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The Census and Statistics Department (C&SD) released today (September 19) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the second quarter of 2011.
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 5.1% in real terms in the second quarter of 2011 from a year earlier, compared with the 7.5% increase in the first quarter of 2011.
Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together increased by 5.2% in real terms in the second quarter of 2011 from a year earlier, compared with the 7.1% growth in the first quarter.
Net output in the import and export, wholesale and retail trades sector increased by 7.0% in real terms in the second quarter of 2011 from a year earlier, moderated from the 14.0% increase in the first quarter. This was mainly due to the moderation in merchandise trade amid the sluggish performance of external environment.
Net output in the transportation, storage, postal and courier services sector increased by 5.2% in real terms in the second quarter of 2011 over a year earlier, compared with the 9.2% growth in the first quarter. The modest growth of external trade underpinned the slowdown in growth of this sector.
Net output in the financing and insurance sector grew further by 13.1% in real terms in the second quarter of 2011 from a year earlier, following an increase of 12.8% in the first quarter. The strong growth was supported by the expansion of cross-border financing and fund-raising activities.
Net output in the accommodation and food services sector increased by 1.9% in real terms in the second quarter of 2011 from a year earlier, compared with the 2.6% rise in the first quarter.
Net output in the information and communications sector grew by 1.3% in real terms in the second quarter of 2011 from a year earlier, following a 1.8% increase in the first quarter.
Net output in the real estate, professional and business services sector increased by 1.3% in real terms in the second quarter of 2011 from a year earlier, same as that in the first quarter.
Net output in the public administration, social and personal services sector grew by 2.4% in real terms in the second quarter of 2011 over a year earlier, similar to the growth of 2.2% in the first quarter.
Net output in the local manufacturing sector increased by 2.0% in real terms in the second quarter of 2011 from a year earlier, after a 3.5% rise in the first quarter.
Net output in the electricity, gas and water supply, and waste management sector increased by 3.2% in real terms in the second quarter of 2011 from a year earlier, as against the 3.0% decline in the first quarter.
As for the construction sector, net output increased by 2.2% in real terms in the second quarter of 2011 from a year earlier, moderated significantly from the 22.2% increase 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 2010 to the second quarter of 2011 are shown in 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 2011 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 19, 2011
Issued at HKT 16:42
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