Chain volume measures of Gross Domestic Product by economic activity for the fourth quarter and the whole year of 2014
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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 2014 and the whole year of 2014.

     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 2.2% in real terms in the fourth quarter of 2014 over a year earlier, compared with the 2.7% increase in the third quarter of 2014. For 2014 as a whole, GDP increased by 2.3% in real terms over 2013.

     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 2.4% in real terms in the fourth quarter of 2014 over a year earlier, compared with the 2.9% growth in the third quarter. For 2014 as a whole, the net output saw an increase of 2.4% in real terms for all services sectors taken together.

     Net output in the import and export, wholesale and retail trades sector increased by 0.6% in real terms in the fourth quarter of 2014 over a year earlier, compared with the increase of 2.1% in the third quarter. For 2014 as a whole, net output in this sector increased by 0.9% in real terms, moderated from the 3.2% increase in 2013. The moderation in growth of this sector was mainly due to the slowdown in retail business as well as the subdued performance of external trade in 2014.

     Net output in the financing and insurance sector continued to increase by 6.5% in real terms in the fourth quarter of 2014 over a year earlier, following the 5.2% rise in the third quarter. For 2014 as a whole, net output in this sector increased by 4.0% in real terms, compared with the 7.6% increase in 2013. The vibrant stock trading and fund-raising activities rendered support to the net output growth in this sector in 2014.

     Net output in the accommodation services (covered hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector remained virtually unchanged in real terms in the fourth quarter of 2014 over a year earlier, compared with the 3.6% rise in the third quarter. For 2014 as a whole, net output in this sector increased by 2.6% in real terms.

     Net output in the transportation, storage, postal and courier services sector rose by 3.2% in real terms in the fourth quarter of 2014 over a year earlier, after the growth of 4.1% in the third quarter. For 2014 as a whole, net output in this sector grew by 5.2% in real terms.

     Net output in the information and communications sector recorded an increase of 3.9% in real terms in the fourth quarter of 2014 over a year earlier, compared with the 3.6% increase in the third quarter. For 2014 as a whole, net output in this sector grew by 4.0% in real terms.

     Net output in the real estate, professional and business services sector rose by 3.0% in real terms in the fourth quarter of 2014 over a year earlier, compared with the growth of 3.6% in the third quarter. For 2014 as a whole, net output in this sector recorded an increase of 3.1% in real terms.

     Net output in the public administration, social and personal services sector grew by 2.3% in real terms in the fourth quarter of 2014 over a year earlier, compared with the 1.9% rise in the third quarter. For 2014 as a whole, net output in this sector increased by 2.4% in real terms.

     As for sectors other than the services sectors, net output in the local manufacturing sector decreased by 3.7% in real terms in the fourth quarter of 2014 from a year earlier, compared with the 1.7% decrease in the third quarter. For 2014 as a whole, net output in this sector also recorded a marginal decrease of 0.4% in real terms.

     Net output in the electricity, gas and water supply, and waste management sector slightly increased by 0.4% in real terms in the fourth quarter of 2014 over a year earlier, after the 4.4% rise in the third quarter. For 2014 as a whole, net output in this sector grew by 2.5% in real terms.

     Net output in the construction sector increased notably by 9.6% in real terms in the fourth quarter of 2014 over a year earlier, faster than the 5.6% growth in the third quarter. For 2014 as a whole, net output in this sector recorded an increase of 8.2% in real terms.

Further information

     The year-on-year percentage changes of GDP by economic activity in real terms from the fourth quarter of 2013 to the fourth quarter of 2014 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 2014 and the whole year of 2014 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 20, 2015
Issued at HKT 16:32

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