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The Census and Statistics Department (C&SD) released today (March 21) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the fourth quarter of 2013 and the whole year of 2013.
GDP figures by economic activity show the value of production in respect of 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 net of the effect of price changes, enable analysis of the output growth profiles of individual economic sectors in real terms.
According to the preliminary figures, overall GDP increased by 3.0% in real terms in the fourth quarter of 2013 over a year earlier, compared with the 2.8% increase in the third quarter of 2013. For 2013 as a whole, GDP increased by 2.9% in real terms over 2012.
Analysed by constituent services sector and on a year-on-year comparison, net output in respect of all the services activities taken together increased by 2.9% in real terms in the fourth quarter of 2013 over a year earlier, compared with the 2.5% growth in the third quarter. For 2013 as a whole, the net output saw an increase of 3.0% in real terms for all services sectors taken together.
Net output in the import and export, wholesale and retail trades sector grew by 2.9% in real terms in the fourth quarter of 2013 over a year earlier, compared with the increase of 1.9% in the third quarter. For 2013 as a whole, net output in this sector increased by 3.5% in real terms, compared with the 1.9% increase in 2012. The growth of the import and export sector was modest in 2013 amid the weak external environment, while that of the retail sector continued to record a strong growth alongside the vibrant inbound tourism.
Net output in the financing and insurance sector increased by 4.1% in real terms in the fourth quarter of 2013 over a year earlier, compared with the 6.4% growth in the third quarter. For 2013 as a whole, net output in this sector increased by 5.5% in real terms, faster than the 0.8% increase in 2012. The higher growth of net output in this sector in 2013 was supported by the rebound of stock trading activities from a low base in 2012 and the pick-up in cross-border fund raising activities.
Net output in the accommodation services (covered hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector increased by 2.8% in real terms in the fourth quarter of 2013 over a year earlier, compared with the 3.4% increase in the third quarter. For 2013 as a whole, net output in this sector increased by 3.7% in real terms.
Net output in the transportation, storage, postal and courier services sector continued to increase by 5.4% in real terms in the fourth quarter of 2013 over a year earlier, after the 2.4% rise in the third quarter. For 2013 as a whole, net output in this sector grew by 2.5% in real terms.
Net output in the information and communications sector grew by 3.4% in real terms in the fourth quarter of 2013 over a year earlier, compared with the growth of 4.6% in the third quarter. For 2013 as a whole, net output in this sector grew by 4.3% in real terms.
Net output in the real estate, professional and business services sector rose by 1.6% in real terms in the fourth quarter of 2013 over a year earlier, as against a slight decrease of 0.2% in the third quarter. For 2013 as a whole, net output in this sector recorded a marginal increase of 0.3% in real terms.
Net output in the public administration, social and personal services sector increased by 3.0% in real terms in the fourth quarter of 2013 over a year earlier, compared with the 2.3% rise in the third quarter. For 2013 as a whole, net output in this sector increased by 2.8% in real terms.
As for sectors other than the services sectors, net output in the local manufacturing sector increased by 0.5% in real terms in the fourth quarter of 2013 over a year earlier, as against the decrease of 0.9% in the third quarter. For 2013 as a whole, net output in this sector edged up by 0.1% in real terms.
Net output in the electricity, gas and water supply, and waste management sector increased by 1.3% in real terms in the fourth quarter of 2013 over a year earlier, as against the 0.4% decrease in the third quarter. For 2013 as a whole, net output in this sector recorded a decrease of 0.8% in real terms.
Net output in the construction sector dropped by 3.6% in real terms in the fourth quarter of 2013 from a year earlier, in contrast to the increase of 8.8% in the third quarter. For 2013 as a whole, net output in this sector recorded an increase of 1.2% in real terms.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the fourth quarter of 2012 to the fourth quarter of 2013 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 fourth quarter of 2013 and the whole year of 2013 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/Friday, March 21, 2014
Issued at HKT 16:30
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