What is ‘the economy’?

Abstract

The Hong Kong economy expanded notably in 2017. Gross Domestic Product (GDP) grew 3.8 per cent in real terms, accelerating from 2.1 per cent growth in 2016 and markedly faster than the trend growth of 2.7 per cent in the past 10 years. In terms of the quarterly profile, the yearon-year growth rate of real GDP leaped to 4.3 per cent in the first quarter against a relatively low base of comparison in early 2016, and maintained above-trend growth at 3.9 per cent, 3.7 per cent and 3.4 per cent respectively in the second, third and fourth quarters (chart 1).