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The Census and Statistics Department (C&SD) released today (June 22) the preliminary figures of constant price Gross Domestic Product (GDP) by economic activity for the first quarter of 2007.
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.
GDP increased by 5.6% in real terms in the first quarter of 2007 over a year earlier, compared with the 7.3% growth in the fourth quarter of 2006.
Analysed by constituent sector and on a year-on-year comparison, net output in all the service sectors taken together rose by 7.6% in real terms in the first quarter of 2007 over a year earlier, compared with the growth of 9.6% in the fourth quarter of 2006.
Net output in the wholesale, retail and import and export trades, restaurants and hotels sector increased by 7.7% in real terms in the first quarter of 2007 over a year earlier, compared with the 10.0% rise in the fourth quarter of 2006. The growth in local consumer demand, continued robust performance of external trade and expansion of both offshore trade and inbound tourism all contributed to the growth.
Net output in the transport, storage and communications sector increased by 5.0% in real terms in the first quarter of 2007 over a year earlier, compared with the increase of 9.4% in the fourth quarter of 2006. The robust external trade underpinned the growth in the transport and storage services.
Net output in the financing, insurance, real estate and business services sector increased by 15.2% in real terms in the first quarter of 2007 over a year earlier, compared with the 17.4% increase in the fourth quarter of 2006. The growth impetus came mainly from the banking services, on the back of a substantial increase in commission and service income. Also relevant was a leap in net output of the stock brokerage companies, underpinned by a significant increase in stock market turnover.
Net output in the community, social and personal services sector increased by 1.3% in real terms in the first quarter of 2007 over a year earlier, following the 3.2% rise in the fourth quarter of 2006.
Net output in the local manufacturing sector decreased by 1.5% in real terms in the first quarter of 2007 from a year earlier, compared with the decrease of 1.4% in the fourth quarter of 2006.
Net output in the electricity, gas and water sector recorded an increase of 1.1% in real terms in the first quarter of 2007 over a year earlier, compared with the decrease of 4.0% in the fourth quarter of 2006.
As to the construction sector, net output declined by 4.6% in real terms in the first quarter of 2007 as compared with a year earlier, following the decrease of 3.1% in the fourth quarter of 2006. The decrease was mainly attributable to the lack of large scale infrastructure projects in progress.
Further information
The year-on-year percentage changes of constant price GDP by economic activity from the first quarter of 2006 to the first quarter of 2007 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 Tel: 2116 5115.
Figures on constant price GDP by economic activity for the first quarter of 2007 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/Friday, June 22, 2007
Issued at HKT 16:15
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