Chain volume measures of Gross Domestic Product by economic activity for fourth quarter of 2016 and whole year of 2016

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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 3.1% in real terms in the fourth quarter of 2016 over a year earlier, compared with the 2.0% increase in the third quarter of 2016. For 2016 as a whole, GDP increased by 1.9% in real terms over 2015.

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 2.6% in real terms in the fourth quarter of 2016 over a year earlier, compared with the 2.3% rise in the third quarter. For 2016 as a whole, the net output saw an increase of 2.3% in real terms for all services sectors taken together.

Net output in the import and export, wholesale and retail trades sector increased by 1.5% in real terms in the fourth quarter of 2016 over a year earlier, compared with the growth of 0.7% in the third quarter. For 2016 as a whole, net output in this sector recorded a marginal increase of 0.3% in real terms, as against the decrease of 1.1% in 2015. This sector showed some pick-up in 2016 along with the gradual improvement of external trade.

Net output in the financing and insurance sector grew by 4.9% in real terms in the fourth quarter of 2016 over a year earlier, similar to the increase of 4.8% in the third quarter. For 2016 as a whole, net output in this sector increased by 4.8% in real terms, slower than the 6.1% increase in 2015. Stock trading and fund raising activities moderated somewhat in 2016, resulting in a smaller growth compared to the preceding year.

Net output in the accommodation services (covering hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector rose by 0.4% in real terms in the fourth quarter of 2016 over a year earlier, similar to the growth of 0.3% in the third quarter. For 2016 as a whole, net output in this sector registered a marginal growth of 0.1% in real terms.

Net output in the transportation, storage, postal and courier services sector increased by 3.4% in real terms in the fourth quarter of 2016 over a year earlier, similar to the growth of 3.5% in the third quarter. For 2016 as a whole, net output in this sector grew by 3.2% in real terms.

Net output in the information and communications sector grew by 3.4% in real terms in the fourth quarter of 2016 over a year earlier, after the increase of 3.5% in the third quarter. For 2016 as a whole, net output in this sector rose by 3.7% in real terms.

Net output in the real estate, professional and business services sector increased by 3.6% in real terms in the fourth quarter of 2016 over a year earlier, compared with the growth of 3.1% in the third quarter. For 2016 as a whole, net output in this sector recorded an increase of 3.0% in real terms.

Net output in the public administration, social and personal services sector increased by 2.4% in real terms in the fourth quarter of 2016 over a year earlier, virtually the same as that in the third quarter. For 2016 as a whole, net output in this sector increased by 2.7% in real terms.

As for sectors other than the services sectors, net output in the local manufacturing sector dropped by 0.8% in real terms in the fourth quarter of 2016 from a year earlier, following the decrease of 0.1% in the third quarter. For 2016 as a whole, net output in this sector dropped by 0.4% in real terms.

Net output in the electricity, gas and water supply, and waste management sector registered a decrease of 1.6% in real terms in the fourth quarter of 2016 from a year earlier, as against the growth of 0.7% in the third quarter. For 2016 as a whole, net output in this sector recorded an increase of 0.3% in real terms.

Net output in the construction sector increased by 7.2% in real terms in the fourth quarter of 2016 over a year earlier, compared with the growth of 2.4% in the third quarter. For 2016 as a whole, net output in this sector increased by 2.4% in real terms.

Further information

The year-on-year percentage changes of GDP by economic activity in real terms from the fourth quarter of 2015 to the fourth quarter of 2016 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 2016 and the whole year of 2016 are only preliminary at this stage. When more data become available, the preliminary figures will be revised accordingly. More detailed figures can also be found at the Hong Kong Statistics section of the website.

Ends/Monday, March 20, 2017

Issued at HKT 16:30

Issued at HKT 16:30

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