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The Census and Statistics Department (C&SD) released today (March 19) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the fourth quarter of 2012 and the whole year of 2012.
GDP figures by economic activity show the value of production in respect of 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, expressed in terms of chain volume measures, enable analysis of the output growth profiles of individual economic sectors in real terms, by removing the effect of price changes.
Overall GDP increased by 2.5% in real terms in the fourth quarter of 2012 over a year earlier, compared with the 1.4% increase in the third quarter of 2012. For 2012 as a whole, GDP increased by 1.4% in real terms over 2011.
Analysed by constituent services sector and on a year-on-year comparison, net output in respect of all the services activities taken together increased by 2.5% in real terms in the fourth quarter of 2012 over a year earlier, compared with the 2.2% growth in the third quarter. For 2012 as a whole, there was an increase of 2.0% in real terms.
Net output in the import and export, wholesale and retail trades sector grew by 4.0% in real terms in the fourth quarter of 2012 over a year earlier, compared with the increase of 2.6% in the third quarter. For 2012 as a whole, net output in this sector increased by 2.2% in real terms, moderated from the 9.1% increase in 2011. The moderation of growth in 2012 was attributable to the difficult and unsteady external trading environment of Hong Kong amid an austere global economic environment.
Net output in the financing and insurance sector increased by 1.0% in real terms in the fourth quarter of 2012 over a year earlier, compared with the 0.3% growth in the third quarter. For 2012 as a whole, net output in this sector increased by 1.0% in real terms, compared with the 6.9% increase in 2011. This sector was subdued in 2012 as stock trading and fund raising activities were generally quiet in most part of the year.
Net output in the accommodation services (covered hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector increased by 4.2% in real terms in the fourth quarter of 2012 over a year earlier, compared with the 3.2% increase in the third quarter. For 2012 as a whole, net output in this sector increased by 2.2% in real terms.
Net output in the transportation, storage, postal and courier services sector increased by 2.5% in real terms in the fourth quarter of 2012 over a year earlier, compared with the 1.7% rise in the third quarter. For 2012 as a whole, net output in this sector grew by 1.7% in real terms.
Net output in the information and communications sector grew by 4.6% in real terms in the fourth quarter of 2012 over a year earlier, compared with the growth of 3.9% in the third quarter. For 2012 as a whole, net output in this sector grew by 2.9% in real terms.
Net output in the real estate, professional and business services sector increased by 1.9% in real terms in the fourth quarter of 2012 over a year earlier, following the 3.5% rise in the third quarter. For 2012 as a whole, net output in this sector recorded an increase of 3.3% in real terms.
Net output in the public administration, social and personal services sector increased by 2.6% in real terms in the fourth quarter of 2012 over a year earlier, compared with the 3.3% rise in the third quarter. For 2012 as a whole, net output in this sector increased by 2.9% in real terms.
As for sectors other than the services sectors, net output in the local manufacturing sector increased by 1.3% in real terms in the fourth quarter of 2012 over a year earlier, as against the marginal decrease of 0.1% in the third quarter. For 2012 as a whole, net output in this sector decreased by 0.8% in real terms.
Net output in the electricity, gas and water supply, and waste management sector dropped by 0.3% in real terms in the fourth quarter of 2012 from a year earlier, after the 0.6% decrease in the third quarter. For 2012 as a whole, net output in this sector recorded an increase of 1.6% in real terms.
Net output in the construction sector surged by 13.4% in real terms in the fourth quarter of 2012 over a year earlier, faster than the increase of 5.2% in the third quarter. For 2012 as a whole, net output in this sector increased by 10.6% in real terms.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the fourth quarter of 2011 to the fourth quarter of 2012 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 of chain volume measures of GDP by economic activity for the fourth quarter of 2012 and the whole year of 2012 are only preliminary at this stage. When more data become available, the preliminary figures will be revised accordingly. Users may obtain a copy of this press release at the website of the C&SD (www.censtatd.gov.hk). More detailed figures can also be found at the Hong Kong Statistics section of the website.
Ends/Tuesday, March 19, 2013
Issued at HKT 16:30
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