C&SD releases preliminary GDP constant price figures

22 Jun '07

2 min read

The Census and Statistics Department (C&SD) released June 22 the preliminary figures of constant price Gross Domestic Product (GDP) by economic activity for the first 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.

Constant price GDP by economic activity enables analysis of the growth profiles of individual economic sectors in real terms, by removing the effect of price changes.

It also enables analysis of the contributions of different economic activities or sectors to the overall economic growth in real terms.

GDP increased by 5.6% in real terms in the first quarter of 2007 over a year earlier, compared with the 7.3% growth in the fourth quarter of 2006.

Analysed by constituent sector and on a year-on-year comparison, net output in all the service sectors taken together rose by 7.6% in real terms in the first quarter of 2007 over a year earlier, compared with the growth of 9.6% in the fourth quarter of 2006.

Net output in the wholesale, retail and import and export trades,in the first quarter of 2007 over a year earlier, compared with the 10.0% rise in the fourth quarter of 2006.

The growth in local consumer demand, continued robust performance of external trade and expansion of both offshore trade and inbound tourism all contributed to the growth.

Net output in the local manufacturing sector decreased by 1.5% in real terms in the first quarter of 2007 from a year earlier, compared with the decrease of 1.4% in the fourth quarter of 2006.

Census and Statistics Department

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