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The Census and Statistics Department (C&SD) released today (June 22) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the first quarter of 2015.
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 2.1% in real terms in the first quarter of 2015 over a year earlier, compared with the 2.4% increase in the fourth quarter of 2014.
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 2.2% in real terms in the first quarter of 2015 over a year earlier, compared with the 2.5% growth in the fourth quarter of 2014.
Net output in the import and export, wholesale and retail trades sector grew by 0.4% in real terms in the first quarter of 2015 over a year earlier, compared with the growth of 0.7% in the fourth quarter of 2014. The modest growth of this sector was mainly attributable to the sluggish retail sales and external trade performance during the quarter.
Net output in the financing and insurance sector increased by 3.7% in real terms in the first quarter of 2015 over a year earlier, moderated from the 6.8% rise in the fourth quarter of 2014. This was mainly attributable to the slow-down in stock trading and fund-raising activities 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 decreased by 0.6% in real terms in the first quarter of 2015 from a year earlier, as against the marginal growth of 0.2% in the fourth quarter of 2014.
Net output in the transportation, storage, postal and courier services sector rose by 2.6% in real terms in the first quarter of 2015 over a year earlier, after the growth of 3.3% in the fourth quarter of 2014.
Net output in the information and communications sector recorded an increase of 5.4% in real terms in the first quarter of 2015 over a year earlier, compared with the 3.7% increase in the fourth quarter of 2014.
Net output in the real estate, professional and business services sector rose by 4.3% in real terms in the first quarter of 2015 over a year earlier, slightly faster than the 3.7% increase in the fourth quarter of 2014.
Net output in the public administration, social and personal services sector grew by 2.7% in real terms in the first quarter of 2015 over a year earlier, compared with the 2.0% rise in the fourth quarter of 2014.
As for sectors other than the services sectors, net output in the local manufacturing sector decreased by 1.5% in real terms in the first quarter of 2015 from a year earlier, after the decrease of 3.6% in the fourth quarter of 2014.
Net output in the electricity, gas and water supply, and waste management sector recorded a marginal decrease of 0.1% in real terms in the first quarter of 2015 from a year earlier, as against the 0.6% rise in the fourth quarter of 2014.
Net output in the construction sector dropped by 4.6% in real terms in the first quarter of 2015 from a year earlier, in contrast to the 10.1% growth in the fourth quarter of 2014.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the first quarter of 2014 to the first quarter of 2015 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 3903 7005.
Figures of chain volume measures of GDP by economic activity for the first quarter of 2015 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/Monday, June 22, 2015
Issued at HKT 16:32
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