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The Census and Statistics Department (C&SD) released today (June 19) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the first quarter of 2012.
GDP by economic activity shows the aggregate 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, expressed in terms of chain volume measures, 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 0.4% in real terms in the first quarter of 2012 from a year earlier, compared with the 3.0% increase in the fourth quarter of 2011.
Analysed by constituent sector and on a year-on-year comparison, net output in all the services activities taken together increased by 1.7% in real terms in the first quarter of 2012 from a year earlier, compared with the 2.9% growth in the fourth quarter of 2011.
Net output in the import and export, wholesale and retail trades sector remained virtually unchanged in real terms in the first quarter of 2012 from a year earlier, compared with the 6.3% rise in the fourth quarter of 2011. The sluggish performance of this sector was attributable to the slowdown in trade flows of Hong Kong amid a difficult external environment.
Net output in the financing and insurance sector recorded an increase of 3.9% in real terms in the first quarter of 2012 from a year earlier, as against the decrease of 0.7% in the fourth quarter of 2011. The growth in the net output was mainly due to the rebound in local stock market and the revival of fund management activities during the first quarter of 2012.
Net output in the accommodation services (covered hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector decreased by 0.7% in real terms in the first quarter of 2012 from a year earlier, as against the 0.5% increase in the fourth quarter of 2011.
Net output in the transportation, storage, postal and courier services sector increased by 5.4% in real terms in the first quarter of 2012 from a year earlier, compared with the 6.3% rise in the fourth quarter of 2011.
Net output in the information and communications sector recorded a marginal decrease of 0.2% in real terms in the first quarter of 2012 from a year earlier, compared with the growth of 2.0% in the fourth quarter of 2011.
Net output in the real estate, professional and business services sector increased by 2.6% in real terms in the first quarter of 2012 from a year earlier, following the 1.0% rise in the fourth quarter of 2011.
Net output in the public administration, social and personal services sector grew by 2.1% in real terms in the first quarter of 2012 from a year earlier, after the 2.5% rise in the fourth quarter of 2011.
As for sectors other than the services sectors, net output in the local manufacturing sector fell by 1.6% in real terms in the first quarter of 2012 from a year earlier, compared with the 2.2% decrease in the fourth quarter of 2011.
Net output in the electricity, gas and water supply, and waste management sector recorded an increase of 4.4% in real terms in the first quarter of 2012 from a year earlier, following the 2.8% increase in the fourth quarter of 2011.
Net output in the construction sector increased by 11.3% in real terms in the first quarter of 2012 from a year earlier, faster than the 6.4% growth in the fourth quarter of 2011.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the first quarter of 2011 to the first quarter of 2012 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 2116 5115.
Figures on chain volume measures of GDP by economic activity for the first quarter of 2012 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/Tuesday, June 19, 2012
Issued at HKT 16:30
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