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香港特別行政區政府
  Hong Kong SAR Government


      2008 年半年經濟報告
Half-yearly Economic Report 2008
               &
    2008 年全年修訂經濟預測
Updated economic forecasts for 2008
       二零零八年月十五日
        15 August 2008
                                      1
2008年第二季經濟表現
Economic performance in 2008 Q2




                                  2
二零零八年第二季經濟錄得温和增長
                         Economy grew moderately in 2008 Q2

       與一年前同期比較的實質增減率 (%)
       Year-on-year rate of change in real terms (%)
14
12
10
 8
 6
                                                              十年增長趨勢                   4.2%
 4                                                                                     3.8%
                                                         10-year trend growth
 2                                                           (1998-2007)
 0
-2
-4
-6
      Q1                Q1                 Q1           Q1              Q1       Q1
     2003              2004               2005         2006            2007     2008



                                                                                              3
2008年第二季經濟表現特點
     Salient features of Q2 performance

• 環球經濟轉差,影響亞洲區經濟表現,香港經濟錄得温
  和增長
  Economy grew moderately, as the adversities in the external
  environment put a drag on the growth of the Asian region
• 商品及服務出口以至消費開支的擴張步伐減慢,營商信
  心則保持正面
  Exports of goods and services as well as consumption
  spending expanded at a slower pace; business confidence
  stayed positive

• 勞工市場狀況穩健
  Labour market conditions held firm
• 通脹進一步上升
  Inflation went up further
                                                                4
環球經濟增長放緩
                          Global economic growth slowing down

    與一年前同期比較的實質增減率 (%)
    Year-on-year rate of change in real terms (%)
7                                                                               14
         日本 Japan          歐盟 EU          美國 US     內地 Mainland
6                                                   (右標線 RHS)                   12

5                                                                               10

4                                                                               8

3                                                                               6

2                                                                               4

1                                                                               2

0                                                                               0
 Q1                 Q1                 Q1            Q1            Q1     Q1
2003               2004               2005          2006          2007   2008


                                                                                     5
貨物及服務出口面對具挑戰性的外圍環境
Exports of goods and services facing a challenging external environment
      與一年前同期比較的實質增減率 (%)
      Year-on-year rate of change in real terms (%)
 40
 35
 30                                  服務輸出
                                 Exports of services
 25
 20
 15
 10
                                                貨物出口                          7.1%
  5                                          Exports of goods                 4.4%
  0
 -5
-10
   Q1                 Q1                 Q1               Q1     Q1     Q1
  2003               2004               2005             2006   2007   2008




                                                                                     6
消費開支增長減慢
                            Consumer demand moderated in growth
        與一年前同期比較的實質增減率 (%)
        Year-on-year rate of change in real terms (%)
15


10                                                      私人消費開支
                                             Private consumption expenditure

 5
                                                                                                3.1%
                                                                                                2.3%
 0

                                                                      十年增長趨勢
 -5                                                               10-year trend growth
                                                                      (1998-2007)

-10
       Q1                Q1                  Q1                 Q1                Q1      Q1
      2003              2004                2005               2006              2007    2008



                                                                                                       7
整體投資保持增長
                      Total investment spending expanded further
      與一年前同期比較的實質增減率 (%)
      Year-on-year rate of change in real terms (%)
40

                             機器、設備及電腦軟件開支
30                                                                 本地固定資本形成總額
                              Machinery, equipment and
                                 computer software                  Gross domestic fixed
20                                                                    capital formation

10
                                                                                                   6.5%
                                                                                                   4.3%
 0
                                                                                                   -1.7%

-10                                                                   樓宇及建造
                                                                Building and construction
-20
   Q1                  Q1                Q1               Q1            Q1                   Q1
  2003                2004              2005             2006          2007                 2008



                                                                                                    8
失業率仍處十年低位
            Unemployment rate remained at the lowest in the past decade
       失業率 (%)
       Unemployment rate (%)
12
                                                              低技術勞工
10                                                    Lower-skilled workers


8
                                                 整體
6                                               Overall


4                                                                                              3.8%
                                                                                               3.3%
                                        專業及管理員工
2
                                        Professional and                                       1.3%
                                        managerial staff
0
      Q1      Q1       Q1       Q1     Q1      Q1           Q1     Q1      Q1     Q1     Q1
     1998    1999     2000     2001   2002    2003         2004   2005    2006   2007   2008




