Explanatory Notes on Main
Statistical Indicators
Mid-year Population is compiled using the “resident population”
approach. The population estimate
compiled under the “resident population” approach is referred to as the Hong
Kong Resident Population, which comprises “Usual Residents” and “Mobile
Residents”. “Usual Residents” refer to two categories of people: (a) Hong Kong
Permanent Residents who have stayed in Hong Kong for at least 3 months during
the 6 months before or for at least 3 months during the 6 months after the
reference time-point, regardless of whether they are in Hong Kong at the
reference time-point; and (b) Hong Kong Non-permanent Residents who are in Hong
Kong at the reference time-point.
As for “Mobile Residents”, they are Hong Kong Permanent Residents who
have stayed in Hong Kong for at least 1 month but less than 3 months during the
6 months before or for at least 1 month but less than 3 months during the 6
months after the reference time-point, regardless of whether they are in Hong Kong
at the reference time-point. Under
the new approach, visitors are not part of the
Crude Birth Rate refers to the number of live births in a given year per
1000 mid-year population of that year.
Crude Death Rate refers to the number of deaths in a given year per 1000
mid-year population of that year.
Infant Mortality Rate refers to the number of deaths of age under one in a
given year per 1000 live births in that year.
Total Fertility Rate refers to
the average number of children that would be born alive to 1000 women during
their lifetime if they were to pass through their childbearing ages 15-49
experiencing the age specific fertility rates prevailing in a given year.
Expectation of Life at Birth refers to the number of years of life that a person born
in a given year is expected to live if he/she was subject to the prevalent
mortality conditions as reflected by the set of age-sex specific mortality
rates for that year.
Labour Force refers to the land-based non-institutional population
aged 15 and over who satisfy the criteria for inclusion in the employed
population or the unemployed population.
Labour Force Participation Rate refers to the proportion of labour force in the
land-based non-institutional population aged 15 and over.
Employed Persons refer to those persons aged 15 and over who have been
at work for pay or profit during the 7 days before enumeration or have had
formal job attachment. Unpaid
family workers and persons who were on leave/holiday during the 7 days before
enumeration are included.
Unemployed Persons refer to those persons aged 15 and over who (a) have
not had a job and have not performed any work for pay or profit during the 7
days before enumeration; (b) have been available for work during the 7 days
before enumeration; and (c) have sought work during the 30 days before
enumeration. If a person aged 15 or
over fulfils the conditions (a) and (b) above but has not sought work during
the 30 days before enumeration because he/she believed that work was not
available, he/she is still classified as unemployed, being regarded as a
so-called “discouraged worker”. Unemployed population also includes persons
without a job who have sought work but have not been available for work because
of temporary sickness; and persons without a job who have been available for
work but have not sought work because they have made arrangements to take up a
new job or to start business on a subsequent date; or were expecting to return
to their original jobs.
Unemployment Rate refers to the proportion of unemployed persons in the
labour force.
Monthly Employment Earnings refer to earnings from all jobs during the month before enumeration. For employees, they include wage and
salary, bonus, commission, tips, housing allowance, overtime allowance,
attendance allowance and other cash allowances. However, back pays are
excluded. For employers and
self-employed, they refer to amounts drawn from the self-owned enterprise for
personal and household use. If
information on the amounts drawn for personal and household use is not
available, data on net earnings from business would be collected instead.
Gross Domestic Product (GDP) is a measure of the total value of production of all
resident producing units of a country or territory in a specified period,
before deducting allowance for consumption of fixed capital.
Per Capita GDP is obtained by dividing total GDP in a year by the
population of that country or territory in the same year.
Gross National Product (GNP) is a measure of the total income earned by residents
of a country or territory from engaging in various economic activities,
irrespective of whether the economic activities are carried out within the
economic territory or outside. In
other words, in compiling GNP, earnings of residents from various economic
activities within or outside the economic territory are included, whereas
earnings of non-residents from economic activities within the economic
territory are excluded. GNP is
computed by the following formula:
GNP=GDP +
Factor income earned by residents from outside the economic territory - Factor
income earned by non-residents from within the economic territory
where factor
income is mainly classified into investment income and compensation of
employees. Investment income includes direct investment income, portfolio
investment income and other investment income.
Per capita GNP is obtained by dividing GNP in a year by the
population of that country or territory in the same year.
