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 From Hong Kong's Information Services Department
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June 20, 2008
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Economy
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Q1 GDP up 7.1%
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Census & Statistics Department

Hong Kong's gross domestic product rose 7.1% in real terms in the first quarter over a year earlier by using chain volume measures, the Census & Statistics Department says.

 

Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together rose 6.4% in real terms in the quarter.

 

Net output in the wholesale, retail and import and export trades, and the restaurants and hotels sector grew 8.8% in real terms. The rise was due to strong consumer spending and vibrant external trade.

 

Expanded external trade flows brought a 7.1%-rise in net output in the transport, storage and communications sector in real terms.

 

Net output in real terms saw increases in the financing, insurance, real estate and business-services sector (9.2%), the construction sector (7.9%), the electricity, gas and water sector (4.7%), and the community, social and personal services sector (0.6%).

 

Net output in the local manufacturing sector dropped 4.4% in real terms in the first quarter over a year earlier.