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The Census and Statistics Department (C&SD) released today (December 19) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the third 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 1.7% in real terms in the third quarter of 2008 over a year earlier, compared with the 4.2% growth in the second quarter.
Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together rose by 2.3% in real terms in the third quarter of 2008 over a year earlier, compared with the growth of 4.2% in the second quarter.
Net output in the wholesale, retail and import and export trades, restaurants and hotels sector increased by 4.8% in real terms in the third quarter of 2008 over a year earlier, compared with the 7.0% increase in the second quarter. The moderation of growth from the second quarter was mainly attributable to the decelerated growth in external trade and slackened consumer spending towards the end of the quarter.
Net output in the transport, storage and communications sector increased by 1.8% in real terms in the third quarter of 2008 over a year earlier, compared with the increase of 4.3% in the second quarter. The modest growth of the merchandise trade amid the faltering global demand underpinned the further slowdown in growth of the transport and storage services.
Net output in the financing, insurance, real estate and business services sector increased marginally by 0.4% in real terms in the third quarter of 2008 over a year earlier, compared with the 4.2% increase in the second quarter. The strained growth was mainly caused by the continued shrinkage in trading in stocks as well as quieter fund raising activities in the third quarter.
Net output in the community, social and personal services sector increased by 1.4% in real terms in the third quarter of 2008 over a year earlier, following the 1.5% rise in the second quarter.
Net output in the local manufacturing sector decreased by 6.7% in real terms in the third quarter of 2008 from a year earlier, compared with the decrease of 4.1% in the second quarter.
Net output in the electricity, gas and water sector recorded a decrease of 1.5% in real terms in the third quarter of 2008 from a year earlier, compared with the drop of 3.5% in the second quarter.
As for the construction sector, net output decreased by 1.4% in real terms in the third quarter of 2008 from a year earlier, compared with the decrease of 2.7% in the second quarter.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the third quarter of 2007 to the third 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 third 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/Friday, December 19, 2008
Issued at HKT 16:31
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