The Census and Statistics Department (C&SD) released today (June 19) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the first quarter of 2018.
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 4.7% in real terms in the first quarter of 2018 over a year earlier, compared with the 3.4% increase in the fourth 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 4.5% in real terms in the first quarter of 2018 over a year earlier, compared with the 3.4% increase in the fourth quarter of 2017.
Net output in the import and export, wholesale and retail trades sector grew by 6.4% in real terms in the first quarter of 2018 over a year earlier, faster than the 3.6% increase in the fourth quarter of 2017. This sector registered notable growth amid buoyant regional trading activities and pick-up in retail trade during the quarter.
Net output in the financing and insurance sector increased by 6.7% in real terms in the first quarter of 2018 over a year earlier, after the 5.9% rise in the fourth quarter of 2017. The solid growth in this sector was mainly underpinned by the active 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 rose by 5.9% in real terms in the first quarter of 2018 over a year earlier, following the growth of 3.9% in the fourth quarter of 2017.
Net output in the transportation, storage, postal and courier services sector increased by 5.1% in real terms in the first quarter of 2018 over a year earlier, compared with the growth of 4.9% in the fourth quarter of 2017.
Net output in the information and communications sector registered an increase of 3.1% in real terms in the first quarter of 2018 over a year earlier, compared with the growth of 2.9% in the fourth quarter of 2017.
Net output in the real estate, professional and business services sector rose by 2.1% in real terms in the first quarter of 2018 over a year earlier, compared with the growth of 1.6% in the fourth quarter of 2017.
Net output in the public administration, social and personal services sector recorded an increase of 3.5% in real terms in the first quarter of 2018 over a year earlier, compared with the growth of 3.2% in the fourth quarter of 2017.
As for sectors other than the services sectors, net output in the local manufacturing sector rose by 1.1% in real terms in the first quarter of 2018 over a year earlier, compared with the 0.8% growth in the fourth quarter of 2017.
Net output in the electricity, gas and water supply, and waste management sector recorded an increase of 4.2% in real terms in the first quarter of 2018 over a year earlier. Net output in this sector remained virtually unchanged in the fourth quarter of 2017.
Net output in the construction sector increased by 2.4% in real terms in the first quarter of 2018 over a year earlier, as against the decrease of 2.6% in the fourth quarter of 2017.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the first quarter of 2017 to the first quarter of 2018 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 first quarter of 2018 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).
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