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The Census and Statistics Department (C&SD) released today (September 20) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the second 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 6.5% in real terms in the second quarter of 2010 from a year earlier, compared with the 8.0% increase in the first quarter of 2010.
Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together increased by 6.3% in real terms in the second quarter of 2010 from a year earlier, compared with the 8.4% growth in the first quarter.
Net output in the wholesale, retail and import and export trades, restaurants and hotels sector grew by 16.3% in real terms in the second quarter of 2010 from a year earlier, following the increase of 19.8% in the first quarter. The continued buoyancy in trade activities underpinned the strong growth in the sector.
Net output in the transport, storage and communications sector increased by 10.8% in real terms in the second quarter of 2010 from a year earlier, faster than the 5.0% rise in the first quarter. The accelerated growth in the sector was attributable to the robust passenger and cargo flows in parallel with the continued economic recovery.
Net output in the financing, insurance, real estate and business services sector increased by 1.2% in real terms in the second quarter of 2010 from a year earlier, compared with the 6.1% increase in the first quarter. The moderation of growth was mainly due to the consolidation of stock market and the quieter fund raising activities.
Net output in the community, social and personal services sector increased by 3.5% in real terms in the second quarter of 2010 over a year earlier, compared with the 4.5% rise in the first quarter.
Net output in the local manufacturing sector increased by 2.4% in real terms in the second quarter of 2010 from a year earlier, compared with the increase of 1.0% in the first quarter.
Net output in the electricity, gas and water sector recorded a marginal increase of 0.3% in real terms in the second quarter of 2010 over a year earlier, compared with the 2.4% increase in the first quarter.
As for the construction sector, net output increased significantly by 16.3% in real terms in the second quarter of 2010 from a year earlier, as against the 0.6% marginal decrease in the first quarter. The significant growth in the construction activity was boosted by the marked surge in public sector works.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the second quarter of 2009 to the second 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 second 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, September 20, 2010
Issued at HKT 16:31
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