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The Census and Statistics Department (C&SD) released today (March 20) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the fourth quarter and the whole year 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 decreased by 2.5% in real terms in the fourth quarter of 2008 from a year earlier, compared with the 1.7% increase in the third quarter. For 2008 as a whole, GDP recorded a growth of 2.5% in real terms over 2007.
Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together decreased by 2.1% in real terms in the fourth quarter of 2008 from a year earlier, compared with the growth of 2.0% in the third quarter. For 2008 as a whole, there was an increase of 2.5% in real terms.
Net output in the wholesale, retail and import and export trades, restaurants and hotels sector decreased by 2.1% in real terms in the fourth quarter of 2008 from a year earlier, compared with the 4.3% increase in the third quarter. For 2008 as a whole, net output in this sector increased by 4.1% in real terms compared with the 6.6% increase in 2007. The moderation of growth in 2008 was attributable to the substantial slowdown in both external and domestic demand amid the deepening global economic downturn towards the latter part of the year.
Net output in the transport, storage and communications sector decreased by 4.2% in real terms in the fourth quarter of 2008 from a year earlier, compared with the increase of 2.0% in the third quarter. For 2008 as a whole, net output in this sector rose by 2.1% in real terms compared with the 5.1% increase in 2007. The notable slowdown in 2008 was in line with the weakened external trade activities over the course of the year.
Net output in the financing, insurance, real estate and business services sector decreased by 4.8% in real terms in the fourth quarter of 2008 from a year earlier, compared with the 0.5% decrease in the third quarter. For 2008 as a whole, net output in this sector increased by 1.9% in real terms compared with the 13.5% increase in 2007. The significant deterioration in 2008 reflected the dampening of a wide spectrum of financial market and property market activities caused by the financial tsunami.
Net output in the community, social and personal services sector increased by 1.0% in real terms in the fourth quarter of 2008 over a year earlier, compared with the 1.6% rise in the third quarter. For 2008 as a whole, net output in this sector increased by 1.5% in real terms.
Net output in the local manufacturing sector decreased by 10.4% in real terms in the fourth quarter of 2008 from a year earlier, compared with the decrease of 6.7% in the third quarter. For 2008 as a whole, net output in this sector dropped by 6.6% in real terms.
Net output in the electricity, gas and water sector recorded an increase of 2.2% in real terms in the fourth quarter of 2008 over a year earlier, compared with the decrease of 1.5% in the third quarter. For 2008 as a whole, net output in this sector increased marginally by 0.1% in real terms.
As for the construction sector, net output recorded virtually no change in real terms in the fourth quarter of 2008 over a year earlier, compared with the decrease of 3.5% in the third quarter. For 2008 as a whole, net output in this sector increased by 1.3% in real terms.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the fourth quarter of 2007 to the fourth quarter of 2008 are shown in Table 1 (Text version of 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 fourth quarter of 2008 and the whole year 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, March 20, 2009
Issued at HKT 16:30
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