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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 2016.
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 0.8% in real terms in the first quarter of 2016 over a year earlier, compared with the 1.9% increase in the fourth quarter of 2015.
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 1.5% in real terms in the first quarter of 2016 over a year earlier, compared with the 1.9% rise in the fourth quarter of 2015.
Net output in the import and export, wholesale and retail trades sector decreased by 2.2% in real terms in the first quarter of 2016 from a year earlier, after the decrease of 0.7% in the fourth quarter of 2015. The decline was mainly attributable to the sluggish performance of retail sales and subdued external trade during the quarter.
Net output in the financing and insurance sector rose by 5.8% in real terms in the first quarter of 2016 over a year earlier, slightly slower than the growth of 6.2% in the fourth quarter of 2015. This sector showed a modest growth in net output as the local stock market underwent correction at the start of the year.
Net output in the accommodation services (covering hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector recorded a decrease of 0.6% in real terms in the first quarter of 2016 from a year earlier, as against the increase of 0.4% in the fourth quarter of 2015.
Net output in the transportation, storage, postal and courier services sector rose by 2.6% in real terms in the first quarter of 2016 over a year earlier, after the growth of 3.0% in the fourth quarter of 2015.
Net output in the information and communications sector grew by 3.4% in real terms in the first quarter of 2016 over a year earlier, compared with the 2.9% growth in the fourth quarter of 2015.
Net output in the real estate, professional and business services sector increased by 1.0% in real terms in the first quarter of 2016 over a year earlier, virtually the same as that in the fourth quarter of 2015.
Net output in the public administration, social and personal services sector recorded an increase of 2.5% in real terms in the first quarter of 2016 over a year earlier, compared with the 2.9% rise in the fourth quarter of 2015.
As for sectors other than the services sectors, net output in the local manufacturing sector dropped by 0.4% in real terms in the first quarter of 2016 from a year earlier, after the decrease of 1.3% in the fourth quarter of 2015.
Net output in the electricity, gas and water supply, and waste management sector rose by 2.0% in real terms in the first quarter of 2016 over a year earlier, compared with the growth of 1.8% in the fourth quarter of 2015.
Net output in the construction sector dropped by 2.5% in real terms in the first quarter of 2016 from a year earlier, similar to the decrease of 2.3% in the fourth quarter of 2015.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the first quarter of 2015 to the first quarter of 2016 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 3903 7005.
Figures of chain volume measures of GDP by economic activity for the first quarter of 2016 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/Monday, June 20, 2016
Issued at HKT 16:30
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