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Gross Domestic Product up by 6.7%

Mar '08
The Census and Statistics Department (C&SD) released March 25 the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the fourth quarter of 2007 and the whole year 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 6.7% in real terms in the fourth quarter of 2007 over a year earlier, compared with the 6.3% growth in the third quarter. For 2007 as a whole, GDP recorded a growth of 6.3% in real terms over 2006.

Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together rose by 7.6% in real terms in the fourth quarter of 2007 over a year earlier, compared with the growth of 7.3% in the third quarter. For 2007 as a whole, there was an increase of 7.2%.

Net output in the wholesale, retail and import and export trades, restaurants and hotels sector increased by 7.1% in real terms in the fourth quarter of 2007 over a year earlier, compared with the 7.5% increase in the third quarter.

For 2007 as a whole, net output in this sector increased by 7.2% in real terms. The growth was mainly attributable to the robust local consumer demand and vibrant inbound tourism. Also contributed was the continuous growth in external trade and offshore trade.

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