Hong Kong's gross domestic product rose 7.6% in real terms in the fourth quarter and 7.3% in real terms in the whole of 2005, the Census & Statistics Department announced yesterday.
Analysed by constituent sector and on a year-on-year comparison, the Census Department reported that net output in all the service sectors taken together rose 7.8% in real terms in the fourth quarter over a year earlier. For 2005 as a whole, there was a rise of 8%.
Net output in the wholesale, retail and import and export trades, restaurants and hotels grew 11.1% in real terms in the fourth quarter, similar to the 11% increase in the third quarter. For 2005 as a whole, it rose 11.2%.
Continued increase in external trade, solid growth in local consumer demand and further vibrancy in inbound tourism all contributed to the growth, the department stated.
Net output in transport, storage and communications grew 13.2% in real terms in the fourth quarter, after a 15.3% rise in the third quarter. For 2005 as a whole, it went up by 13.4% as the buoyancy in merchandise trade flows underpinned the strong growth in the transport and storage services.
Net output in financing, insurance, real estate and business services rose 7.3% in real terms in the fourth quarter. For 2005 as a whole, it increased 8.7%. This was partly attributable to continued growth in banking services on the back of an increase in commissions and service income.
Net output in the local manufacturing sector increased further, by 5.9% in real terms in the fourth quarter, after an increase of 4.1% in the third quarter. For 2005 as a whole, it rose 2.1%.
However, net output in the construction sector dropped 14.7% in real terms in the fourth quarter, following a decrease of 5.5% in the third quarter. For 2005 as a whole, it dropped 7.2% in real terms. This was mainly due to the earlier scale-back of the Public Housing Programme as well as relatively few large scale building and infrastructure projects in progress.
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