Net output in local manufacturing reduce 2.1% in Q3
21 Dec '07
3 min read
The Census and Statistics Department (C&SD) released December 20 the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the third quarter of 2007.
GDP by economic activity shows the value of production for 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 enable analysis of the growth profiles of individual economic sectors in real terms, by removing the effect of price changes.
GDP increased by 6.2% in real terms in the third quarter of 2007 over a year earlier, compared with the 6.6% growth in the second quarter.
Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together rose by 7.7% in real terms in the third quarter of 2007 over a year earlier, compared with the growth of 7.4% in the second quarter.
Net output in the wholesale, retail and import and export trades, restaurants and hotels sector increased by 8.9% in real terms in the third quarter of 2007 over a year earlier, compared with the 8.8% increase in the second quarter. The growth was mainly attributable to the continuous growth in external trade and expansion of offshore trade. Also contributed were the stronger consumer spending and vibrant inbound tourism.
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