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The Census and Statistics Department (C&SD) released today (March 23) the preliminary figures of constant price Gross Domestic Product (GDP) by economic activity for the fourth quarter of 2006 and the whole year 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.
GDP increased by 7.0% in real terms in the fourth quarter of 2006 over a year earlier, compared with the 6.7% growth in the third quarter. For 2006 as a whole, GDP recorded a growth of 6.8% in real terms over 2005.
Analysed by constituent sector and on a year-on-year comparison, net output in all the service sectors taken together rose by 9.3% in real terms in the fourth quarter of 2006, after the growth of 8.1% in the third quarter. For 2006 as a whole, there was an increase of 8.6%.
Net output in the financing, insurance, real estate and business services sector increased by 16.4% in real terms in the fourth quarter of 2006 over a year earlier, compared with the 11.7% increase in the third quarter. For 2006 as a whole, net output in this sector went up by 14.2% in real terms. The growth impetus came mainly from the financial services, underpinned by a strong upsurge in stock market turnover in 2006.
Net output in the wholesale, retail and import and export trades, restaurants and hotels sector increased by 9.7% in real terms in the fourth quarter of 2006 over a year earlier, slightly moderating from the 10.4% increase in the third quarter. For 2006 as a whole, net output in this sector increased by 9.9% in real terms. The growth was mainly attributable to the robust trade growth and the brisk expansion of offshore trade. Also contributed was the solid growth in local consumer demand.
Net output in the transport, storage and communications sector increased by 9.3% in real terms in the fourth quarter of 2006 over a year earlier, compared with the 8.6% rise in the third quarter. For 2006 as a whole, net output in this sector went up by 9.0% in real terms. The improved performance of external trade underpinned the growth in transport and storage services.
Net output in the community, social and personal services sector increased by 3.0% in real terms in the fourth quarter of 2006 over a year earlier, following the 2.5% rise in the third quarter. For 2006 as a whole, net output in this sector increased by 2.1% in real terms.
Net output in the local manufacturing sector decreased by 1.4% in real terms in the fourth quarter of 2006 over a year earlier, compared with the decrease of 0.6% in the third quarter. For 2006 as a whole, net output in the manufacturing sector increased by 2.2% in real terms.
Net output in the electricity, gas and water sector recorded a decline of 4.0% in real terms in the fourth quarter of 2006 as compared with a year earlier, compared with the increase of 4.5% in the third quarter. For 2006 as a whole, net output in this sector increased by 0.9% in real terms.
As to the construction sector, net output decreased by 3.0% in real terms in the fourth quarter of 2006 as compared with a year earlier, following the decrease of 10.9% in the third quarter. For 2006 as a whole, net output in the construction sector declined by 7.9% in real terms. The decrease was mainly attributable to the fall-off in public housing works as well as the lack of large-scale infrastructure projects in progress.
Further information
The year-on-year percentage changes of constant price GDP by economic activity from the fourth quarter of 2005 to the fourth 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 Branch (2) of the C&SD at telephone number 2116 5115.
Figures on constant price GDP by economic activity for the fourth quarter of 2006 and the whole year 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, March 23, 2007
Issued at HKT 16:15
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