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¡@¡@The Census and Statistics Department (C&SD) released today (March 19) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the fourth quarter and the whole year of 2009.
¡@¡@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 2.6% in real terms in the fourth quarter of 2009 from a year earlier, in contrast to the 2.2% decrease in the third quarter. For 2009 as a whole, GDP contracted by 2.7% in real terms over 2008.
¡@¡@Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together increased by 3.2% in real terms in the fourth quarter of 2009 from a year earlier, reverting from the 2.1% decline in the third quarter. For 2009 as a whole, there was a decrease of 2.3% in real terms.
¡@¡@Net output in the wholesale, retail and import and export trades, restaurants and hotels sector increased by 1.7% in real terms in the fourth quarter of 2009 from a year earlier, rebounded notably from the 8.8% decline in the third quarter. For 2009 as a whole, net output in this sector decreased by 8.0% in real terms compared with the growth of 6.2% in 2008. The significant decline in 2009 was mainly due to the plunge in global trade flows in early 2009 and their subsequent slow recovery.
¡@¡@Net output in the transport, storage and communications sector increased marginally by 0.5% in real terms in the fourth quarter of 2009 from a year earlier, compared with the decrease of 6.9% in the third quarter. For 2009 as a whole, net output in this sector dropped by 6.0% in real terms as against the 2.4% increase in 2008. The notable decline recorded in 2009 was consistent with the large shrinkage in the external trade activities in most parts of the year.
¡@¡@Net output in the financing, insurance, real estate and business services sector increased by 7.9% in real terms in the fourth quarter of 2009 from a year earlier, faster than the 4.3% increase in the third quarter. For 2009 as a whole, net output in this sector increased by 1.4% in real terms compared with the marginal decrease of 0.4% in 2008. The increase registered in 2009 was attributable to the revival in financial market activities and the notable rebound of the local property market since the second quarter of 2009.
¡@¡@Net output in the community, social and personal services sector increased by 1.5% in real terms in the fourth quarter of 2009 over a year earlier, compared with the 1.0% rise in the third quarter. For 2009 as a whole, net output in this sector increased by 1.2% in real terms.
¡@¡@Net output in the local manufacturing sector decreased by 6.3% in real terms in the fourth quarter of 2009 from a year earlier, smaller than the decrease of 8.3% in the third quarter. For 2009 as a whole, net output in this sector dropped by 9.3% in real terms.
¡@¡@Net output in the electricity, gas and water sector recorded a marginal decrease of 0.4% in real terms in the fourth quarter of 2009 over a year earlier, compared with the increase of 5.3% in the third quarter. For 2009 as a whole, net output in this sector increased by 1.8% in real terms.
¡@¡@As for the construction sector, net output recorded an increase of 5.4% in real terms in the fourth quarter of 2009 over a year earlier, smaller than the increase of 8.1% in the third quarter. For 2009 as a whole, net output in this sector increased by 2.1% in real terms.
Further information
¡@¡@The year-on-year percentage changes of GDP by economic activity in real terms from the fourth quarter of 2008 to the fourth quarter of 2009 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 fourth quarter of 2009 and the whole year of 2009 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, March 19, 2010
Issued at HKT 16:30
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