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According to the provisional results of a survey released today (March 12) by the Census and Statistics Department (C&SD), the index of industrial production for manufacturing industries as a whole decreased by 4.9% in the fourth quarter of 2009 compared with a year earlier, following a 8.6% year-on-year decrease in the third quarter of 2009. The corresponding producer price index decreased by 0.3% in the fourth quarter of 2009 compared with a year earlier, following a 2.0% year-on-year decrease in the third quarter of 2009.
The index of industrial production for sewerage, waste management and remediation activities increased by 1.5% in the fourth quarter of 2009 compared with a year earlier, following a 3.1% year-on-year decrease in the third quarter of 2009. The corresponding producer price index decreased by 1.6% in the fourth quarter of 2009 compared with a year earlier, following a 3.3% year-on-year decrease in the third quarter of 2009.
Indices of industrial production reflect changes in the volume of local industrial output after discounting the effect of price changes. The price changes are measured by the producer price indices compiled from data on producer prices of industrial goods/services collected from the same survey.
Comparing the fourth quarter of 2009 with the fourth quarter of 2008, decreases in output volume were recorded for most industry groups in manufacturing industries. The wearing apparel industry had the largest decrease in output volume (-27.9%), followed by the textiles industry (-18.9%); the paper products, printing and reproduction of recorded media industry (-6.7%); and the metal, computer, electronic and optical products, machinery and equipment industry (-3.9%). On the other hand, the food, beverage and tobacco industry recorded an increase of 1.9% in output volume.
On a seasonally adjusted basis, the index of industrial production for manufacturing industries as a whole increased by 1.1% in the fourth quarter of 2009 as compared with the third quarter of 2009.
For 2009 as a whole, the indices of industrial production for manufacturing industries and sewerage, waste management and remediation activities decreased by 8.3% and 2.5% respectively compared with 2008.
Producer price indices reflect changes in the prices of local output. They measure changes in the actual prices (net of any discounts or rebates allowed to buyers, plus any surcharges) received by producers. Transportation and other incidental charges are not included.
Comparing the fourth quarter of 2009 with the fourth quarter of 2008, decreases in producer prices were recorded for most industry groups in manufacturing industries. The textiles industry had the largest decrease in producer price (-3.3%), followed by the wearing apparel industry (-1.2%); the paper products, printing and reproduction of recorded media industry (-1.1%); and the metal, computer, electronic and optical products, machinery and equipment industry (-0.6%). On the other hand, the food, beverages and tobacco industry recorded an increase of 4.6% in producer price.
Comparing the fourth quarter of 2009 with the third quarter of 2009, the producer price indices for manufacturing industries and sewerage, waste management and remediation activities increased by 1.8% and 1.0% respectively.
For 2009 as a whole, the producer price indices for manufacturing industries and sewerage, waste management and remediation activities decreased by 1.7% and 2.7% respectively compared with 2008.
Table 1 shows the year-on-year percentage changes in the indices of industrial production by industry group. Table 2 shows the year-on-year percentage changes in the producer price indices for industrial sector by industry group.
The revised figures on indices of industrial production and producer price indices for industrial sector for the fourth quarter of 2009 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 2010.
The classification of industrial establishments follows the Hong Kong Standard Industrial Classification (HSIC), which is used in various economic surveys for classifying economic units into different industry classes. Upon the implementation of the new HSIC Version 2.0 by the C&SD in October 2008, the Quarterly Survey of Industrial Production has been enhanced to adopt the HSIC Version 2.0 in compiling the industrial production statistics. Starting from the first quarter of 2009, all the indices of industrial production and producer price indices for industrial sector are compiled based on the HSIC Version 2.0, and the base period of these indices has been changed to 2008 (i.e. with the quarterly average of these indices in 2008 taken as 100).
The series of indices of industrial production and producer price indices for manufacturing industries under the HSIC Version 2.0 have also been backcasted to the first quarter of 2005. Readers who are interested in the backcasted series or have enquiries about the survey results may contact the Industrial Production and Tourism Statistics Section of the C&SD (Tel.: 2805 6643; Fax: 2123 1048; E-mail: ind-production@censtatd.gov.hk).
Users can download the reports on "Quarterly Index of Industrial Production, 4th Quarter 2009", and "Quarterly Producer Price Index for Industrial Sector, 4th Quarter 2009" free of charge from the website of the C&SD at (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/commerce_and_industry/index.jsp).
Ends/Friday, March 12, 2010
Issued at HKT 16:31
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