                                                                                                      9
市民收入上升
                                   Earnings on the rise
     與一年前同期比較的增減率 (%)
     Year-on-year rate of change (%)
7
6                                                                                                 5.7%
                                                  就業人士平均薪金
5                                             Payroll per person engaged
4
3
                                                                                           3.1%
2
1
                                                                     綜合消費物價指數
0                                                                   Composite consumer
-1                                                                   price index (CCPI)

-2
-3
-4
  Q1                Q1                  Q1              Q1                  Q1             Q1
 2003              2004                2005            2006                2007           2008



                                                                                                     10
市民收入上升
                                     Earnings on the rise
     四季移動平均數,與一年前同期比較的增減率 (%)
     Four-quarter moving average, year-on-year rate of change (%)
7
6
5                                             就業人士平均薪金
                                         Payroll per person engaged                        4.1%
4                                                                                                 3.8%
3
2
1
0
-1                                                                    綜合消費物價指數
                                                                    Composite Consumer
-2
                                                                     Price Index (CCPI)
-3
-4
  Q1                 Q1                Q1                Q1                Q1              Q1
 2003               2004              2005              2006              2007            2008



                                                                                                         11
通脹上升
                               Inflation went up
按組成項目劃分的消費物價通脤:
CCPI Inflation by component:
                                                          2007                        2008
                                                 第三季             第四季        第一季              第二季
                                                  Q3              Q4         Q1               Q2
副食品 Foodstuffs                                     8.2           11.6         17.4           19.2
外出用膳 Meals away from home                          2.6           3.7           5.4           6.3
住屋 Housing                                         0.7           4.2           3.9           5.9
電力,燃氣及水 Electricity, gas & water                  -2.7           3.4           7.2           7.7
衣履 Clothing and footwear                           3.7           2.0           1.6           1.6
耐用物品 Durable goods                                -4.2           -4.0         -3.5           -2.3
什項用品 Misc. goods                                   2.1           3.4           4.6           5.3
交通 Transport                                      -0.1           0.7           1.3           2.5
其他服務 Other services                                1.3           1.0           1.3           1.2
整體 Overall                                         1.6            3.5          4.6            5.7
                                                  (2.7)          (3.5)        (4.9)          (5.7)
Note: Figures in brackets represent inflation rates after discounting the effects of public housing
      rental waiver and rates concession.
註: 括弧內數字是經扣除公屋寛免租金和差餉寛減的影響後的通脹率。
                                                                                                      12
近期通脹上升主要反映環球食品價格上漲
       Recent pick-up in inflation mainly due to
                 global food inflation
            (按年升幅 Year-on-year rate of increase)
             世界食品價格                     基本綜合消費物價指數
            World food prices*           Underlying CCPI
                                 副食品         外出用膳        扣除食品
                                 Food-      Meals away   Excluding
                                 stuffs     from home      food
2006              10.5            2.5           1.3         2.1
2007 Q1           13.3            4.4          1.8          2.4
       Q2          6.9            4.1          2.0          2.2
       Q3         16.1            8.2          2.6          1.9
       Q4          24.3           11.6         3.7          2.3
2008 Q1            39.2           17.4         5.4          3.0
       Q2          44.8           19.2         6.3          3.7
Note: (*) IMF data.
註 : (*) 國際貨幣基金組織數字。
                                                                     13
亞洲區的消費物價通脹
     Consumer price inflation in Asia
                         2008
                        第二季 Q2   六月 Jun
台灣        Taiwan         4.2%     5.0%
南韓        Korea          4.8%     5.5%
香港        Hong Kong      5.7%     6.1%
內地        Mainland       7.8%     7.1%
新加坡       Singapore      7.5%     7.5%
馬來西亞      Malaysia       4.9%     7.7%
印度        India          7.8%     7.7%
泰國        Thailand       7.5%     8.9%
印尼        Indonesia      10.1%   11.0%
菲律賓       Philippines    9.7%    11.4%
越南        Vietnam        24.5%   26.8%
                                          14
本年餘下時間展望
Outlook for the rest of the year




                                   15
2008年經濟增長前景
   Outlook for economic growth in 2008
• 預料環球經濟增長(特別是發達經濟體系)將進
  一步放緩
  Global economic growth, particularly in the
  advanced economies, to moderate further
• 金融市場動盪仍未結束
  Financial market turmoil to linger on
• 內地及其他新興市場漸受影響,但仍會保持穩
  健增長
  Mainland China and other emerging market
  economies, while being increasingly affected by
  the global environment, should expand solidly
  further                                           16
2008年經濟增長前景 (續)
Outlook for economic growth in 2008 (Cont’d)

