Table 3
(Chapter 3: The Economy)
Balance of Payments (BoP)(1)
Appendices
6
HK$ Billion
2007
2011
2012@
Current account balance(2)
Goods
214.9
93.0
22.8
209.5
-66.9
-175.8
Services
-33.3
126.9
176.7
Primary income
52.8
52.8
43.5
Secondary income
-14.1
-19.8
-21.5
Capital and financial account balance(2)
-260.4
-113.2
-37.6
Capital account
-0.7
-2.0
-1.4
Financial non-reserve assets(3)
-195.5
-24.4
152.7
Direct investment
-45.0
1.9
-72.9
Portfolio investment
-10.9
-11.0
-12.6
Financial derivatives
Other investment
Reserve assets(3)
Net errors and omissions(4)
Overall Balance of Payments
43.5
20.9
15.3
-183.1
-36.2
222.9
-64.2
-86.8
-188.9
45.5
20.2
14.8
64.2
86.8
188.9
(in surplus)
Notes:
(in surplus) (in surplus)
The entire data series of BOP has been revised following the completion of a technical exercise by the Census and Statistics Department in September 2012 to incorporate the latest international statistical standards as stipulated in the International Monetary Fund's Sixth Edition of the Balance of Payments and International Investment Position Manual in the BoP compilation framework of Hong Kong.
(1) BOP is a statistical statement that systematically summarises, for a specific time period (typically a year or a quarter), the economic transactions of an economy with the rest of the world (ie between residents and non-residents). A complete BOP account comprises two broad accounts: (a) the current account; and (b) the capital and financial account.
(2)
(3)
(4)
In accordance with the accounting rules adopted in compiling BOP, a positive value for the balance figure in the current account represents a surplus whereas a negative value represents a deficit. In the capital and financial account, a positive value indicates a net financial inflow while a negative value indicates a net outflow. As increases in external assets are debit entries and decreases are credit entries, a negative value for the reserve assets represents a net increase while a positive value represents a net decrease.
The estimates of reserve and non-reserve assets under the BOP framework are transaction figures. Effects of valuation changes (including price changes and exchange rate changes) and reclassifications are not taken into
account.
In principle, the net sum of credit entries and debit entries is zero. In practice, discrepancies between the credit and debit entries may occur for various reasons as the relevant data are collected from many sources. Equality between the sum of credit entries and that of debit entries is brought about by the inclusion of a balancing item which reflects net errors and omissions.
Source: Balance of Payments Branch, Census and Statistics Department
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