Gross Domestic Product for the third quarter 2000

Expenditure-based GDP for the third quarter of 2000

• In the third quarter of 2000, the Gross Domestic Product (GDP) increased by 10.4% in real terms over a year earlier, after surging by 14.2% in the first quarter and 10.9% in the second quarter.
• On a seasonally adjusted quarter-to-quarter comparison, the GDP increased by 1.7% in real terms in the third quarter of 2000, having recorded a remarkable growth of 5.1% in the first quarter and a marginal decline of 0.6% in the second quarter.
• Analysed by major GDP components, private consumption expenditure recorded a year-on-year increase of 5.6% in real terms in the third quarter of 2000 over a year earlier. This compared with a 5.1% increase in the second quarter.
• Government consumption expenditure in national account terms grew by 2.5% in real terms in the third quarter of 2000 over a year earlier.
• Gross domestic fixed capital formation recorded a double-digit growth at 13.0% in real terms in the third quarter of 2000 over a year earlier. This compared with a 4.9% increase in the second quarter.
• Within this total, expenditure on machinery and equipment surged by 27.8% in real terms in the third quarter of 2000 over a year earlier along with general improvement in business outlook.
• The decline in expenditure on building and construction moderated to 3.5% in real terms in the third quarter of 2000 over a year earlier, compared with a 10.0% decrease in the second quarter.
• Public sector construction expenditure recorded a marginal increase of 0.6% in real terms in the third quarter of 2000 over a year earlier. Private sector construction expenditure decreased by 6.3% in real terms, moderating from the 10.9% decline in the second quarter.
• On visible trade, total exports (comprising re-exports and domestic exports) increased by 17.7% in real terms in the third quarter of 2000 over a year earlier. Imports of goods also grew by 18.4% in real terms in the third quarter.
• On invisible trade, exports of services remained robust and increased by 12.6% in real terms in the third quarter of 2000 over a year earlier. Imports of services also recorded a modest increase of 3.2% in real terms in the third quarter.
• The implicit price deflator of GDP, as an overall measure of inflation in the economy, recorded a year-on-year decline of 6.6% in the third quarter of 2000. This compared with decreases of 7.0% in the first quarter and 7.6% in the second quarter.
• In the light of the latest information available, the GDP real growth for the first quarter of 2000 was revised slightly downwards to 14.2% (from 14.3%) while that for the second quarter was revised slightly upwards to 10.9% (from 10.8%).

Production-based GDP at current prices for 1999

The preliminary figures of production-based GDP for 1999 are also released. The production-based GDP statistics which are compiled mainly based on data collected from the annual economic surveys are useful for analysis of the contributions of different economic activities to the total GDP. In 1999, the "wholesale, retail and import/export trades, restaurants and hotels" accounted for the largest share (24.7%) of the GDP, followed by the "financing, insurance, real estate and business services" (23.4%), and "community, social and personal services" (21.4%).