Chain volume measures of Gross Domestic Product by economic activity for fourth quarter of 2018 and whole year of 2018

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The Census and Statistics Department (C&SD) released today (March 19) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the fourth quarter of 2018 and the whole year of 2018.

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 1.3% in real terms in the fourth quarter of 2018 over a year earlier, compared with the 2.8% increase in the third quarter of 2018. For 2018 as a whole, GDP increased by 3.0% in real terms over 2017.

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 2018 over a year earlier, compared with the 3.2% increase in the third quarter. For 2018 as a whole, the net output saw an increase of 3.4% in real terms for all services sectors taken together.

Net output in the import and export, wholesale and retail trades sector increased by 2.0% in real terms in the fourth quarter of 2018 over a year earlier, slower than the growth of 5.1% in the third quarter. For 2018 as a whole, net output in this sector recorded an increase of 4.6% in real terms, compared with the 4.2% growth in 2017. The continued growth in this sector in 2018 was mainly underpinned by the solid growth in the merchandise trade and the further pick-up in retail trade.

Net output in the financing and insurance sector increased by 3.4% in real terms in the fourth quarter of 2018 over a year earlier, after the growth of 3.7% in the third quarter. For 2018 as a whole, net output in this sector rose by 4.6% in real terms, compared with the 5.7% growth in 2017. The buoyant stock trading activities in early 2018 and active fund-raising activities rendered support to the continued growth in this sector in 2018.

Net output in the accommodation services (covering hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector grew by 1.9% in real terms in the fourth quarter of 2018 over a year earlier, compared with the growth of 3.5% in the third quarter. For 2018 as a whole, net output in this sector increased by 3.9% in real terms.

Net output in the transportation, storage, postal and courier services sector registered an increase of 3.2% in real terms in the fourth quarter of 2018 over a year earlier, after the 1.5% growth in the third quarter. For 2018 as a whole, net output in this sector recorded an increase of 3.4% in real terms.

Net output in the information and communications sector increased by 4.7% in real terms in the fourth quarter of 2018 over a year earlier, following the growth of 3.2% in the third quarter. For 2018 as a whole, net output in this sector rose by 3.6% in real terms.

Net output in the real estate, professional and business services sector rose by 0.8% in real terms in the fourth quarter of 2018 over a year earlier, compared with the growth of 1.5% in the third quarter. For 2018 as a whole, net output in this sector increased by 1.6% in real terms.

Net output in the public administration, social and personal services sector increased by 3.2% in real terms in the fourth quarter of 2018 over a year earlier, compared with the growth of 3.0% in the third quarter. For 2018 as a whole, net output in this sector increased by 3.0% in real terms.

As for sectors other than the services sectors, net output in the local manufacturing sector rose by 1.3% in real terms in the fourth quarter of 2018 over a year earlier, similar to the growth of 1.2% in the third quarter. For 2018 as a whole, net output in this sector rose by 1.3% in real terms.

Net output in the electricity, gas and water supply, and waste management sector dropped by 0.7% in real terms in the fourth quarter of 2018 from a year earlier, after the decrease of 4.3% in the third quarter. For 2018 as a whole, net output in this sector recorded an increase of 0.4% in real terms.

Net output in the construction sector decreased by 6.0% in real terms in the fourth quarter of 2018 from a year earlier, as against the increase of 2.4% in the third quarter. For 2018 as a whole, net output in this sector registered a marginal decrease of 0.2% in real terms.

Further information

The year-on-year percentage changes of GDP by economic activity in real terms from the fourth quarter of 2017 to the fourth quarter of 2018 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 2018 and the whole year of 2018 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 C&SD website (www.censtatd.gov.hk).

Ends/Tuesday, March 19, 2019

Issued at HKT 16:30

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