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The Census and Statistics Department (C&SD) released today (June 20) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the first quarter of 2008.
GDP by economic activity shows the value of production for individual economic activities. The value of production is measured by net output or value-added, which is calculated by deducting intermediate input consumed in the process of production from the gross value of output. Volume measures of GDP by economic activity enable analysis of the growth profiles of individual economic sectors in real terms, by removing the effect of price changes.
GDP increased by 7.1% in real terms in the first quarter of 2008 over a year earlier, compared with the 6.9% growth in the fourth quarter of 2007.
Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together rose by 6.4% in real terms in the first quarter of 2008 over a year earlier, compared with the growth of 7.8% in the fourth quarter of 2007.
Net output in the wholesale, retail and import and export trades, restaurants and hotels sector increased by 8.8% in real terms in the first quarter of 2008 over a year earlier, compared with the 7.3% rise in the fourth quarter of 2007. The growth was mainly attributable to the strong consumer spending and the vibrant external trade performance.
Net output in the transport, storage and communications sector increased by 7.1% in real terms in the first quarter of 2008 over a year earlier, compared with the increase of 6.6% in the fourth quarter of 2007. The further expansion in external trade flows underpinned the growth in the transport and storage services.
Net output in the financing, insurance, real estate and business services sector increased by 9.2% in real terms in the first quarter of 2008 over a year earlier, compared with the 16.6% increase in the fourth quarter of 2007. The moderation in growth mainly reflected the marked downward correction of the local stock market in early 2008.
Net output in the community, social and personal services sector increased by 0.6% in real terms in the first quarter of 2008 over a year earlier, compared with the 1.3% rise in the fourth quarter of 2007.
Net output in the local manufacturing sector decreased by 4.4% in real terms in the first quarter of 2008 from a year earlier, compared with the decrease of 0.3% in the fourth quarter of 2007.
Net output in the electricity, gas and water sector recorded an increase of 4.7% in real terms in the first quarter of 2008 over a year earlier, compared with the virtually no change in the fourth quarter of 2007.
As for the construction sector, net output increased by 7.9% in real terms in the first quarter of 2008 over a year earlier, compared with the decrease of 2.6% in the fourth quarter of 2007.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the first quarter of 2007 to the first quarter of 2008 are shown in Table 1. For enquiries about statistics on GDP by economic activity, please call the National Income Branch (2) of the C&SD at telephone number 2116 5115.
Figures on chain volume measures of GDP by economic activity for the first quarter of 2008 are only preliminary. When more data become available, the preliminary figures will be revised. Users may obtain a copy of this press release at the website of the C&SD (Address: http://www.censtatd.gov.hk/). More detailed figures can also be found at the Hong Kong Statistics section of the website.
Ends/Friday, June 20, 2008
Issued at HKT 16:15
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