Chain volume measures of Gross Domestic Product by economic activity for the second quarter of 2022
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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 decreased by 1.3% in real terms in the second quarter of 2022 from a year earlier, compared with the 3.9% decrease in the first quarter of 2022.
Analysed by constituent services sector and on a year-on-year comparison, net output in respect of all the services activities taken together decreased by 1.3% in real terms in the second quarter of 2022 from a year earlier, compared with the 3.1% decrease in the first quarter. As the local epidemic situation generally improved and social distancing measures were relaxed in tandem, and aided by the Government's various support measures, there was some revival in domestic activities.
Net output in the import and export, wholesale and retail trades sector dropped by 6.7% in real terms in the second quarter of 2022 from a year earlier, after the decrease of 7.1% in the first quarter.
Net output in the accommodation services (covering hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector decreased by 6.4% in real terms in the second quarter of 2022 from a year earlier, after the fall of 29.0% in the first quarter.
Net output in the transportation, storage, postal and courier services sector decreased by 3.3% in real terms in the second quarter of 2022 from a year earlier, compared with the decrease of 12.0% in the first quarter.
Net output in the real estate, professional and business services sector registered a decrease of 2.1% in real terms in the second quarter of 2022 from a year earlier, compared with the decline of 5.4% in the first quarter.
Net output in the public administration, social and personal services sector dropped by 0.4% in real terms in the second quarter of 2022 from a year earlier, compared with the decrease of 0.6% in the first quarter.
Net output in the financing and insurance sector increased by 1.7% in real terms in the second quarter of 2022 over a year earlier, following the 0.1% rise in the first quarter.
Net output in the information and communications sector increased by 1.2% in real terms in the second quarter of 2022 over a year earlier, compared with the growth of 0.9% in the first quarter.
As for sectors other than the services sectors, net output in the local manufacturing sector rose by 2.7% in real terms in the second quarter of 2022 over a year earlier, as against the decrease of 1.3% in the first quarter.
Net output in the electricity, gas and water supply, and waste management sector decreased by 7.2% in real terms in the second quarter of 2022 from a year earlier, as against the increase of 0.8% in the first quarter.
Net output in the construction sector increased by 7.5% in real terms in the second quarter of 2022 over a year earlier, compared with the 3.3% increase in the first quarter.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the second quarter of 2021 to the second quarter of 2022 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 3903 7005.
Figures of chain volume measures of GDP by economic activity for the second quarter of 2022 are only preliminary at this stage. When more data become available, the preliminary figures will be revised accordingly. More detailed figures can also be found at the C&SD website (www.censtatd.gov.hk/en/scode250.html).
Ends/Monday, September 19, 2022
Issued at HKT 16:30
Issued at HKT 16:30
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