Balance of Payments (BOP) Account is a statistical statement that systematically
summarizes, for a specific time period, the economic transactions of an economy
with the rest of the world. A
complete BOP account comprises the
following two broad accounts: (a) the current account; and (b) the capital and financial account.
Current Account largely measures
the flows of real resources including
exports and imports of goods and services, income receivable and payable abroad, and current transfers from
and to abroad. Current account transactions
reflect the provision and acquisition of real resources by an economy to and
from other economies.
Goods
comprise all movable
goods that change ownership from residents to non-residents (exports) or from non-residents to
residents (imports). Goods cover
general merchandise, goods for processing, goods procured in ports by carriers,
repairs on goods, and non-monetary gold.
Services
include services
rendered by residents to non-residents (exports) or by non-residents to residents (imports). Service transactions are classified by
type of services, namely transportation, travel, insurance services, financial
services and other services. The value of financial intermediation services is
indirectly measured using the “reference rate” method.
Income consists of earnings by residents from non-residents (income
receivable) or
by non-residents from residents (income payable) for the provision of factors
of production. The
concepts and definitions of income under the current account of the BoP account are the same as those of the external factor
income flow under GNP.
Current Transfers are transactions in which residents of an economy
provide/receive real or financial resources that are likely to be consumed
immediately or shortly, to/from non-residents without the receipt/provision of
equivalent economic values in return.
Capital Account
measures external
transactions in capital transfers and in the acquisition or disposal of non-produced,
non-financial assets.
Financial Account records transactions in financial assets and liabilities
between residents and non-residents.
It shows how an economy’s external transactions are financed. Transactions in the financial account
are classified into direct investment, portfolio investment, financial
derivatives, other investment and reserve assets.
Capital Transfers are the transfers of ownership of a fixed asset or the
forgiveness of a liability without receiving any economic value in return.
Direct Investment refers to external investment which allows an investor of an economy to have a lasting interest and a
significant degree of influence or an effective voice in the management of an enterprise located in another
economy.
Portfolio Investment refers to investment in non-resident equity securities and debt
securities (e.g. bonds and notes, money market instruments). Compared with direct investors,
portfolio investors in equity securities and debt securities of non-resident enterprises
have no lasting interest or influence in the management of the companies they
invest.
Financial Derivatives are financial instruments that are linked to a
specific financial instrument or indicator or commodity, and through which specific
financial risks can be traded in financial markets (including on exchanges and
over-the-counter) in their own right.
Other Investment refers to other financial claims on and liabilities to
non-residents that are not classified as direct investment, portfolio
investment, financial derivatives or reserve assets. This includes non-marketable loans, currency and deposits, trade
credits,
financial leases and so on.
Reserve Assets consist of foreign currency assets that are readily
available to and controlled by the monetary authority of an economy (in the
case of Hong Kong, the Hong Kong Monetary Authority) for directly financing
payment imbalances and for indirectly regulating the magnitude of such
imbalances through intervention in foreign exchange markets to affect the
currency exchange rate of that economy.
International Investment Position (IIP) is a balance sheet of
the stock of an econmmy’s external financial assets and liabilities at a
particular time point. In IIP,
external financial assets pertain to possessions, in the form of prescribed
investment instruments having commercial or exchange value, that are owned by residents
with claims on non-residents, and other financial assets where no debtor is involved
(e.g. monetary gold). External financial liabilities refer to financial claims which are owed by residents with obligations to
non-residents. Fully consistent
with the BOP
financial account, IIP is categorised by type of investment. Assets and liabilities are divided into
direct investment, portfolio investment, financial derivatives and other
investment. The asset side of IIP
also includes the reserve assets.
For detailed explanation on investment components, please refer to the
explanatory notes on the components of the financial account of the BOP account.
Net IIP is the difference between total external financial
assets and total external financial liabilities.
Index of Industrial Production reflects changes in local industrial output in real terms, i.e. changes in the volume of
local production after discounting the effect of price changes.
Usable Floor Area means the
aggregate of the areas of the floor or floors in a storey or a building
excluding any staircases, public circulation space, lift landings, lavatories,
water-closets, kitchens and any space occupied by machinery for any lift,
air-conditioning system or similar service provided for the building.
Buildings with Consents to Commence Work refer to buildings with consents to commence building works
issued by the Buildings Department.