• 穩健的就業市場、低利率及正面的營商信心仍
  有助內部需求進一步增長
  Firm labour market conditions, low interest rates
  and positive business confidence still support
  further growth in domestic demand

• 預料經濟在今年餘下時間增幅温和,跟過去十
  年的趨勢增長大致相若
  Economic growth likely to be moderate in the rest
  of 2008, more in line with the trend growth in the
  past decade
                                                       17
2008年通脹前景
         Outlook for inflation in 2008

• 世界各地的通脹仍普遍向上
  Inflationary pressures around the world still rising

• 近期國際市場的食品和原油價格有回落跡象以
  至美元反彈都是利好發展,不過,商品價格及
  美元匯價在未來仍可能反覆不定
  Food and oil prices have recently tended to ease in
  the international markets and US dollar to rebound.
  These are favourable developments for inflation,
  but commodity prices and exchange rate
  movements can still be volatile in the period ahead
                                                         18
2008年通脹前景 (續)
    Outlook for inflation in 2008 (Cont’d)
• 本地租金大幅上升的滯後效應愈見明顯
  The lagged effects of earlier surges in local rentals
  being increasingly felt
• 生產力提升和經濟擴張步伐減慢,有助降低價
  格和成本壓力
  Productivity improvements and the slower pace of
  economic expansion should help to lower pressures
  on prices and costs
• 政府的利民紓困措施會在下半年相繼落實,有
  助顯著降低整體通脹率
  The relief measures to be implemented in the
  second half of 2008 will help to lower notably the
  headline inflation                                      19
2008年下半年經濟將温和增長
         Economy poised for a moderate growth in the rest of 2008
     實質增減率 (%)
     Rate of change in real terms (%)
10
 8
                                         本地生產總值
 6                                             GDP
                                                                                                    4-5%
 4                                                                                                  3.8%
                                                                  十年增長趨勢
 2                                                             10-year trend growth
                                                                  (1998-2007)
 0
-2
-4
-6
-8
  1998     1999      2000      2001     2002     2003   2004   2005      2006         2007      2008
                                                                                              (預測)
                                                                                             (Forecast)


                                                                                                       20
2008年的基本通脹率預測為5.5%
                          Underlying inflation at 5.5% in 2008
     增減率 (%)
     Rate of change (%)
8

6                                                                                       5.5%
                                                                        基本
4                                                                    Underlying         4.2%


2                                                                             整體
                                                                             Headline
0

-2                                                整體綜合消費物價指數
                                                     Composite CPI
-4

-6
  1998     1999      2000    2001   2002   2003   2004   2005    2006     2007      2008
                                                                                   (預測)
                                                                                  (Forecast)


                                                                                         21
二零零八年最新預測
       Latest forecasts for 2008
本地生產總值預測增長率 : 4-5%
Forecast GDP growth : 4-5%

