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The Census and Statistics Department (C&SD) released today (December 21) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the third 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 2.4% in real terms in the third quarter of 2009 over a year earlier, compared with the decrease of 3.6% in the second quarter.
Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together dropped by 2.2% in real terms in the third quarter of 2009 over a year earlier, compared with the 3.7% decline in the second quarter.
Net output in the wholesale, retail and import and export trades, restaurants and hotels sector decreased by 8.6% in real terms in the third quarter of 2009 over a year earlier, smaller than the decline of 11.3% in the second quarter. The moderation in the year-on-year rate of decline in the third quarter partly reflected the improvement in local consumer sentiments.
Net output in the transport, storage and communications sector fell by 6.9% in real terms in the third quarter of 2009 from a year earlier, compared with the decrease of 8.8% in the second quarter. This sector remained subdue as transportation services were still dragged by the sluggish trade flows.
Net output in the financing, insurance, real estate and business services sector increased by 3.5% in real terms in the third quarter of 2009 over a year earlier, reverting from the marginal decrease of 0.2% in the second quarter. The improvement was attributable to the further revival in financial market activities and increased activity in the property market.
Net output in the community, social and personal services sector increased by 0.9% in real terms in the third quarter of 2009 over a year earlier, compared with the 1.3% rise in the second quarter.
Net output in the local manufacturing sector decreased by 8.1% in real terms in the third quarter of 2009 from a year earlier, compared with the decline of 10.8% in the second quarter.
Net output in the electricity, gas and water sector recorded an increase of 5.4% in real terms in the third quarter of 2009 over a year earlier, compared with the 2.5% increase in the second quarter.
As for the construction sector, net output increased by 8.0% in real terms in the third quarter of 2009 over a year earlier, compared with the decrease of 2.2% in the second quarter.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the third quarter of 2008 to the third 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 third 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, December 21, 2009
Issued at HKT 16:31
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