***********************************************************
The Census and Statistics Department (C&SD) released today (December 22) the preliminary figures of constant price Gross Domestic Product (GDP) by economic activity for the third quarter of 2006.
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.
Gross Domestic Product (GDP) increased by 6.8% in real terms in the third quarter of 2006 over a year earlier, compared with the 5.5% growth in the second quarter of 2006.
Analysed by constituent sector and on a year-on-year comparison, net output in all the service sectors taken together rose by 7.8% in real terms in the third quarter of 2006 over a year earlier, after a growth of 7.3% in the second quarter of 2006.
Net output in financing, insurance, real estate and business services increased by 11.1% in real terms in the third quarter of 2006 over a year earlier, after a 14.6% increase in the second quarter of 2006. The growth impetus came mainly from the continued growth in the financial services, on the back of a significant increase in commission and service income.
Net output in the wholesale, retail and import and export trades, restaurants and hotels increased by 10.2% in real terms in the third quarter of 2006, faster than the 6.8% increase in the second quarter of 2006. The growth was mainly attributable to the continued vibrant external trade and the brisk expansion of offshore trade. Also contributed was the solid growth in local consumer demand.
Net output in transport, storage and communications increased by 8.8% in real terms in the third quarter of 2006 over a year earlier, after a 6.8% rise in the second quarter of 2006. The improved performance of external trade underpinned the growth in transport and storage services. Net output in communications service also grew further, upon the continued expansion in the traffic volume of international telephone services.
Net output in community, social and personal services increased by 2.2% in real terms in the third quarter of 2006 over a year earlier, following a 1.2% rise in the second quarter of 2006.
Net output in the local manufacturing sector decreased by 0.6% in real terms in the third quarter of 2006 over a year earlier, after a 5.3% rise in the second quarter of 2006.
As to the electricity, gas and water sector, net output recorded an increase of 4.4% in real terms in the third quarter of 2006 as compared with a year earlier, after an increase of 2.2% in the second quarter of 2006. The increase in the third quarter occurred in both commercial and domestic consumption of electricity.
Net output in the construction sector declined by 6.4% in real terms in the third quarter of 2006 as compared with a year earlier, following a decrease of 4.1% in the second quarter of 2006. The decrease was mainly attributable to the sharp fall in the public sector output.
Further information
The year-on-year percentage changes in constant price GDP by economic activity from the third quarter of 2005 to the third 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 C&SD at tel: 2116 5115.
The figures on constant price GDP by economic activity for the third 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/Friday, December 22, 2006
Issued at HKT 16:15
NNNN
