Gross Domestic Product for the 4th quarter 2007 and the whole year of 2007
GDP by expenditure component for the fourth quarter of 2007 and the whole year of 2007
- In the fourth quarter of 2007, the Gross Domestic Product (GDP) increased by 6.7% in real terms over a year earlier, compared with the 6.3% increase in the third quarter. For 2007 as a whole, GDP recorded a growth of 6.3% in real terms over 2006.
- On a seasonally adjusted quarter-to-quarter comparison basis, GDP recorded an increase of 1.6% in real terms in the fourth quarter of 2007.
- Analysed by major GDP component, private consumption expenditure (PCE) grew by 10.0% in real terms in the fourth quarter of 2007 over a year earlier, after an increase of 10.6% in the third quarter. For 2007 as a whole, PCE increased by 7.8% in real terms over 2006.
- Government consumption expenditure (GCE) in national accounts terms increased by 2.3% in real terms in the fourth quarter of 2007 over a year earlier, compared with the 1.5% increase in the third quarter. For 2007 as a whole, GCE increased by 2.3% in real terms over 2006.
- Gross domestic fixed capital formation (GDFCF) increased by 10.4% in real terms in the fourth quarter of 2007, distinctly faster than the 1.0% growth in the third quarter. For 2007 as a whole, GDFCF registered an increase of 6.0% in real terms over 2006.
- Within the total GDFCF, expenditure on machinery, equipment and computer software recorded a double-digit growth of 11.9% in real terms in the fourth quarter of 2007 over a year earlier, after a marginal decrease of 0.4% in the third quarter.
- Expenditure on building and construction dropped by 2.3% in real terms in the fourth quarter of 2007 over a year earlier, compared with the decrease of 0.9% in the third quarter.
- Over the same period, expenditure on building and construction of the private sector increased by 4.2% in real terms while that of the public sector decreased by 17.5%.
- Total exports (comprising re-exports and domestic exports) increased by 5.9% in real terms in the fourth quarter of 2007 over a year earlier. Imports of goods grew by 8.8% in real terms in the fourth quarter. For 2007 as a whole, total exports and imports of goods recorded an increase of 7.2% and 9.0% in real terms respectively.
- Exports of services increased by 10.5% in real terms in the fourth quarter of 2007 over a year earlier. Imports of services rose by 9.1% in real terms in the fourth quarter. For 2007 as a whole, exports and imports of services grew by 11.2% and 8.1% in real terms respectively.
- The implicit price deflator (IPD) of GDP, as an overall measure of inflation in the economy, recorded a year-on-year increase of 4.7% in the fourth quarter of 2007, after an increase of 3.3% in the third quarter. For 2007 as a whole, the IPD of GDP increased by 2.8%.
- In the light of latest information available, the GDP real growth rate for 2006 was revised upwards from 6.8% to 7.0%.
GDP by economic activity for the third quarter of 2007
- The preliminary figures of chain volume measures of GDP by economic activity for the third quarter of 2007, which were released in end-December 2007, were revised as more data became available.
- The revised figures showed that net output in all the service activities taken together rose by 7.3% in real terms in the third quarter of 2007 over a year earlier, compared with the growth of 7.1% in the second quarter.
- Analysed by constituent sector and on a year-on-year comparison, net output in the wholesale, retail and import and export trades, restaurants and hotels sector increased by 7.5% in real terms in the third quarter of 2007 over a year earlier, compared with the same 7.5% increase in the second quarter. The continuous growth in external trade and offshore trade, stronger consumer spending and vibrant inbound tourism all contributed to the growth.
- Net output in transport, storage and communications sector increased by 6.7% in real terms in the third quarter of 2007 over a year earlier, compared with the increase of 4.8% in the second quarter. The sustained growth in external trade underpinned the growth in transport and storage services.
- Net output in financing, insurance, real estate and business services sector rose by 15.1% in real terms in the third quarter of 2007 over a year earlier, compared with the 14.0% increase in the second quarter. The growth impetus came mainly from the robust performance of the financial sector, underpinned by the buoyant stock market activity in the third quarter.
- Net output in community, social and personal services sector increased by 0.8% in real terms in the third quarter of 2007 over a year earlier, following the 1.4% rise in the second quarter.
- Net output in the local manufacturing sector decreased by 2.1% in real terms in the third quarter of 2007 from a year earlier, compared with the decrease of 2.3% in the second quarter.
- Net output in the electricity, gas and water sector recorded an increase of 0.2% in real terms in the third quarter of 2007 over a year earlier, compared with the rise of 2.5% in the second quarter.
- As for the construction sector, net output decreased by 2.9% in real terms in the third quarter of 2007 from a year earlier, compared with the 3.7% increase in the second quarter. The downturn was mainly attributable to the fall in public sector output.
GDP by economic activity at current prices for 2006
- The GDP by economic activity statistics at current prices which are compiled mainly based on data collected from the annual economic surveys are useful for analysis of the contribution of different economic activities to the total GDP.
- The revised figures of GDP by economic activity at current prices for 2006 showed that the wholesale, retail and import and export trades, restaurants and hotels accounted for the largest share (27.9%) of the GDP, followed by the financing, insurance, real estate and business services (25.0%), and community, social and personal services (18.1%).
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