Q2 GDP up 5.1%

September 19, 2011

Gross Domestic Product rose 5.1% in real terms in the second quarter from a year earlier, compared with the 7.5% year-on-year increase in the first quarter, the Census & Statistics Department announced today.
 
Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together rose 5.2% in real terms in Q2, compared with the 7.1% growth seen in Q1.
 
Net output in the import-export, wholesale and retail trades increased by 7% in real terms, moderating from the 14% increase in Q1, mainly due to the fall in merchandise trade amid the sluggish performance of the external environment.
 
Net output in the transportation, storage, postal and courier services sector increased by 5.2% in real terms in Q2, compared with 9.2% growth in Q1. The modest growth of external trade underpinned the growth slowdown of this sector.
 
Net output in the financing and insurance sector grew by 13.1% in real terms in the second quarter, following an increase of 12.8% in the first quarter. The strong growth was supported by the expansion of cross-border financing and fund-raising activities.
 
Net output in the accommodation and food services sector rose 1.9% in real terms in Q2 from a year earlier, compared with the 2.6% rise in the first quarter.
 
Net output in the information and communications sector grew by 1.3% in real terms in the second quarter, following a 1.8% increase in the first quarter.
 
Net output in the real estate, professional and business services sector increased by 1.3% in real terms in Q2, same as that in the first quarter.
 
Net output in the public administration, social and personal services sector grew by 2.4% in real terms in Q2, similar to the growth of 2.2% in Q1.
 
Net output in the local manufacturing sector increased by 2% in real terms in the second quarter, after a 3.5% rise in the first quarter.
 
Net output in the electricity, gas and water supply, and waste management sector increased by 3.2% in real terms in Q2, as against the 3% decline in Q1.
 
As for the construction sector, net output increased by 2.2% in real terms in the second quarter, moderated significantly from the 22.2% increase in the first quarter.