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The Census and Statistics Department released today (June 26) the preliminary figures of constant price Gross Domestic Product (GDP) by economic activity for the first quarter of 2006.
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 first quarter of 2006 over a year earlier, compared with the 7.5% growth in the fourth 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 9.8% in real terms in the first quarter of 2006 over a year earlier, after a 7.7% increase in the fourth quarter of 2005.
5. Net output in the wholesale, retail and import and export trades, restaurants and hotels increased by 12.3% in real terms in the first quarter of 2006, after a 10.9% increase in the fourth quarter of 2005. This was mainly attributable to the continued robust performance of Hong Kong's external trade, supported by the generally favourable external environment and the Mainland's buoyant trade flows. Also contributed was an increase in net output of retail trade and restaurants and hotels, attributable to the solid growth in consumer demand and further vibrancy in inbound tourism.
6. Net output in transport, storage and communications increased by 16.2% in real terms in the first quarter of 2006 over a year earlier, after a 13.5% rise in the fourth quarter of 2005. The robust external trade underpinned the strong growth in the transport and storage services.
7. Net output in financing, insurance, real estate and business services increased by 12.9% in real terms in the first quarter of 2006 over a year earlier, after a 7.6% increase in the fourth quarter of 2005. The growth impetus came mainly from the strong growth in the banking services, on the back of a substantial increase in commission and service income. Also relevant was a leap in net output of the stock brokerage companies, underpinned by the significant increase in stock market turnover in the first quarter.
8. Net output in community, social and personal services increased by 1.8% in real terms in the first quarter of 2006 over a year earlier, following a 1.5% rise in the fourth quarter of 2005.
9. Net output in the local manufacturing sector increased further, by 7.0% in real terms in the first quarter of 2006 over a year earlier, after a 5.9% rise in the fourth quarter of 2005.
10. Net output in the construction sector declined by 9.7% in real terms in the first quarter of 2006 as compared with a year earlier, following a decrease of 12.4% in the fourth quarter of 2005. The decline was due to the fall-off in public sector construction along with the winding down of some major projects such as the Shenzhen-Hong Kong Western Corridor and Deep Bay Link.
11. As to the electricity, gas and water sector, net output recorded a marginal decline of 0.1% in real terms in the first quarter of 2006 as compared with a year earlier, after an increase of 4.3% in the fourth quarter of 2005. The decrease occurred in the domestic consumption of electricity.
Further information
12. The year-on-year percentage changes in constant price GDP by economic activity from the first quarter of 2005 to the first quarter of 2006 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 first quarter of 2006 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 Hong Kong Statistics section of the website.
Ends/Monday, June 26, 2006
Issued at HKT 16:15
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