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二零零六年二月二十二日 22 February 2006

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香港經濟概況 Hong Kong economy’s overview. 二零零六年二月二十二日 22 February 2006. Economic performance. 9 quarters of above-trend growth Broad-based upturn Trade, financial and producer services, and tourism are the bright spots; but construction still weak

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slide1

香港經濟概況

Hong Kong economy’s overview

二零零六年二月二十二日

22 February 2006

slide2

Economic performance

  • 9 quarters of above-trend growth
  • Broad-based upturn
  • Trade, financial and producer services, and tourism are the bright spots; but construction still weak
  • Significant and broad-based job creation; wages improving gradually
  • Inflation creeping up but still low
broad based improvement in labour market
Broad-based improvement in labour market
  • Unemployment down in all sectors, for all age groups and at all levels of education attainment
  • Long-term unemployment declining
  • Wages rising back; earnings of lower-income families also improving
slide9

Both unemployment rate and

unemployment CSSA cases are falling

slide11

Workers earning $5,000 – $8,999 down markedly …

while those earning $15,000 or more rose

slide12

2006 Economic outlook

  • GDP growth to settle back to more sustainable growth of 4 - 5%, still above past 10-year trend of 3.9%
  • Another year of broad-based growth
  • But risks from external environment and feed-through of higher interest rates
  • Labour market to improve further
  • Inflation edging up but still healthy
slide17

Current pace of employment creation actually stronger than those in the past

(Time path of total employment in current upturn

cf an average economic cycle in 80s and 90s)

slide26
Today, one out of three people in the workforce working at the managerial, professional or administrative level

(*) Excluding FDH workers

value added per service sector job on avg 60 higher than manufacturing

Value added per person

1994

2004

(’000)

(’000)

Manufacturing

190

248

Services

381

398

W/R, I/E and R/H

241

304

Transport, storage and communication

272

362

Financing, insurance, real estate and business services

781

551

Community, social and personal services

279

303

Economy average

343

379

Value-added per service sector job on avg 60% higher than manufacturing
slide32

謝謝

Thank You

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