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The Census and Statistics Department (C&SD) released today (June 22) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the first quarter of 2009.
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 7.8% in real terms in the first quarter of 2009 from a year earlier, compared with the 2.6% decline in the fourth quarter of 2008.
Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together decreased by 7.2% in real terms in the first quarter of 2009 from a year earlier, compared with the decrease of 2.3% in the fourth quarter of 2008.
Net output in the wholesale, retail and import and export trades, restaurants and hotels sector decreased sharply by 15.2% in real terms in the first quarter of 2009 from a year earlier, compared with the 2.1% drop in the fourth quarter of 2008. The fall was mainly attributable to the hard hit on merchandise exports by the sharp plunge in global demand and the acute fall-off in intra-regional exports.
Net output in the transport, storage and communications sector decreased by 8.1% in real terms in the first quarter of 2009 from a year earlier, compared with the decrease of 4.3% in the fourth quarter of 2008. The transport and storage services plummeted along with the further setback in external trade activities.
Net output in the financing, insurance, real estate and business services sector decreased by 7.1% in real terms in the first quarter of 2009 from a year earlier, compared with the 4.9% decrease in the fourth quarter of 2008. The decrease was mainly because the local stock prices suffered further losses, trading remained subdued while fund raising activities were drooping.
Net output in the community, social and personal services sector increased by 0.5% in real terms in the first quarter of 2009 over a year earlier, compared with the 0.7% rise in the fourth quarter of 2008.
Net output in the local manufacturing sector decreased by 11.6% in real terms in the first quarter of 2009 from a year earlier, compared with the decrease of 10.4% in the fourth quarter of 2008.
Net output in the electricity, gas and water sector decreased by 1.2% in real terms in the first quarter of 2009 from a year earlier, compared with the increase of 2.2% in the fourth quarter of 2008.
As for the construction sector, net output decreased by 5.3% in real terms in the first quarter of 2009 from a year earlier, compared with the increase of 2.8% in the fourth quarter of 2008.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the first quarter of 2008 to the first quarter of 2009 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 first quarter of 2009 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/Monday, June 22, 2009
Issued at HKT 16:31
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