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The Census and Statistics Department (C&SD) released today (September 21) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the second 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 3.8% in real terms in the second quarter of 2009 from a year earlier, compared with the decrease of 7.8% in the first quarter.
Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together decreased by 3.8% in real terms in the second quarter of 2009 from a year earlier, compared with the 7.2% decline in the first quarter.
Net output in the wholesale, retail and import and export trades, restaurants and hotels sector decreased by 11.2% in real terms in the second quarter of 2009 from a year earlier, moderating from the decrease of 15.7% in the first quarter. The narrower year-on-year rate of decline in the second quarter was attributable to the stabilisation of global environment, leading to a smaller decrease in external trade.
Net output in the transport, storage and communications sector decreased by 8.8% in real terms in the second quarter of 2009 from a year earlier, the same as that in the first quarter. The sector remained under pressure from the slackened external trading environment.
Net output in the financing, insurance, real estate and business services sector decreased marginally by 0.3% in real terms in the second quarter of 2009 from a year earlier, compared with the 6.7% decrease in the first quarter. The improvement was attributable to the rebounds in stock trading and increased fund raising activities.
Net output in the community, social and personal services sector increased by 1.1% in real terms in the second quarter of 2009 over a year earlier, compared with the 0.6% rise in the first quarter.
Net output in the local manufacturing sector decreased by 10.7% in real terms in the second quarter of 2009 from a year earlier, compared with the decrease of 12.2% in the first quarter.
Net output in the electricity, gas and water sector recorded an increase of 2.5% in real terms in the second quarter of 2009 over a year earlier, compared with the 1.2% drop in the first quarter.
As for the construction sector, net output decreased by 1.0% in real terms in the second quarter of 2009 from a year earlier, compared with the decrease of 7.0% in the first quarter.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the second quarter of 2008 to the second 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 second 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, September 21, 2009
Issued at HKT 16:32
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