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 being classified as employed population or unemployed population.
Labour
Force Participation Rate refers to the proportion of labour
force in the total 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; and (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 believes that work is 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 an economy in
a specified period (typically a year or a
quarter), before
deducting the consumption of fixed capital.
Per
Capita GDP is obtained by dividing the total GDP in a year by
the population of that economy in the same year.
Gross
National Income (GNI) (formerly known as Gross National Product
(GNP) is a measure of the total income
earned by residents of an
economy from engaging in
various economic activities, irrespective of whether the economic activities
are carried out within the economic territory of the economy or outside. In other words, in compiling GNI, income earned
by residents from engaging in various economic activities within or outside the
economic territory are included, whereas income earned by non-residents from
engaging in economic territory are excluded. GNI is computed as
follows:
GNI = GDP + Net
external primary income flows
= GDP + Primary
income earned by residents
from
outside the economic territory -
Primary income
earned by non-residents
from
within the economic territory
Per
capita GNI of an economy is obtained by dividing GNI in a year by
the population of that economy in the same year.
Balance
of Payments (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
(i.e. between residents and non-residents). A
complete BoP account comprises two broad accounts : (a) the current account; and (b) the capital and
financial account.
Current
account measures the
flows of goods, services, primary income and secondary income between residents
and non-residents.
Goods under the BoP current account
mainly cover general merchandise, net exports of goods under merchanting and non-monetary gold.
Services under the BoP current account
mainly cover transport services, travel services, insurance and pension
services, financial services, manufacturing services and other services.
Primary Income Account shows the amounts receivable and payable abroad in return
for providing/obtaining use of labour, financial resources or natural resources
to/from non-residents. The
concepts and definitions of primary income under the current account of the BoP are the same as those of the external primary income
flow under GNI.
Secondary Income Account records
current transfers between residents and non-residents.
Current Transfers are transactions in which real
or financial resources that are likely to be consumed immediately or shortly
are provided without the receipt of equivalent economic values in return.
Capital
Account measures external transactions in capital
transfers, and the acquisition and disposal of
non-produced, non-financial assets (such
as trademarks and brand names). Examples of capital
transfers include forgiveness of debts by creditors, and cash transfers
involving the acquisition or disposal of fixed 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 by function (i.e. the purpose of the investment) into direct investment, portfolio
investment, financial derivatives, other investment
and reserve assets.
Direct
Investment refers to external investment in which
an investor of an economy acquires 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 being equivalent to a holding of 10% or
more of the voting power in an enterprise.
Portfolio
Investment refers to investment in non-resident equity securities
and debt securities (e.g. bonds and notes, money market instruments), other
than that included in direct investment or reserve assets. 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 enterprises
concerned. A holding of less than
10% of the voting power in an enterprise is regarded as portfolio investment.
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 in
their own right. Financial
derivatives include option-type contracts (e.g. warrants and options) and
forward-type contracts (e.g. futures, interest rate swaps, currency swaps,
forward rate agreements, forward foreign exchange contracts).
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. Other investment includes non-marketable
loans, currency and deposits, trade credits and advances, and other assets /
liabilities.
Reserve Assets are external assets that are readily
available to and controlled by the monetary authority of an economy (which
refers to the Hong Kong Monetary Authority in the case of Hong Kong) for
meeting balance of payments financing needs, for intervention in exchange
markets to regulate the currency exchange rate of that economy, and for other
related purposes (such as maintaining confidence in the currency and the
economy, and serving as a basis for foreign borrowing).
International
Investment Position (IIP) is a balance sheet showing the
stock of external financial assets and liabilities of an economy at a
particular time point. The difference between the external financial assets and
liabilities is the net IIP of the economy, which represents either its net
claim on or net liability to the rest of the world. Being fully consistent with the BoP financial account, IIP is also 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 measures the 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’s 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.
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
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 in which an investor of an economy acquires 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 being
equivalent to a holding of 10% or more of the voting power in
an enterprise. Direct investment
comprises equity and investment fund shares and
debt instruments. Equity and
investment fund shares include equity in branches, shares in subsidiaries and
associates, investment fund shares and reinvestment of earnings, which consist
of the investors’ share of earnings not distributed
by branches, subsidiaries, associates or
investment fund. Debt instruments mainly involve inter-company debt transactions. These include short-term and long-term
borrowing and lending of funds between parent companies and their branches,
subsidiaries and associates.
Inward
Direct Investment refers to direct investment in a
Outward
Direct Investment refers to direct investment by 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
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 50 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 Main Board of the Stock Exchange
of Hong Kong.
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 sub-degree, associate
degree, degree and post-graduate 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 which includes Normal Disability
Allowance, Higher Disability Allowance, Old Age Allowance and Old Age Living
Allowance. Old Age Allowance and
Disability Allowance 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.