基本消費物價通脹預測 : 5.5%
Forecast underlying CCPI inflation : 5.5%


整體消費物價通脹預測 : 4.2%
Forecast headline CCPI inflation : 4.2%


                                            22
謝謝
Thank You




            23

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2008 年半年經濟報告

  • 1. 香港特別行政區政府 Hong Kong SAR Government 2008 年半年經濟報告 Half-yearly Economic Report 2008 & 2008 年全年修訂經濟預測 Updated economic forecasts for 2008 二零零八年月十五日 15 August 2008 1
  • 3. 二零零八年第二季經濟錄得温和增長 Economy grew moderately in 2008 Q2 與一年前同期比較的實質增減率 (%) Year-on-year rate of change in real terms (%) 14 12 10 8 6 十年增長趨勢 4.2% 4 3.8% 10-year trend growth 2 (1998-2007) 0 -2 -4 -6 Q1 Q1 Q1 Q1 Q1 Q1 2003 2004 2005 2006 2007 2008 3
  • 4. 2008年第二季經濟表現特點 Salient features of Q2 performance • 環球經濟轉差,影響亞洲區經濟表現,香港經濟錄得温 和增長 Economy grew moderately, as the adversities in the external environment put a drag on the growth of the Asian region • 商品及服務出口以至消費開支的擴張步伐減慢,營商信 心則保持正面 Exports of goods and services as well as consumption spending expanded at a slower pace; business confidence stayed positive • 勞工市場狀況穩健 Labour market conditions held firm • 通脹進一步上升 Inflation went up further 4
  • 5. 環球經濟增長放緩 Global economic growth slowing down 與一年前同期比較的實質增減率 (%) Year-on-year rate of change in real terms (%) 7 14 日本 Japan 歐盟 EU 美國 US 內地 Mainland 6 (右標線 RHS) 12 5 10 4 8 3 6 2 4 1 2 0 0 Q1 Q1 Q1 Q1 Q1 Q1 2003 2004 2005 2006 2007 2008 5
  • 6. 貨物及服務出口面對具挑戰性的外圍環境 Exports of goods and services facing a challenging external environment 與一年前同期比較的實質增減率 (%) Year-on-year rate of change in real terms (%) 40 35 30 服務輸出 Exports of services 25 20 15 10 貨物出口 7.1% 5 Exports of goods 4.4% 0 -5 -10 Q1 Q1 Q1 Q1 Q1 Q1 2003 2004 2005 2006 2007 2008 6
  • 7. 消費開支增長減慢 Consumer demand moderated in growth 與一年前同期比較的實質增減率 (%) Year-on-year rate of change in real terms (%) 15 10 私人消費開支 Private consumption expenditure 5 3.1% 2.3% 0 十年增長趨勢 -5 10-year trend growth (1998-2007) -10 Q1 Q1 Q1 Q1 Q1 Q1 2003 2004 2005 2006 2007 2008 7
  • 8. 整體投資保持增長 Total investment spending expanded further 與一年前同期比較的實質增減率 (%) Year-on-year rate of change in real terms (%) 40 機器、設備及電腦軟件開支 30 本地固定資本形成總額 Machinery, equipment and computer software Gross domestic fixed 20 capital formation 10 6.5% 4.3% 0 -1.7% -10 樓宇及建造 Building and construction -20 Q1 Q1 Q1 Q1 Q1 Q1 2003 2004 2005 2006 2007 2008 8
  • 9. 失業率仍處十年低位 Unemployment rate remained at the lowest in the past decade 失業率 (%) Unemployment rate (%) 12 低技術勞工 10 Lower-skilled workers 8 整體 6 Overall 4 3.8% 3.3% 專業及管理員工 2 Professional and 1.3% managerial staff 0 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 9
  • 10. 市民收入上升 Earnings on the rise 與一年前同期比較的增減率 (%) Year-on-year rate of change (%) 7 6 5.7% 就業人士平均薪金 5 Payroll per person engaged 4 3 3.1% 2 1 綜合消費物價指數 0 Composite consumer -1 price index (CCPI) -2 -3 -4 Q1 Q1 Q1 Q1 Q1 Q1 2003 2004 2005 2006 2007 2008 10
  • 11. 市民收入上升 Earnings on the rise 四季移動平均數,與一年前同期比較的增減率 (%) Four-quarter moving average, year-on-year rate of change (%) 7 6 5 就業人士平均薪金 Payroll per person engaged 4.1% 4 3.8% 3 2 1 0 -1 綜合消費物價指數 Composite Consumer -2 Price Index (CCPI) -3 -4 Q1 Q1 Q1 Q1 Q1 Q1 2003 2004 2005 2006 2007 2008 11
  • 12. 通脹上升 Inflation went up 按組成項目劃分的消費物價通脤: CCPI Inflation by component: 2007 2008 第三季 第四季 第一季 第二季 Q3 Q4 Q1 Q2 副食品 Foodstuffs 8.2 11.6 17.4 19.2 外出用膳 Meals away from home 2.6 3.7 5.4 6.3 住屋 Housing 0.7 4.2 3.9 5.9 電力,燃氣及水 Electricity, gas & water -2.7 3.4 7.2 7.7 衣履 Clothing and footwear 3.7 2.0 1.6 1.6 耐用物品 Durable goods -4.2 -4.0 -3.5 -2.3 什項用品 Misc. goods 2.1 3.4 4.6 5.3 交通 Transport -0.1 0.7 1.3 2.5 其他服務 Other services 1.3 1.0 1.3 1.2 整體 Overall 1.6 3.5 4.6 5.7 (2.7) (3.5) (4.9) (5.7) Note: Figures in brackets represent inflation rates after discounting the effects of public housing rental waiver and rates concession. 註: 括弧內數字是經扣除公屋寛免租金和差餉寛減的影響後的通脹率。 12
