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According to the provisional results of a survey released today (March 13) by the Census and Statistics Department (C&SD), the index of industrial production for the manufacturing sector as a whole decreased by 10.4% in the fourth quarter of 2008 compared with a year earlier, following a 6.7% year-on-year decrease in the third quarter of 2008. The corresponding producer price index increased by 3.9% in the fourth quarter of 2008 over a year earlier, as compared with a 5.6% year-on-year increase in the third quarter of 2008.
Indices of industrial production reflect changes in the volume of local manufacturing output after discounting the effect of price changes. The price changes are measured by the producer price indices for manufacturing industries compiled from data on producer prices of industrial goods/services collected from the same survey.
Comparing the fourth quarter of 2008 with a year earlier, decreases in manufacturing output were recorded for all industry groups. The textiles (including knitting) industry had the largest decrease in output (-25.4%), followed by the wearing apparel (except footwear) industry (-23.3%), the basic metals and fabricated metal products industry (-14.9%), the electrical and electronic products, machinery, professional equipment and optical goods industry (-11.5%), the chemical, rubber, plastic and non-metallic mineral products industry (-8.2%), the paper products and printing industry (-4.1%), and the food, beverages and tobacco industry (-2.9%).
On a seasonally adjusted basis, the index of industrial production for the manufacturing sector as a whole decreased by 3.2% in the fourth quarter of 2008 as compared with the third quarter of 2008.
For 2008 as a whole, the index of industrial production for the manufacturing sector decreased by 6.5% compared with 2007.
Producer price indices reflect changes in the prices of local manufacturing output. They measure changes in the actual prices (net of any discounts or rebates allowed to buyers, plus any surcharges) received by manufacturers. Transportation and other incidental charges are not included.
Comparing the fourth quarter of 2008 with a year earlier, the fabricated metal products (except machinery and equipment) industry had the largest increase in producer prices (+22.1%), followed by the machinery, equipment, apparatus, parts and components industry (+3.9%).
On the other hand, decreases in producer prices were seen in the consumer electrical and electronic products industry (-4.9%), the textiles (including knitting) industry (-3.1%), the wearing apparel (except footwear) industry (-1.5%), and the plastic products industry (-1.1%) in the fourth quarter of 2008 compared with a year earlier.
Comparing the fourth quarter of 2008 with the third quarter of 2008, the producer price index for the manufacturing sector as a whole increased by 0.3%.
For 2008 as a whole, the producer price index for the manufacturing sector increased by 5.5% compared with 2007.
Table 1 shows the year-on-year percentage changes in the indices of industrial production by industry group and selected component industry. Table 2 shows the year-on-year percentage changes in the producer price indices by industry group.
The revised figures on indices of industrial production and producer price indices for manufacturing industries for the fourth quarter of 2008 and the whole year of 2008 will be released at the website of the C&SD (www.censtatd.gov.hk/hong_kong_statistics/index.jsp) and relevant publications of the Department starting from 23 April 2009.
Users can download the reports on ¡§Quarterly Index of Industrial Production, 4th Quarter 2008¡¨, and ¡§Quarterly Producer Price Indices for Manufacturing Industries, 4th Quarter 2008¡¨ free of charge from the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/commerce_and_industry/index.jsp).
Print version of each of the two reports is available for sale at HK$8.0 per issue. Purchase can be done in person at the Publications Unit of the C&SD (Address: 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel.: 2582 3025) or through mail order by completing and returning an order form which can be downloaded from the C&SD¡¦s website (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_publications/index.jsp). Print versions of these publications are also available for sale online at the Government Bookstore of the Information Services Department (www.bookstore.gov.hk).
Enquiries about the survey results may be directed to the Industrial Production and Tourism Statistics Section of the C&SD (Tel.: 2805 6643; Fax: 2123 1048; E-mail: ind-production@censtatd.gov.hk).
Ends/Friday, March 13, 2009
Issued at HKT 16:31
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