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The Census and Statistics Department released today (March 27) the preliminary figures of constant price Gross Domestic Product (GDP) by economic activity for the fourth quarter of 2005 and the whole year 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 7.6% in real terms in the fourth quarter of 2005 over a year earlier, compared with the 8.3% increase in the third quarter. For 2005 as a whole, GDP recorded a growth of 7.3% in real terms over 2004.
4. 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 fourth quarter of 2005 over a year earlier, after an increase of 8.6% in the third quarter. For 2005 as a whole, there was an increase of 8.0%.
5. Net output in the wholesale, retail and import and export trades, restaurants and hotels increased by 11.1% in real terms in the fourth quarter of 2005, similar to the 11.0% increase in the third quarter. For 2005 as a whole, net output in the wholesale, retail and import and export trades, restaurants and hotels increased by 11.2% in real terms. Continued increase in external trade, solid growth in local consumer demand and further vibrancy in inbound tourism all contributed to the growth.
6. Net output in transport, storage and communications increased by 13.2% in real terms in the fourth quarter of 2005 over a year earlier, after a 15.3% rise in the third quarter. For 2005 as a whole, net output in transport, storage and communications went up by 13.4% in real terms. The buoyancy in merchandise trade flows underpinned the strong growth in the transport and storage services.
7. Net output in financing, insurance, real estate and business services rose by 7.3% in real terms in the fourth quarter of 2005 over a year earlier, after a 9.9% increase in the third quarter. For 2005 as a whole, net output in financing, insurance, real estate and business services increased by 8.7% in real terms. This was partly attributable to continued growth in banking services on the back of an increase in commissions and service income.
8. Net output in community, social and personal services increased by 1.5% in real terms in the fourth quarter of 2005 over a year earlier, following a 1.1% rise in the third quarter. For 2005 as a whole, net output in community, social and personal services increased slightly by 0.9% in real terms.
9. Net output in the local manufacturing sector increased further, by 5.9% in real terms in the fourth quarter of 2005 over a year earlier, after an increase of 4.1% in the third quarter. For 2005 as a whole, net output in the local manufacturing sector had an increase of 2.1% in real terms.
10. Net output in the construction sector declined by 14.7% in real terms in the fourth quarter of 2005 as compared with a year earlier, following a decrease of 5.5% in the third quarter. For 2005 as a whole, net output of the construction sector decreased by 7.2% in real terms. The decline was mainly due to the earlier scale-back of the Public Housing Programme as well as relatively few large scale building and infrastructure projects in progress.
11. As to the electricity, gas and water sector, net output rose by 4.3% in real terms in the fourth quarter of 2005 over a year earlier, after an increase of 0.5% in the third quarter. For 2005 as a whole, net output in the electricity, gas and water sector grew by 3.4% in real terms.
Further information
12. The year-on-year percentage changes in constant price GDP by economic activity from the fourth quarter of 2004 to the fourth quarter of 2005 and the whole years of 2004 and 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 fourth quarter of 2005 and for 2005 as a whole 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, March 27, 2006
Issued at HKT 16:16
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