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The Census and Statistics Department (C&SD) released today (March 20) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the fourth quarter of 2011 and the whole year of 2011.

GDP by economic activity shows the aggregate 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, expressed in terms of chain volume measures, 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 3.0% in real terms in the fourth quarter of 2011 from a year earlier, compared with the 4.3% increase in the third quarter of 2011. For 2011 as a whole, GDP increased by 5.0% in real terms over 2010.

Analysed by constituent sector and on a year-on-year comparison, net output in all the services activities taken together increased by 2.9% in real terms in the fourth quarter of 2011 from a year earlier, compared with the 3.9% growth in the third quarter. For 2011 as a whole, there was an increase of 4.7% in real terms.

Net output in the import and export, wholesale and retail trades sector grew by 6.3% in real terms in the fourth quarter of 2011 from a year earlier, faster than the increase of 4.9% in the third quarter. For 2011 as a whole, net output in this sector increased by 8.0% in real terms, moderated from the 16.7% increase in 2010. The moderation of growth in 2011 was attributable to the decrease in growth momentum of external trade of Hong Kong after the first quarter of 2011 amid the unfavourable global economic environment.

Net output in the financing and insurance sector recorded a marginal growth of 0.3% in real terms in the fourth quarter of 2011 from a year earlier, after the 8.5% growth in the third quarter. For 2011 as a whole, net output in this sector increased by 8.1% in real terms, compared with the 7.3% increase in 2010. Notwithstanding the marginal growth in the fourth quarter of 2011, this sector continued to register a notable growth in 2011 as a whole, on the back of buoyant cross-border financing and fund-raising activities during the first half of the year.

Net output in the accommodation services (covered hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector increased marginally by 0.2% in real terms in the fourth quarter of 2011 from a year earlier, compared with the 2.3% increase in the third quarter. For 2011 as a whole, net output in this sector increased by 1.1% in real terms.

Net output in the transportation, storage, postal and courier services sector increased by 6.2% in real terms in the fourth quarter of 2011 from a year earlier, compared with the 6.0% rise in the third quarter. For 2011 as a whole, net output in this sector grew by 6.5% in real terms.

Net output in the information and communications sector grew by 1.6% in real terms in the fourth quarter of 2011 from a year earlier, compared with the growth of 0.8% in the third quarter. For 2011 as a whole, net output in this sector grew by 1.5% in real terms.

Net output in the real estate, professional and business services sector increased by 0.3% in real terms in the fourth quarter of 2011 from a year earlier, following the 0.9% rise in the third quarter. For 2011 as a whole, net output in this sector recorded an increase of 1.2% in real terms.

Net output in the public administration, social and personal services sector increased by 1.9% in real terms in the fourth quarter of 2011 from a year earlier, compared with the 2.5% rise in the third quarter. For 2011 as a whole, net output in this sector increased by 2.3% in real terms.

As for sectors other than the services sectors, net output in the local manufacturing sector dropped by 2.2% in real terms in the fourth quarter of 2011 from a year earlier, as against the 0.2% growth in the third quarter. For 2011 as a whole, net output in this sector increased by 0.7% in real terms.

Net output in the electricity, gas and water supply, and waste management sector recorded an increase of 2.8% in real terms in the fourth quarter of 2011 from a year earlier, following the 1.3% increase in the third quarter. For 2011 as a whole, net output in this sector recorded an increase of 1.2% in real terms.

Net output in the construction sector increased by 5.0% in real terms in the fourth quarter of 2011 from a year earlier, after the increase of 1.1% in the third quarter. For 2011 as a whole, net output in this sector increased by 6.9% in real terms.

Further information

The year-on-year percentage changes of GDP by economic activity in real terms from the fourth quarter of 2010 to the fourth quarter of 2011 are shown in 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 2011 and the whole year of 2011 are only preliminary at this stage. 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 (www.censtatd.gov.hk). More detailed figures can also be found at the Hong Kong Statistics section of the website.

Ends/Tuesday, March 20, 2012

Issued at HKT 16:30

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