  • 13. 近期通脹上升主要反映環球食品價格上漲 Recent pick-up in inflation mainly due to global food inflation (按年升幅 Year-on-year rate of increase) 世界食品價格 基本綜合消費物價指數 World food prices* Underlying CCPI 副食品 外出用膳 扣除食品 Food- Meals away Excluding stuffs from home food 2006 10.5 2.5 1.3 2.1 2007 Q1 13.3 4.4 1.8 2.4 Q2 6.9 4.1 2.0 2.2 Q3 16.1 8.2 2.6 1.9 Q4 24.3 11.6 3.7 2.3 2008 Q1 39.2 17.4 5.4 3.0 Q2 44.8 19.2 6.3 3.7 Note: (*) IMF data. 註 : (*) 國際貨幣基金組織數字。 13
  • 14. 亞洲區的消費物價通脹 Consumer price inflation in Asia 2008 第二季 Q2 六月 Jun 台灣 Taiwan 4.2% 5.0% 南韓 Korea 4.8% 5.5% 香港 Hong Kong 5.7% 6.1% 內地 Mainland 7.8% 7.1% 新加坡 Singapore 7.5% 7.5% 馬來西亞 Malaysia 4.9% 7.7% 印度 India 7.8% 7.7% 泰國 Thailand 7.5% 8.9% 印尼 Indonesia 10.1% 11.0% 菲律賓 Philippines 9.7% 11.4% 越南 Vietnam 24.5% 26.8% 14
  • 16. 2008年經濟增長前景 Outlook for economic growth in 2008 • 預料環球經濟增長(特別是發達經濟體系)將進 一步放緩 Global economic growth, particularly in the advanced economies, to moderate further • 金融市場動盪仍未結束 Financial market turmoil to linger on • 內地及其他新興市場漸受影響,但仍會保持穩 健增長 Mainland China and other emerging market economies, while being increasingly affected by the global environment, should expand solidly further 16
  • 17. 2008年經濟增長前景 (續) Outlook for economic growth in 2008 (Cont’d) • 穩健的就業市場、低利率及正面的營商信心仍 有助內部需求進一步增長 Firm labour market conditions, low interest rates and positive business confidence still support further growth in domestic demand • 預料經濟在今年餘下時間增幅温和,跟過去十 年的趨勢增長大致相若 Economic growth likely to be moderate in the rest of 2008, more in line with the trend growth in the past decade 17
  • 18. 2008年通脹前景 Outlook for inflation in 2008 • 世界各地的通脹仍普遍向上 Inflationary pressures around the world still rising • 近期國際市場的食品和原油價格有回落跡象以 至美元反彈都是利好發展,不過,商品價格及 美元匯價在未來仍可能反覆不定 Food and oil prices have recently tended to ease in the international markets and US dollar to rebound. These are favourable developments for inflation, but commodity prices and exchange rate movements can still be volatile in the period ahead 18
  • 19. 2008年通脹前景 (續) Outlook for inflation in 2008 (Cont’d) • 本地租金大幅上升的滯後效應愈見明顯 The lagged effects of earlier surges in local rentals being increasingly felt • 生產力提升和經濟擴張步伐減慢,有助降低價 格和成本壓力 Productivity improvements and the slower pace of economic expansion should help to lower pressures on prices and costs • 政府的利民紓困措施會在下半年相繼落實,有 助顯著降低整體通脹率 The relief measures to be implemented in the second half of 2008 will help to lower notably the headline inflation 19
  • 20. 2008年下半年經濟將温和增長 Economy poised for a moderate growth in the rest of 2008 實質增減率 (%) Rate of change in real terms (%) 10 8 本地生產總值 6 GDP 4-5% 4 3.8% 十年增長趨勢 2 10-year trend growth (1998-2007) 0 -2 -4 -6 -8 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 (預測) (Forecast) 20
  • 21. 2008年的基本通脹率預測為5.5% Underlying inflation at 5.5% in 2008 增減率 (%) Rate of change (%) 8 6 5.5% 基本 4 Underlying 4.2% 2 整體 Headline 0 -2 整體綜合消費物價指數 Composite CPI -4 -6 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 (預測) (Forecast) 21
  • 22. 二零零八年最新預測 Latest forecasts for 2008 本地生產總值預測增長率 : 4-5% Forecast GDP growth : 4-5% 基本消費物價通脹預測 : 5.5% Forecast underlying CCPI inflation : 5.5% 整體消費物價通脹預測 : 4.2% Forecast headline CCPI inflation : 4.2% 22