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The Census and Statistics Department (C&SD) released today (June 20) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the first quarter of 2014.
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 2.5% in real terms in the first quarter of 2014 over a year earlier, compared with the 2.9% increase in the fourth quarter of 2013.
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 2.1% in real terms in the first quarter of 2014 over a year earlier, compared with the 2.8% growth in the fourth quarter of 2013.
Net output in the import and export, wholesale and retail trades sector recorded a slight growth of 0.3% in real terms in the first quarter of 2014 over a year earlier, moderated from the increase of 2.8% in the fourth quarter of 2013. The slowdown in net output growth of this sector was mainly attributable to the subdued performance of external trade during the quarter and also the moderation in retail business after registering significant growth in the past several quarters.
Net output in the financing and insurance sector increased by 3.2% in real terms in the first quarter of 2014 over a year earlier, after the growth of 4.6% in the fourth quarter of 2013. This sector showed a modest growth in net output as the local stock market underwent some correction during the quarter.
Net output in the accommodation services (covered hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector increased by 4.3% in real terms in the first quarter of 2014 over a year earlier, faster than the 2.9% increase in the fourth quarter of 2013.
Net output in the transportation, storage, postal and courier services sector continued to increase by 7.1% in real terms in the first quarter of 2014 over a year earlier, after the 5.4% rise in the fourth quarter of 2013.
Net output in the information and communications sector grew by 3.0% in real terms in the first quarter of 2014 over a year earlier, similar to the growth of 2.9% in the fourth quarter of 2013.
Net output in the real estate, professional and business services sector rose by 1.8% in real terms in the first quarter of 2014 over a year earlier, compared with the 2.0% increase in the fourth quarter of 2013.
Net output in the public administration, social and personal services sector increased by 2.2% in real terms in the first quarter of 2014 over a year earlier, compared with the 2.1% rise in the fourth quarter of 2013.
As for sectors other than the services sectors, net output in the local manufacturing sector increased by 2.1% in real terms in the first quarter of 2014 over a year earlier, compared with the increase of 0.5% in the fourth quarter of 2013.
Net output in the electricity, gas and water supply, and waste management sector increased by 1.9% in real terms in the first quarter of 2014 over a year earlier, compared with the growth of 1.3% in the fourth quarter of 2013.
Net output in the construction sector grew by 12.3% in real terms in the first quarter of 2014 over a year earlier, as against the decrease of 4.3% in the fourth quarter of 2013.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the first quarter of 2013 to the first quarter of 2014 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 of chain volume measures of GDP by economic activity for the first quarter of 2014 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, June 20, 2014
Issued at HKT 16:30
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