GDP by expenditure component for the fourth quarter of 2010 and the whole year of 2010

- In the fourth quarter of 2010, the Gross Domestic Product (GDP) increased by 6.2% in real terms over a year earlier, compared with the 6.7% increase in the third quarter. For 2010 as a whole, GDP increased by 6.8% in real terms over 2009.
- On a seasonally adjusted quarter-to-quarter comparison basis, GDP increased by 1.5% in real terms in the fourth quarter of 2010.
- Analysed by major GDP component, private consumption expenditure (PCE) increased by 7.1% in real terms in the fourth quarter of 2010 over a year earlier, compared with the 4.9% growth in the third quarter. For 2010 as a whole, PCE increased by 5.8% in real terms over 2009.
- Government consumption expenditure (GCE) in national accounts terms increased by 1.8% in real terms in the fourth quarter of 2010 over a year earlier, compared with the growth of 3.1% in the third quarter. For 2010 as a whole, GCE increased by 2.7% in real terms over 2009.
- Gross domestic fixed capital formation (GDFCF) increased by 8.8% in real terms in the fourth quarter of 2010, distinctly faster than the marginal increase of 0.2% in the third quarter. For 2010 as a whole, GDFCF registered a growth of 8.1% in real terms over 2009.
- Within the total GDFCF, expenditure on machinery, equipment and computer software increased by 6.5% in real terms in the fourth quarter of 2010 over a year earlier, as against the 6.6% decline in the third quarter.
- Expenditure on building and construction increased by 11.5% in real terms in the fourth quarter of 2010 over a year earlier, compared with the 9.6% increase in the third quarter.
- Expenditure on building and construction of the private sector decreased by 5.4% in real terms in the fourth quarter of 2010 while that of the public sector registered a strong growth of 54.0%.
- Over the same period, total exports of goods (comprising re-exports and domestic exports) increased by 8.4% in real terms, moderating from the significant increase of 20.8% in the third quarter of 2010. Imports of goods increased by 7.4% in real terms in the fourth quarter of 2010, also moderating from the 16.5% increase in the third quarter. For 2010 as a whole, total exports and imports of goods recorded increases of 17.3% and 18.1% in real terms respectively over 2009.
- Exports of services increased by 9.4% in real terms in the fourth quarter of 2010 over a year earlier, compared with the 15.7% increase in the third quarter. Imports of services also increased by 7.8% in real terms in the fourth quarter of 2010. For 2010 as a whole, exports and imports of services increased by 15.0% and 10.9% in real terms respectively over 2009.
- The implicit price deflator (IPD) of GDP, as a broad measure of overall inflation in the economy, increased by 1.8% in the fourth quarter of 2010 over a year earlier, same as the growth rate in the third quarter. For 2010 as a whole, the IPD of GDP increased by 0.9%.
- After incorporation of the latest information available, the real growth of GDP for 2009 was revised slightly upwards from -2.8% to -2.7%. The real growth rate of GDP for the first quarter 2010 was revised upwards from 8.0% to 8.1%, while those of the second and third quarters were revised downwards from 6.5% and 6.8% to 6.4% and 6.7% respectively.

GDP by economic activity for the third quarter of 2010

- The preliminary figures of chain volume measures of GDP by economic activity for the third quarter of 2010, which were released in late December 2010, were revised.
- The revised figures showed that net output in all the service activities taken together increased by 6.8% in real terms in the third quarter of 2010 from a year earlier, compared with the 5.8% growth in the second quarter.
- Analysed by constituent sector and on a year-on-year comparison, net output in the import and export, wholesale and retail trades sector grew by 15.9% in real terms in the third quarter of 2010 from a year earlier, following the increase of 17.5% in the second quarter. The year-on-year growth in this sector remained notable as the strong momentum of trade activities extended well into the third quarter.
- Net output in the transportation, storage, postal and courier services sector increased by 6.8% in real terms in the third quarter of 2010 from a year earlier, compared with the 10.3% rise in the second quarter. This sector continued to benefit from the robust trade flows.
- Net output in the financing and insurance sector increased by 7.2% in real terms in the third quarter of 2010 from a year earlier, faster than the 0.6% increase in the second quarter. This was mainly due to the regain of impetus in the local stock market towards the end of the third quarter of 2010 after the consolidation in the second quarter.
- Net output in the accommodation and food services sector increased by 7.4% in real terms in the third quarter of 2010 from a year earlier, compared with the 9.8% increase in the second quarter.
- Net output in the information and communications sector grew by 1.4% in real terms in the third quarter of 2010 from a year earlier, compared with the growth of 0.9% in the second quarter.
- Net output in the real estate, professional and business services sector increased by 0.7% in real terms in the third quarter of 2010 from a year earlier, compared with the increase of 1.6% in the second quarter.
- Net output in the public administration, social and personal services sector increased by 3.3% in real terms in the third quarter of 2010 over a year earlier, compared with the 2.8% rise in the second quarter.
- Net output in the local manufacturing sector grew by 5.4% in real terms in the third quarter of 2010 from a year earlier, compared with the increase of 2.2% in the second quarter.
- Net output in the electricity, gas and water supply, and waste management sector recorded a decrease of 1.9% in real terms in the third quarter of 2010 over a year earlier, as against the 0.2% marginal increase in the second quarter.
- As for the construction sector, net output increased by 21.3% in real terms in the third quarter of 2010 over a year earlier, after the increase of 21.9% in the second quarter.

GDP by economic activity at current prices for 2009

- 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 2009 showed that the import and export, wholesale and retail trades sector accounted for the largest share (23.6%) of the GDP, followed by the public administration, social and personal services sector (18.0%), and the financing and insurance sector (15.2%).

* * * * * * *