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The Census and Statistics Department (C&SD) released today (March 21) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the fourth quarter and the whole year of 2010.
GDP by economic activity shows the value of production for 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 enable analysis of the growth profiles of individual economic sectors in real terms, by removing the effect of price changes.
GDP increased by 6.2% in real terms in the fourth quarter of 2010 from a year earlier, compared with the 6.7% increase in the third quarter. For 2010 as a whole, GDP increased by 6.8% in real terms over 2009.
Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together increased by 6.2% in real terms in the fourth quarter of 2010 from a year earlier, compared with the 6.8% growth in the third quarter. For 2010 as a whole, there was an increase of 6.8% in real terms.
Net output in the import and export, wholesale and retail trades sector grew by 9.4% in real terms in the fourth quarter of 2010 from a year earlier, moderated from the 15.9% increase in the third quarter. For 2010 as a whole, net output in this sector increased by 15.5% in real terms, in contrast to the 9.4% decrease in 2009. The sharp rebound in 2010 was in tandem with the marked revival in trade flows and strong consumption demand.
Net output in the transportation, storage, postal and courier services sector increased by 4.4% in real terms in the fourth quarter of 2010 from a year earlier, compared with the 6.8% rise in the third quarter. For 2010 as a whole, net output in this sector grew by 6.8% in real terms as against the 5.5% drop in 2009. This sector also rebounded in 2010 alongside the strong growth in external trade.
Net output in the financing and insurance sector increased further by 12.6% in real terms in the fourth quarter of 2010 from a year earlier, after the 7.2% growth in the third quarter. For 2010 as a whole, net output in this sector increased by 7.5% in real terms compared with the 4.3% increase in 2009. The expansion of this sector is 2010 was supported by the pick-up in the stock market and the thriving fundraising activities.
Net output in the accommodation and food services sector increased by 5.0% in real terms in the fourth quarter of 2010 from a year earlier, compared with the 7.4% increase in the third quarter. For 2010 as a whole, net output in this sector increased by 7.6% in real terms.
Net output in the information and communications sector grew by 0.6% in real terms in the fourth quarter of 2010 from a year earlier, following the growth of 1.4% in the third quarter. For 2010 as a whole, net output in this sector grew by 1.2% in real terms.
Net output in the real estate, professional and business services sector increased by 4.5% in real terms in the fourth quarter of 2010 from a year earlier, faster than the 0.7% increase in the third quarter. For 2010 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 increased by 2.2% in real terms in the fourth quarter of 2010 over a year earlier, compared with the 3.3% rise in the third quarter. For 2010 as a whole, net output in this sector increased by 3.0% in real terms.
Net output in the local manufacturing sector grew by 5.7% in real terms in the fourth quarter of 2010 from a year earlier, similar to the growth of 5.4% in the third quarter. For 2010 as a whole, net output in this sector increased by 3.5% in real terms.
Net output in the electricity, gas and water supply, and waste management sector recorded a decrease of 0.4% in real terms in the fourth quarter of 2010 over a year earlier, following the 1.9% decrease in the third quarter. For 2010 as a whole, net output in this sector recorded a marginal decrease of 0.1% in real terms.
As for the construction sector, net output increased by 19.0% in real terms in the fourth quarter of 2010 over a year earlier, after the increase of 21.3% in the third quarter. For 2010 as a whole, net output in this sector increased by 16.2% in real terms.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the fourth quarter of 2009 to the fourth quarter of 2010 are shown in Table 1 (Text version of 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 on chain volume measures of GDP by economic activity for the fourth quarter of 2010 and the whole year of 2010 are only preliminary. When more data become available, the preliminary figures will be revised. Users may obtain a copy of this press release at the website of the C&SD (address: www.censtatd.gov.hk/). More detailed figures can also be found at the Hong Kong Statistics section of the website.
Ends/Monday, March 21, 2011
Issued at HKT 16:31
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