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The Census and Statistics Department (C&SD) released today (September 20) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the second quarter of 2012.
GDP figures by economic activity show 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, expressed in terms of chain volume measures, enable analysis of the output growth profiles of individual economic sectors in real terms, by removing the effect of price changes.
Overall GDP increased by 1.2% in real terms in the second quarter of 2012 from a year earlier, compared with the 0.7% increase in the first quarter of 2012.
Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together increased by 1.6% in real terms in the second quarter of 2012 from a year earlier, compared with the 1.9% growth in the first quarter.
Net output in the import and export, wholesale and retail trades sector increased by 1.2% in real terms in the second quarter of 2012 from a year earlier, compared with the marginal increase of 0.2% in the first quarter. The modest growth in this sector was mainly attributable to the sluggish performance in external trade amid the difficult global economic environment.
Net output in the financing and insurance sector grew by 0.3% in real terms in the second quarter of 2012 from a year earlier, moderated from the 2.8% increase in the first quarter. This was mainly due to the quieter trading activities and subdued fund raising activities in face of the uncertain market outlook during the quarter.
Net output in the accommodation services (covered hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector increased by 1.7% in real terms in the second quarter of 2012 from a year earlier, compared with the 0.5% drop in the first quarter.
Net output in the transportation, storage, postal and courier services sector decreased by 2.1% in real terms in the second quarter of 2012 compared with a year earlier, as against the 4.3% increase in the first quarter.
Net output in the information and communications sector grew by 1.9% in real terms in the second quarter of 2012 from a year earlier, faster than the 0.7% increase in the first quarter.
Net output in the real estate, professional and business services sector grew further by 4.9% in real terms in the second quarter of 2012 from a year earlier, following the increase of 3.5% in the first quarter.
Net output in the public administration, social and personal services sector increased by 3.3% in real terms in the second quarter of 2012 over a year earlier, compared with the growth of 2.9% in the first quarter.
As for sectors other than the services sectors, net output in the local manufacturing sector decreased by 2.9% in real terms in the second quarter of 2012 from a year earlier, after the 1.6% drop in the first quarter.
Net output in the electricity, gas and water supply, and waste management sector increased by 3.7% in real terms in the second quarter of 2012 from a year earlier, compared with the 4.3% growth in the first quarter.
Net output in the construction sector increased by 11.7% in real terms in the second quarter of 2012 from a year earlier, compared with the 12.8% growth in the first quarter.
Further information
The entire data series of GDP by economic activity have been revised following the completion of a technical exercise by the C&SD in mid-September 2012 to incorporate the latest international statistical standards of the United Nations' System of National Accounts 2008 in the GDP compilation framework of Hong Kong. The revised data series of GDP by economic activity backdated to 2000, together with the conceptual and methodological details of the technical revision, are presented in the Special Report on Gross Domestic Product - September 2012 published by the C&SD. This publication can be downloaded free of charge at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp250.jsp).
Compiled on the basis of the revised data series subsequent to the technical revision, the year-on-year percentage changes of GDP by economic activity in real terms from the second quarter of 2011 to the second quarter of 2012 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 of chain volume measures of GDP by economic activity for the second quarter of 2012 are only preliminary at this stage. When more data become available, the preliminary figures will be revised accordingly. 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/Thursday, September 20, 2012
Issued at HKT 16:30
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