************************************************************
The Census and Statistics Department (C&SD) released today (March 18) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the fourth quarter of 2015 and the whole year 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 1.9% in real terms in the fourth quarter of 2015 over a year earlier, compared with the 2.2% increase in the third quarter of 2015. For 2015 as a whole, GDP increased by 2.4% in real terms over 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 1.9% in real terms in the fourth quarter of 2015 over a year earlier, virtually the same as that in the third quarter. For 2015 as a whole, the net output saw an increase of 1.9% in real terms for all services sectors taken together.
Net output in the import and export, wholesale and retail trades sector dropped by 0.8% in real terms in the fourth quarter of 2015 from a year earlier, after the decrease of 0.7% in the third quarter. For 2015 as a whole, net output in this sector recorded a decrease of 1.0% in real terms, as against the increase of 1.2% in 2014. The decline was mainly attributable to the setback in retail sales and external trade in 2015.
Net output in the financing and insurance sector grew by 6.0% in real terms in the fourth quarter of 2015 over a year earlier, similar to that in the third quarter. For 2015 as a whole, net output in this sector also increased by 6.0% in real terms, slightly faster than the 4.8% increase in 2014. The solid growth in 2015 was mainly underpinned by the vibrant stock trading and fund-raising activities.
Net output in the accommodation services (covering hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector rose by 0.8% in real terms in the fourth quarter of 2015 over a year earlier, as against the decrease of 2.5% in the third quarter. For 2015 as a whole, net output in this sector decreased by 0.8% in real terms.
Net output in the transportation, storage, postal and courier services sector increased by 3.1% in real terms in the fourth quarter of 2015 over a year earlier, after the growth of 1.1% in the third quarter. For 2015 as a whole, net output in this sector grew by 2.0% in real terms.
Net output in the information and communications sector grew by 3.6% in real terms in the fourth quarter of 2015 over a year earlier, compared with the 4.2% growth in the third quarter. For 2015 as a whole, net output in this sector rose by 4.3% in real terms.
Net output in the real estate, professional and business services sector increased by 1.1% in real terms in the fourth quarter of 2015 over a year earlier, compared with the growth of 1.9% in the third quarter. For 2015 as a whole, net output in this sector recorded an increase of 2.4% in real terms.
Net output in the public administration, social and personal services sector recorded an increase of 2.8% in real terms in the fourth quarter of 2015 over a year earlier, compared with the 3.2% rise in the third quarter. For 2015 as a whole, net output in this sector increased by 2.6% in real terms.
As for sectors other than the services sectors, net output in the local manufacturing sector continued to decrease by 1.1% in real terms in the fourth quarter of 2015 from a year earlier, after the decrease of 2.1% in the third quarter. For 2015 as a whole, net output in this sector dropped by 1.5% in real terms.
Net output in the electricity, gas and water supply, and waste management sector rose by 1.9% in real terms in the fourth quarter of 2015 over a year earlier, as against the decrease of 2.3% in the third quarter. For 2015 as a whole, net output in this sector recorded a moderate growth of 0.3% in real terms.
Net output in the construction sector recorded a decrease of 2.9% in real terms in the fourth quarter of 2015 from a year earlier, in contrast to the growth of 2.8% in the third quarter. For 2015 as a whole, net output in this sector increased by 1.7% in real terms.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the fourth quarter of 2014 to the fourth 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 fourth quarter of 2015 and the whole year 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/Friday, March 18, 2016
Issued at HKT 16:32
NNNN
