Macroeconomic Forecast Hong Kong

Hong Kong's current account surplus narrowed to US$4.2bn in Q410 from US$5.7bn in Q310, bringing the 2010 full-year figure to US$14.7bn (6.5% of GDP), down from the US$18.0bn (8.6% of GDP) recorded in 2009. For 2011, we see a trade slowdown weighing on services exports, causing the services surplus to fall more than the trade deficit decline. As a result, the current account surplus should narrow further in 2011, and we are forecasting it to come in at US$14.5bn (5.9% of GDP).

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