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Hong Kong : Chain volume measures of Gross Domestic Product by economic activity for fourth quarter of 2017 and whole year of 2017.

The Census and Statistics Department (C&SD) released today (March 20) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the fourth quarter of 2017 and the whole year of 2017.

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 3.4% in real terms in the fourth quarter of 2017 over a year earlier, compared with the 3.7% increase in the third quarter of 2017. For 2017 as a whole, GDP increased by 3.8% in real terms over 2016.

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 3.4% in real terms in the fourth quarter of 2017 over a year earlier, compared with the 3.6% increase in the third quarter. For 2017 as a whole, the net output saw an increase of 3.5% in real terms for all services sectors taken together. Net output in the import and export, wholesale and retail trades sector increased by 3.4% in real terms in the fourth quarter of 2017 over a year earlier, compared with the 3.9% growth in the third quarter. For 2017 as a whole, net output in this sector recorded an increase of 3.6% in real terms, faster than the 0.6% growth in 2016. The accelerated growth in this sector in 2017 was mainly attributable to the vibrant regional trading activities and the revival in retail trade.

Net output in the financing and insurance sector grew by 5.9% in real terms in the fourth quarter of 2017 over a year earlier, following the growth of 5.3% in the third quarter. For 2017 as a whole, net output in this sector rose by 5.3% in real terms, higher than the growth of 4.2% in 2016. The very active stock trading activities underpinned the solid growth recorded in this sector in 2017. Net output in the accommodation services (covering hotels, guesthouses, boarding houses and other establishments providing short term accommodation) and food services sector increased by 3.7% in real terms in the fourth quarter of 2017 over a year earlier, compared with the growth of 2.5% in the third quarter. For 2017 as a whole, net output in this sector increased by 2.3% in real terms.

Net output in the transportation, storage, postal and courier services sector increased by 5.0% in real terms in the fourth quarter of 2017 over a year earlier, compared with the growth of 5.2% in the third quarter. For 2017 as a whole, net output in this sector grew by 4.9% in real terms. Net output in the information and communications sector registered an increase of 2.5% in real terms in the fourth quarter of 2017 over a year earlier, compared with the growth of 4.0% in the third quarter. For 2017 as a whole, net output in this sector rose by 3.5% in real terms. Net output in the real estate, professional and business services sector rose by 1.5% in real terms in the fourth quarter of 2017 over a year earlier, compared with the growth of 2.0% in the third quarter. For 2017 as a whole, net output in this sector recorded an increase of 2.4% in real terms.

Net output in the public administration, social and personal services sector recorded an increase of 3.1% in real terms in the fourth quarter of 2017 over a year earlier, after the growth of 3.8% in the third quarter. For 2017 as a whole, net output in this sector increased by 3.2% in real terms. As for sectors other than the services sectors, net output in the local manufacturing sector rose by 0.6% in real terms in the fourth quarter of 2017 over a year earlier, compared with the 0.3% growth in the third quarter. For 2017 as a whole, net output in this sector rose by 0.4% in real terms. Net output in the electricity, gas and water supply, and waste management sector recorded a decrease of 0.7% in real terms in the fourth quarter of 2017 from a year earlier, as against the increase of 5.4% in the third quarter. For 2017 as a whole, net output in this sector registered an increase of 0.5% in real terms.

Net output in the construction sector increased by 0.6% in real terms in the fourth quarter of 2017 over a year earlier, slower than the growth of 4.7% in the third quarter. For 2017 as a whole, net output in this sector increased by 3.9% in real terms.

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Publication:Mena Report
Date:Mar 21, 2018
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