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The Census and Statistics Department (C&SD) released today (September 22) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the second quarter of 2008.
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 4.2% in real terms in the second quarter of 2008 over a year earlier, compared with the 7.3% growth in the first quarter.
Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together rose by 4.3% in real terms in the second quarter of 2008 over a year earlier, compared with the growth of 6.8% in the first quarter.
Net output in the wholesale, retail and import and export trades, restaurants and hotels sector increased by 6.9% in real terms in the second quarter of 2008 over a year earlier, compared with the 8.9% increase in the first quarter. The growth was mainly attributable to the solid growth in both offshore trade and inbound tourism, which was partly offset by a slower growth in external trade.
Net output in the transport, storage and communications sector increased by 4.3% in real terms in the second quarter of 2008 over a year earlier, compared with the increase of 7.2% in the first quarter. The slowdown in growth was in line with the moderation in external trade activities.
Net output in the financing, insurance, real estate and business services sector increased by 4.5% in real terms in the second quarter of 2008 over a year earlier, compared with the 10.4% increase in the first quarter. The moderation in growth was attributable to reduced trading activities in the stock market and the property market.
Net output in the community, social and personal services sector increased by 1.5% in real terms in the second quarter of 2008 over a year earlier, compared with the 0.7% rise in the first quarter.
Net output in the local manufacturing sector decreased by 4.1% in real terms in the second quarter of 2008 from a year earlier, compared with the decrease of 4.4% in the first quarter.
Net output in the electricity, gas and water sector recorded a decrease of 3.5% in real terms in the second quarter of 2008 from a year earlier, compared with the rise of 4.7% in the first quarter.
As for the construction sector, net output decreased slightly by 1.1% in real terms in the second quarter of 2008 from a year earlier, compared with the increase of 8.3% 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 2007 to the second quarter of 2008 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 2008 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.censtatd.gov.hk/). More detailed figures can also be found at the Hong Kong Statistics section of the website.
Ends/Monday, September 22, 2008
Issued at HKT 16:30
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