The Census and Statistics Department (C&SD) released today (June 18) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the first quarter of 2020.
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 decreased by 8.9% in real terms in the first quarter of 2020 from a year earlier, compared with the 3.0% decrease in the fourth quarter of 2019.
Analysed by constituent services sector and on a year-on-year comparison, net output in respect of all the services activities taken together decreased by 8.8% in real terms in the first quarter of 2020 from a year earlier, compared with the decrease of 2.4% in the fourth quarter of 2019. In the first quarter of 2020, the net output of a number of services sectors dropped visibly from a year earlier. The threat of COVID-19 seriously disrupted the regional supply chains and related trading activities. Industries related to consumption and tourism were also hard hit. Furthermore, the decline in the transportation industry was enlarged amid sharply reduced passenger and cargo flows.
Net output in the import and export, wholesale and retail trades sector plunged by 20.8% in real terms in the first quarter of 2020 from a year earlier, after the decrease of 8.4% in the fourth quarter of 2019.
The fall in the net output in the accommodation services (covering hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector enlarged further to 46.3% in real terms in the first quarter of 2020 from a year earlier, after the fall of 23.2% in the fourth quarter of 2019.
Net output in the transportation, storage, postal and courier services sector plunged by 32.6% in real terms in the first quarter of 2020 from a year earlier, following the decline of 8.1% in the fourth quarter of 2019.
Net output in the real estate, professional and business services sector decreased by 4.8% in real terms in the first quarter of 2020 from a year earlier, as against the marginal increase of 0.2% in the fourth quarter of 2019.
Net output in the public administration, social and personal services sector dropped by 2.8% in real terms in the first quarter of 2020 from a year earlier, as against the growth of 2.5% in the fourth quarter of 2019.
Net output in the information and communications sector increased by 1.3% in real terms in the first quarter of 2020 over a year earlier, compared with the growth of 2.8% in the fourth quarter of 2019.
Net output in the financing and insurance sector increased by 2.7% in real terms in the first quarter of 2020 over a year earlier, compared with the 2.4% rise in the fourth quarter of 2019.
As for sectors other than the services sectors, net output in the local manufacturing sector dropped by 4.6% in real terms in the first quarter of 2020 from a year earlier, compared with the decrease of 0.5% in the fourth quarter of 2019.
Net output in the electricity, gas and water supply, and waste management sector decreased by 14.4% in real terms in the first quarter of 2020 from a year earlier, compared with the decrease of 1.1% in the fourth quarter of 2019.
Net output in the construction sector decreased by 9.0% in real terms in the first quarter of 2020 from a year earlier, after the decrease of 6.6% in the fourth quarter of 2019.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the first quarter of 2019 to the first quarter of 2020 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 2020 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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