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The Census and Statistics Department (C&SD) released today (June 21) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the first quarter of 2010.
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 8.2% in real terms in the first quarter of 2010 from a year earlier, compared with the 2.5% increase in the fourth quarter of 2009.
Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together increased by 8.4% in real terms in the first quarter of 2010 from a year earlier, compared with the 3.4% growth in the fourth quarter of 2009.
Net output in the wholesale, retail and import and export trades, restaurants and hotels sector increased significantly by 19.2% in real terms in the first quarter of 2010 from a year earlier, distinctly faster than the 2.4% increase in the fourth quarter of 2009. This was mainly contributed by the notable rebound of the external trade from the exceptionally low base in the same quarter last year.
Net output in the transport, storage and communications sector increased by 5.2% in real terms in the first quarter of 2010 from a year earlier, compared with the marginal growth of 0.6% in the fourth quarter of 2009. The improvement was attributable to the recovery of the transport and storage sector in tandem with the pick-up in global trade flows.
Net output in the financing, insurance, real estate and business services sector increased by 7.0% in real terms in the first quarter of 2010 from a year earlier, following the 7.6% increase in the fourth quarter of 2009. This sector continued to benefit from the buoyant financial market and commercial activities.
Net output in the community, social and personal services sector grew by 3.9% in real terms in the first quarter of 2010 over a year earlier, faster than the 1.5% rise in the fourth quarter of 2009.
Net output in the local manufacturing sector increased by 1.6% in real terms in the first quarter of 2010 from a year earlier, as against the 6.2% decrease in the fourth quarter of 2009.
Net output in the electricity, gas and water sector increased by 2.4% in real terms in the first quarter of 2010 from a year earlier, compared with the marginal decrease of 0.3% in the fourth quarter of 2009.
As for the construction sector, net output increased by 3.5% in real terms in the first quarter of 2010 from a year earlier, compared with the 4.7% increase in the fourth quarter of 2009.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the first quarter of 2009 to the first quarter of 2010 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 2010 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: www.censtatd.gov.hk/). More detailed figures can also be found at the Hong Kong Statistics section of the website.
Ends/Monday, June 21, 2010
Issued at HKT 16:32
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