***********************************************************
The Census and Statistics Department released today (December 29) the preliminary figures of constant price Gross Domestic Product (GDP) by economic activity for the third quarter of 2005.
2. 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. Constant price GDP by economic activity enables analysis of the growth profiles of individual economic sectors in real terms, by removing the effect of price changes. It also enables analysis of the contributions of different economic activities or sectors to the overall economic growth in real terms.
3. Gross Domestic Product (GDP) increased by 8.2% in real terms in the third quarter of 2005 over a year earlier, compared with the 7.3% growth in the second quarter of 2005.
4. Analysed by constituent sector and on a year-on-year comparison, net output in all the service sectors taken together rose by 8.4% in real terms in the third quarter of 2005 over a year earlier, larger than the 7.7% increase in the second quarter of 2005.
5. Net output in the wholesale, retail and import and export trades, restaurants and hotels increased by 10.8% in real terms in the third quarter of 2005, following an 11.7% increase in the second quarter of 2005. Continued surge in offshore trade and further growth in inbound tourism all contributed to the increase.
6. Net output in transport, storage and communications increased by 15.3% in real terms in the third quarter of 2005 over a year earlier, after a 12.3% rise in the second quarter of 2005. This was mainly attributable to a continued expansion in transportation services, backed by the buoyant merchandise trade flows.
7. Net output in financing, insurance, real estate and business services rose by 9.2% in real terms in the third quarter of 2005 over a year earlier, after an 8.7% increase in the second quarter of 2005. The growth impetus came mainly from a leap in net output of the stock brokerage companies, underpinned by the buoyancy in the stock market turnover in the third quarter of 2005. Also relevant was the continued growth in banking services and business services.
8. Net output in community, social and personal services increased by 1.2% in real terms in the third quarter of 2005 over a year earlier, after a 0.2% rise in the second quarter of 2005.
9. Net output in the local manufacturing sector registered a 4.1% increase in real terms in the third quarter of 2005 over a year earlier, reversing the decline in the first two quarters of 2005.
10. Net output in the construction sector decreased by 7.9% in real terms in the third quarter of 2005 as compared with a year earlier, after an 8.3% decrease in the second quarter. The decline was mainly due to relatively few large scale building and infrastructure projects in progress.
11. As to the electricity, gas and water sector, net output rose slightly by 0.5% in real terms in the third quarter of 2005 over a year earlier, after an increase of 4.8% in the second quarter of 2005.
Further information
12. The year-on-year percentage changes in constant price GDP by economic activity from the third quarter of 2004 to the third quarter of 2005 are shown in Table 1 (Text version of Table 1). For enquiries about statistics on GDP by economic activity, please call the National Income Section of the Census and Statistics Department at telephone no. 2116 5115.
13. The figures on constant price GDP by economic activity for the third quarter of 2005 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: http://www.censtatd.gov.hk/). More detailed figures can also be found at the Frequently Asked Statistics section of the website.
Ends/Thursday, December 29, 2005
Issued at HKT 16:17
NNNN
