The Census and Statistics Department (C&SD) released today (December 18) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the third 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 3.5% in real terms in the third quarter of 2020 from a year earlier, compared with the 9.0% decrease in the second quarter of 2020.
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 5.3% in real terms in the third quarter of 2020 from a year earlier, compared with the 9.0% decrease in the second quarter. The Hong Kong economy saw some improvement in the third quarter of 2020, having hit the trough in the second quarter. This was attributable to an improved external trading environment amid the accelerated growth of the Mainland economy, the stabilisation of the third wave of local epidemic in the latter part of the quarter and stronger financial market activity. However, the decline of industries related to consumption and tourism remained noticeable, though the fall in some of them moderated.
Net output in the import and export, wholesale and retail trades sector dropped by 8.6% in real terms in the third quarter of 2020 from a year earlier, after the decrease of 18.7% in the second quarter.
Net output in the accommodation services (covering hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector decreased by 45.3% in real terms in the third quarter of 2020 from a year earlier, after the fall of 44.5% in the second quarter.
Net output in the transportation, storage, postal and courier services sector decreased by 41.9% in real terms in the third quarter of 2020 from a year earlier, following the decline of 49.4% in the second quarter.
Net output in the real estate, professional and business services sector decreased by 4.0% in real terms in the third quarter of 2020 from a year earlier, compared with the decline of 5.9% in the second quarter.
Net output in the public administration, social and personal services sector dropped by 1.1% in real terms in the third quarter of 2020 from a year earlier, compared with the 3.0% decrease in the second quarter.
Net output in the information and communications sector increased by 1.6% in real terms in the third quarter of 2020 over a year earlier, compared with the growth of 0.9% in the second quarter.
Net output in the financing and insurance sector increased by 5.4% in real terms in the third quarter of 2020 over a year earlier, compared with the 3.0% rise in the second quarter.
As for sectors other than the services sectors, net output in the local manufacturing sector dropped by 7.4% in real terms in the third quarter of 2020 from a year earlier, compared with the decrease of 5.1% in the second quarter.
Net output in the electricity, gas and water supply, and waste management sector decreased by 9.4% in real terms in the third quarter of 2020 from a year earlier, compared with the decrease of 12.2% in the second quarter.
Net output in the construction sector decreased by 10.6% in real terms in the third quarter of 2020 from a year earlier, after the decrease of 3.5% in the second quarter.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the third quarter of 2019 to the third 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 3903 7005.
Figures of chain volume measures of GDP by economic activity for the third 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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