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 2022.
 
     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 4.0% in real terms in the first quarter of 2022 from a year earlier, as against the 4.7% increase in the fourth quarter of 2021.
 
     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 3.0% in real terms in the first quarter of 2022 from a year earlier, as against the 4.8% increase in the fourth quarter of 2021. Most industries were hit by the slower growth in global demand, epidemic-induced cross boundary transportation disruptions, and sharp weakening in domestic economic activities amid the austere local epidemic situation.
 
     Net output in the import and export, wholesale and retail trades sector decreased by 7.1% in real terms in the first quarter of 2022 from a year earlier, as against the increase of 7.7% in the fourth quarter of 2021.
 
     Net output in the accommodation services (covering hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector decreased by 29.0% in real terms in the first quarter of 2022 from a year earlier, as against the increase of 36.8% in the fourth quarter of 2021.
 
     Net output in the transportation, storage, postal and courier services sector decreased by 11.5% in real terms in the first quarter of 2022 from a year earlier, as against the increase of 7.4% in the fourth quarter of 2021.
 
     Net output in the real estate, professional and business services sector registered a decrease of 5.1% in real terms in the first quarter of 2022 from a year earlier, as against the 2.4% growth in the fourth quarter of 2021.
 
     Net output in the public administration, social and personal services sector dropped by 0.9% in real terms in the first quarter of 2022 from a year earlier, as against the increase of 3.6% in the fourth quarter of 2021.
 
     Net output in the financing and insurance sector increased by 0.5% in real terms in the first quarter of 2022 over a year earlier, following the 3.4% rise in the fourth quarter of 2021.
 
     Net output in the information and communications sector increased by 0.8% in real terms in the first quarter of 2022 over a year earlier, compared with the growth of 2.4% in the fourth quarter of 2021.
 
     As for sectors other than the services sectors, net output in the local manufacturing sector decreased by 1.2% in real terms in the first quarter of 2022 from a year earlier, as against the increase of 5.8% in the fourth quarter of 2021.
 
     Net output in the electricity, gas and water supply, and waste management sector increased by 0.8% in real terms in the first quarter of 2022 over a year earlier, compared with the increase of 4.4% in the fourth quarter of 2021.
 
     Net output in the construction sector increased by 1.8% in real terms in the first quarter of 2022 over a year earlier, compared with the 0.8% increase in the fourth quarter of 2021.
 
Further information
 
     The year-on-year percentage changes of GDP by economic activity in real terms from the first quarter of 2021 to the first 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 first 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, June 20, 2022
Issued at HKT 16:30

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