for the second quarter of 2005
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The Census and Statistics Department released today (September 27) the preliminary figures of constant price Gross Domestic Product (GDP) by economic activity for the second quarter of 2005.
2. 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. Constant price GDP by economic activity enables analysis of the growth profiles of individual economic sectors in real terms, by removing the effect of price changes. It also enables analysis of the contributions of different economic activities or sectors to the overall economic growth in real terms.
3. Gross Domestic Product (GDP) increased by 6.8% in real terms in the second quarter of 2005 over a year earlier, compared with the 6.2% growth in the first quarter of 2005.
4. Analysed by constituent sector and on a year-on-year comparison, net output in all the service sectors taken together rose by 7.1% in real terms in the second quarter of 2005 over a year earlier, larger than the 6.4% increase in the first quarter of 2005.
5. Net output in the wholesale, retail and import and export trades, restaurants and hotels increased by 11.2% in real terms in the second quarter of 2005, following an 11.0% increase in the first quarter of 2005. Sustained growth in consumer demand, continued surge in offshore trade, and vibrant inbound tourism all contributed to the growth.
6. Net output in transport, storage and communications increased by 11.6% in real terms in the second quarter of 2005 over a year earlier, after a 12.3% rise in the first quarter of 2005. This was mainly attributable to a continued expansion in transportation services, backed by the buoyant merchandise trade flows.
7. Net output in financing, insurance, real estate and business services rose by 7.1% in real terms in the second quarter of 2005 over a year earlier, larger than the 3.1% increase in the first quarter of 2005. The growth impetus came mainly from a robust growth in banking services, on the back of a significant increase in commission and service income.
8. Net output in community, social and personal services increased slightly by 0.2% in real terms in the second quarter of 2005 over a year earlier, after a 1.2% rise in the first quarter of 2005.
9. Net output in the local manufacturing sector decreased marginally by 0.1% in real terms in the second quarter of 2005 as compared with a year earlier, after a 2.3% decrease in the first quarter of 2005.
10. Net output in the construction sector decreased significantly by 9.8% in real terms in the second quarter of 2005 as compared with a year earlier, after a 0.7% decrease in the first quarter. The decline was mainly due to the decrease in public sector building work, along with the fall in output under the public housing programme and completion of railway projects. Also contributed was the slack in private sector building activity.
11. As to the electricity, gas and water sector, net output rose by 4.8% in real terms in the second quarter of 2005 over a year earlier, after an increase of 5.1% in the first quarter of 2005.
Further information
12. The year-on-year percentage changes in constant price GDP by economic activity from the second quarter of 2004 to the second quarter of 2005 are shown in Table 1 (Text version of Table 1). For enquiries about statistics on GDP by economic activity, please call the National Income Section of the Census and Statistics Department at telephone no. 2116 5115.
13. The figures on constant price GDP by economic activity for the second quarter of 2005 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.info.gov.hk/censtatd/). More detailed figures can also be found at the Frequently Asked Statistics section of the website.
Ends/Tuesday, September 27, 2005
Issued at HKT 16:19
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