Such “Consents” are issued to private development projects (including
Hong Kong Housing Society’s projects) and Hong Kong Housing Authority development projects under
the Private Sector Participation Scheme.
First Submission refers to plans for a building project which are first
submitted to the Building Authority for approval.
Major Revision refers to building plans which have been so extensively
revised that they must be fundamentally reassessed.
Owner-occupier refers to a household which owns the quarters it
occupies.
Sole Tenant refers to a household which rents the whole quarters it
occupies from someone who lives outside the quarters without sharing it with
other household(s) or subletting.
Co-tenant refers to two or more households each of which rents
part of the quarters from someone who lives outside the quarters.
Main Tenant refers to a household which rents the whole quarters it
occupies from someone who lives outside the quarters and sublets part of it to
other household(s).
Sub-tenant refers to a household which rents part of the quarters
from someone who lives in the same quarters.
Rent Free refers to a household which occupies an accommodation
free, with or without the owner’s permission. This does not include
owner-occupiers or households occupying accommodation provided by employers.
Accommodation Provided by Employer refers to a household which occupies an accommodation
provided by the employer of one of the household members. This also includes households occupying
quarters leased from employers at a nominal rent. If a household member uses housing
allowance given by his/her employer for renting accommodation, the tenure is
not regarded as accommodation provided by employer.
Imports are goods which have been produced or manufactured in
places outside the jurisdiction of Hong Kong and brought into Hong Kong for
domestic use or for subsequent re-export as well as
Domestic exports are the natural produce of Hong Kong or products of a
manufacturing process in
Re-exports
are products which have
previously been imported into Hong Kong and which are re-exported without
having undergone in Hong Kong a manufacturing process which has changed
permanently the shape, nature, form or utility of the product. Their values are recorded on f.o.b.
basis.
Domestic Exports to the Mainland of China for
Outward Processing refer to raw materials or
semi-manufactures exported from or through Hong Kong to the mainland of China
for processing with a contractual arrangement for subsequent re-importation of
the processed goods into Hong Kong.
Imports from the Mainland of China Related to
Outward Processing refer to processed goods imported to
Hong Kong from the mainland of China, of which all or part of the raw materials
or semi-manufactures have been under contractual arrangement exported from or
through Hong Kong to the mainland of China for processing.
Re-exports of the Mainland of China Origin to
Other Places Involving Outward Processing in the Mainland of China refer to processed goods re-exported through Hong Kong,
of which all or part of the raw materials or semi-manufactures have been
exported from or through Hong Kong to the mainland of China for processing with
a contractual arrangement for subsequent re-importation of the processed goods
into Hong Kong.
Direct Investment refers to external investment which
allows an investor of an economy to have a lasting interest and a significant
degree of influence or an effective voice in the management of an enterprise
located in another economy. For statistical purpose, an effective voice is taken as
equivalent to a holding of 10% or more of the equity in an enterprise. Direct investment comprises equity
capital, reinvested earnings and other capital. Equity capital means equity in branches
and shares in subsidiaries and associates.
Reinvested earnings consist of the investors’ share of earnings not distributed by subsidiaries or associates. Other
capital mainly involves inter-company debt transactions. These include
short-term and long-term borrowing and leading of funds between parent
companies and their branches, subsidiaries and associates.
Inward Direct Investment refers to direct investment in a
Position of Direct Investment refers to the value of investment abroad or investment
received from abroad of
Flow of Direct Investment refers to the additions/withdrawals of investment abroad
or investment received from abroad of
Outward Direct Investment refers to direct investment by a
Loan Fund finances loans and advances for such schemes as housing
loans and education loans. The main
sources of income are appropriations from the General Revenue Account, loan
repayments and interest on loans.
Effective Exchange Rate Index (EERI) for the Hong Kong Dollar (HKD) is an index which measures movements in the
weighted average of the exchange rate of the HKD against the currencies of
major trading partners of
Exchange Rates Between the Hong Kong Dollar and
Other Currencies refer to the closing middle market telegraphic transfer
rates or notes rates.
Authorized Institutions include licensed banks, restricted licence banks and
deposit-taking companies. Licensed
banks can accept deposits of any size and any term of maturity. With the final phase of interest rate
deregulation came into effect on 3 July 2001, there is no restriction on
interest rate payable. As for
restricted licence banks, they can accept time deposits in amounts of not less
than HK$500,000 with any term of maturity.
