three quarters of 1991, it increased by 9.3% over the same period of 1990.
- 1 -
No comments yet.
Private notes are available after approval.