Gross domestic product fell 3.8% in real terms in the second quarter compared to the same period last year, showing a smaller decrease after the 7.8% fall in the first quarter.

The Census & Statistics Department said today the second quarter also saw net output in all the service activities taken together drop 3.8% in real terms, down on the 7.2% decline in the first quarter.

Net output in the wholesale, retail and import and export trade, restaurant and hotel sector decreased by 11.2% in real terms, moderating from the fall of 15.7% in the first quarter.

The department said the smaller year-on-year rate of decline was attributable to stabilisation of the global environment, which has led to a smaller fall in external trade.

Net output in the transport, storage and communications sector fell 8.8% in real terms, same as the first quarter's, as the sector was still under pressure from the slackened external trading environment.

Net output in the financing, insurance, real estate and business services sector decreased marginally by 0.3% in real terms, which is significantly smaller than the 6.7% decrease in the first quarter. The improvement was attributable to the rebounds in stock trading and more fund-raising activities.

As for the local manufacturing sector, net output dropped by 10.7% in real terms while that for the construction sector fell by 1%, after the 7% decrease in the first quarter.

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