Deposit-taking companies can however accept time deposits in amounts of
not less than HK$100,000 with a term of maturity of at least three months. Both restricted licence banks and
deposit-taking companies have no restriction on interest rate payable.
Foreign Currency Swap Deposits refer to deposits involving customers buying foreign
currencies in the spot market and placing them as deposits with authorized
institutions, while at the same time entering into a contract to sell such
foreign currencies (principal plus interest) forward in line with the maturity
of such deposits. For most
analytical purpose, they should be regarded as
Money Supply M1 refers to the sum of legal tender notes and coins held
by the public plus customers demand deposits placed with licensed banks.
Money Supply M2 refers to the sum of M1 plus customers
savings and time deposits with licensed banks, plus negotiable certificates of
deposits issued by licensed banks held by non-authorized institutions.
Money Supply M3 refers to the sum of M2 plus customer
deposits with restricted licence banks (RLBs) and
deposit-taking companies (DTCs) plus negotiable
certificates of deposits issued by RLBs and DTCs held by non-authorized institutions.
Hang Seng Index is a market capitalization-weighted index (shares
outstanding multiplied by stock price).
The 33 constituent stocks of the Hang Seng
Index are grouped under four sub-indices, namely Commerce and Industry,
Finance, Properties and Utilities.
These stocks account for about 60 percent of the total market
capitalization of all stocks listed on the Stock Exchange of Hong Kong Limited.
Consumer Price Index (CPI)
measures the
changes over time in the price level of consumer goods and services generally purchased by
households. The year-on-year rate
of change in the CPI is widely used as an indicator of the inflation affecting consumers. Different CPI series are compiled to reflect the
impact of consumer price changes on households in different expenditure
ranges. The CPI(A),
CPI(B) and CPI(C) are compiled based on the expenditure patterns of households
in the relatively low, medium and relatively high expenditure ranges
respectively. A Composite CPI is
compiled based on the overall expenditure pattern of all the above households
taken together to reflect the impact of consumer price changes on the household
sector as a whole. The expenditure
weight of each item is the share of the item in the total expenditure of
households. Derived from the
results of the Household Expenditure Survey, the set of expenditure weights is
updated once every five years to ensure that up-to-date expenditure patterns of
households in different expenditure ranges are used in the compilation of the
respective CPIs.
Educational Attainment refers to the highest level of education ever attained
by a person in school or other educational institution, regardless of whether
he/she had completed the course.
Only formal courses are counted as educational attainment. A formal course shall be one that lasts
for at least one academic year, requires specific academic qualifications for
entrance (except most sub-degree and degree courses offered by the Open
University of Hong Kong) and includes examinations or specific academic
assessment procedures.
Social Security Schemes aim to provide for the basic and special needs of the
members of the community who are in need of financial or material
assistance. The non-contributory
social security system comprises the Comprehensive Social Security Assistance
Scheme, the Social
Security Allowance Scheme, the Criminal and Law Enforcement Injuries Compensation
Scheme, the Traffic
Accident Victims Assistance Scheme and Emergency Relief.
The Comprehensive
Social Security Assistance Scheme provides a safety net for those who cannot support
themselves financially. It is
designed to bring their income up to a prescribed level to meet their basic
needs. An applicant must satisfy
the residence requirements and pass both the income and assets tests.
The Social Security
Allowance Scheme provides a monthly allowance to
The Criminal and Law
Enforcement Injuries Compensation Scheme aims to provide ex-gratia
payments to persons (or to their
dependants in cases of death) who are injured as a result of a crime of
violence, or by a law enforcement officer using a weapon in the execution of
his duty. The
Scheme is non-means-tested.
The Traffic Accident
Victims Assistance Scheme aims to provide speedy financial assistance to road
traffic accident victims (or to their surviving dependants in cases of death) on a non-means tested basis, regardless of the element
of fault leading to the occurrence of the accident. Payments are made for personal injuries,
while loss of or damage to property is not included.
Emergency Relief is provided for victims of natural and other disasters
such as fire, typhoon, flood, rainstorm, landslide, house collapse, and also
for evacuees of buildings and premises considered to be dangerous under Closure
Orders.