Chain volume measures of Gross Domestic Product by economic activity for third quarter of 2017
Chain volume measures of Gross Domestic Product by economic activity for third quarter of 2017
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     The Census and Statistics Department (C&SD) released today (December 21) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the third quarter of 2017.

     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 3.6% in real terms in the third quarter of 2017 over a year earlier, compared with the 3.9% increase in the second quarter of 2017.

     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 3.5% in real terms in the third quarter of 2017 over a year earlier, compared with the 3.1% increase in the second quarter.

     Net output in the import and export, wholesale and retail trades sector rose by 3.8% in real terms in the third quarter of 2017 over a year earlier, compared with the 3.5% growth in the second quarter. The growth in this sector was mainly underpinned by the vibrant regional trade flows and the pick-up in retail trades during the quarter.

     Net output in the financing and insurance sector grew by 5.1% in real terms in the third quarter of 2017 over a year earlier, following the growth of 4.9% in the second quarter. The continued growth of net output in this sector was mainly underpinned by the buoyant stock trading activities during the quarter.

     Net output in the accommodation services (covering hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector increased by 2.4% in real terms in the third quarter of 2017 over a year earlier, compared with the growth of 1.2% in the second quarter.

     Net output in the transportation, storage, postal and courier services sector increased by 4.9% in real terms in the third quarter of 2017 over a year earlier, similar to the growth of 4.8% in the second quarter.

     Net output in the information and communications sector registered an increase of 3.8% in real terms in the third quarter of 2017 over a year earlier, after the increase of 3.4% in the second quarter.

     Net output in the real estate, professional and business services sector increased by 2.0% in real terms in the third quarter of 2017 over a year earlier, similar to the growth of 2.1% in the second quarter.

     Net output in the public administration, social and personal services sector recorded an increase of 3.6% in real terms in the third quarter of 2017 over a year earlier, higher than the growth of 2.6% in the second quarter.

     As for sectors other than the services sectors, net output in the local manufacturing sector rose by 0.3% in real terms in the third quarter of 2017 over a year earlier, similar to the 0.4% growth in the second quarter.

     Net output in the electricity, gas and water supply, and waste management sector recorded an increase of 5.3% in real terms in the third quarter of 2017 over a year earlier, as against the decrease of 0.8% in the second quarter.

     Net output in the construction sector increased by 5.8% in real terms in the third quarter of 2017 over a year earlier, compared with the growth of 3.4% in the second quarter.

Further information

     The year-on-year percentage changes of GDP by economic activity in real terms from the third quarter of 2016 to the third quarter of 2017 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 third quarter of 2017 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 Hong Kong Statistics section of the C&SD website (www.censtatd.gov.hk).
 
Ends/Thursday, December 21, 2017
Issued at HKT 16:30
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